Legal Question in Consumer Law in Colorado

I have been sued by third party debt collector, repossed vehicle, they are seeking they full amount plus fees in the excess of $17000.00 dollars. My question is that if Ford Credit charges off the account and takes a tax credit for the loss then how can I be liable for the full amount, should'nt I be accountable for the $17000.00 minus what the charge off was minus what they they were paid by the 3rd party collector for the purchase of the note? seems like everybody makes out but me I have a $17000 debt lost $12000 in payments and nothing to show for it


Asked on 9/09/09, 1:22 pm

1 Answer from Attorneys
Robert Murillo Pivotal Legal Ltd.

What they may or may not charge for depends on the terms of your original agreements. I would strongly recommend that you contact an attorney to review the agreements and to provide affirmative defenses and any possible counterclaims. As is often the case, third party collectors will try to claim considerably more in amount due than is allowed under the agreements and under law.

As to your question about the tax credit, they are not required to credit you that amount. That credit is allowed based on the tax code and it is unlikely that the agreements would provide a credit based on tax issues.

Again, contact an attorney to advise you on how to proceed. It is critically important

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Answered on 9/15/09, 10:48 am


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