Legal Question in Credit and Debt Law in Texas

Will a Collection Agency still look for me ?

In 6/2003 I co-signed an HSBC/Yamaha loan to allow a young man to buy a motorcycle.

Original loan approx $7k

For about the last 12 months he has not paid his bills, will not answer mail or phone.

In the summer of 2005 the bank 'unsuccessfully' tried to re-possess the bike.

On 09/2005 the balance was $10,109

My Credit report says ''potentially negative'' -

Status : Transferred,closed/Past due 180 days.

Your Statement: Account previously in dispute - now resolved, reported by credit grantor

Creditor's Statement: Account closed at credit grantor's request.

Last Reported Date: 10/2005

The new account does not appear on my credit report.

I have NOT got any calls from banks or collection agencies in over 3-4 months.

My credit score has gone up around 100 points.

What does this mean or imply ??

Does it suggest that the collection agency have got him to pay? Or does it mean that sometime in the future the collection agency might still chase me - with an entry on my credit report.

In other words should I

- Try to contact somebody ? Who ?

- Just keep quiet and hope ?

- Just keep quiet knowing all is taken care of ?

ANY advice VERY welcome

Thanks

Dave


Asked on 12/28/05, 7:37 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: Will a Collection Agency still look for me ?

It sounds like the lender either got him to pay up, or they repo'd the bike and got enough at resale to cover the note.

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Answered on 12/28/05, 8:15 pm


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