Legal Question in Credit and Debt Law in Texas

Car Reposession

Our vehicle was reposessed 11/2002, we received all documents of last chance, intent to sell, today we received a letter saying we could settle the $5,602. remaining debt for a one time payment of $1,960.70 in 5 days, or make 6 monthly payments of $420.15 to settle. Problem is, only my husband works, we have only a broken down 1988 Honda, and a barely running 1988 Subaru in my name, the repoed vehicle was in my husband's name only. We have no money(our bank account is overdrawn right now), we rent from relatives, and bankruptcy is out, we did that in 1999. What can they do to collect this debt from us, we can't borrow the money with our credit history. Can we pay them $10. per month till we pay this off and if we get better off, then pay it off? What is our options without being continually harrassed by this company?


Asked on 6/24/03, 11:15 pm

1 Answer from Attorneys
Basil Hoyl Law office of Basil Hoyl

Re: Car Reposession

At the links page of

http://www.reasonable-doubt.com

go to the Texas Statutes and look under the property code for exempt property. You will discover that there is much which they can not take away from you even with a judgment, though if they do sue, they can take money in bank accounts. You might also check out the debtor-creditor relations portion of my web page. You might check the civil practices and remedies code for statutes of limitation. You will want to read the Fair Debt Collection Practices Act and the Credit Reporting Act (law librarian's home page from my links page)

You can send them a written notice not to contact you any longer (Fair Debt Collection Practices Act), but payment of $10 per month will not stop them legally from any action and won't even start to pay interest on the debt.

http://www.ftc.gov/os/statutes/fdcpajump.htm

http://proagency.tripod.com/tcpa.html

http://www.texaspolicecentral.com/debt_collection.html

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Answered on 6/25/03, 12:23 pm


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