Sued by collection agency, what can they get?

[postux]

Hey there,

I'm in Oregon.

Basically I've had a car loan back in 2000, and then it was reposessed because I've been laid-off and unable to pay. They've mailed me usualy threats first year or so, then stopped. Bank sold the car for very cheap (around 7k less then KBB), and there is that sum that they're trying to get from me. Also they keep interest going on that sum, and its about 1.5k now.

So I've got a paper that states that they're suing me, and I must appear or they'll get default judgement against me, etc. They claim those money, plus interest, plus any reasonable attorney fees. BTW, in the paper they miss-spelled year of the car too (1966 in place of 1996).

Basically I know that I owe them money, but even tho I'm working full time now, I don't enought money to pay it off at once as they want (I talked to them, and they said everything at once, no negotiations). But I'm wondering what will happen if they'll win the case (which I'm sure they will). So they'll have court decision that I have to pay, so what?

Thanks in advance for your help!

 

[Michael Wechsler]

It may do best to call them up and attempt to negotiate. Don't let them intimidate you. You can tell them that it doesn't pay to try to squeeze money from a stone that may soon be bankrupt and that while you understand the obligation, it is a matter of dollars and sense and that if they continue they just will have to wait or never receive their money despite the judgment due to your unfortunate situation. They've heard this all before. Let them do most of the talking and see what you can agree to. If you go to court it will add on even more expense to a judgment you will have to pay at some time in the future.

Originally posted by postux
Hey there,

I'm in Oregon.

Basically I've had a car loan back in 2000, and then it was reposessed because I've been laid-off and unable to pay. They've mailed me usualy threats first year or so, then stopped. Bank sold the car for very cheap (around 7k less then KBB), and there is that sum that they're trying to get from me. Also they keep interest going on that sum, and its about 1.5k now.

So I've got a paper that states that they're suing me, and I must appear or they'll get default judgement against me, etc. They claim those money, plus interest, plus any reasonable attorney fees. BTW, in the paper they miss-spelled year of the car too (1966 in place of 1996).

Basically I know that I owe them money, but even tho I'm working full time now, I don't enought money to pay it off at once as they want (I talked to them, and they said everything at once, no negotiations). But I'm wondering what will happen if they'll win the case (which I'm sure they will). So they'll have court decision that I have to pay, so what?

 

[postux]

thanks

Thanks Professor! I'll call them up on monday, and see what's going on. I was wondering if the court can obligate me to sell any of my stuff in order to pay them? I've bought a new car since that happend (I need it to drive to work in diffirent city (60 miles away)), so can they take it away/order me to sell it? Thanks again.