Legal Question in Credit and Debt Law in Illinois
Assets Investigation
I co-signed on an ex-boyfriends truck and he stopped making payments about 4 years ago. I recieved a call today that if i did not pay half of the debt remaining ($2000) that they would begin an assets investigation. Is this a scare tactic by the company SYNCOM-should I pay this amount or just leave this alone, as it has been about 2.5 years since I have heard anything from them?
1 Answer from Attorneys
Re: Assets Investigation
If you co-signed, you are obligated for the full amount, not just half. If this company is a debt collector, they may have violated the Fair Debt Collection Practices Act if they did not provide you with some very specific disclosures. This does not apply if they are the original creditor. Anyone can do an "assets investigation" whatever that means, if it involves public records, but beyond that, without some sort of court proceeding, there is not much they can do.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
