Judgment not on credit report

[glacierblu]

I walked away from a truck in 2000 in Arizona. Told them where to repossess it. Moved to Alaska. Bought a house 3 months ago, with a stellar credit score. A week ago I received papers from a collection agency that states I have had a judgment against me since 2004. I owed $9,000 on the truck, now they want $19,000. My questions are: How can I find out if they repossessed the truck? If they did not, why wouldn't they? If they did, can they still charge me for the full amount? Would I be getting this paper work if there was really no judgment against me? Why wasn't I sent a copy of the judgment? Why did it never show up on my credit report?

[Mileaway]

I walked away from a truck in 2000 in Arizona. Told them where to repossess it. Moved to Alaska. Bought a house 3 months ago, with a stellar credit score. A week ago I received papers from a collection agency that states I have had a judgment against me since 2004. I owed $9,000 on the truck, now they want $19,000. My questions are: How can I find out if they repossessed the truck? If they did not, why wouldn't they? If they did, can they still charge me for the full amount? Would I be getting this paper work if there was really no judgment against me? Why wasn't I sent a copy of the judgment? Why did it never show up on my credit report?

When you walk away from a debt it doesn't mean you still don't owe the debt. In your case, the truck was probably repo'ed and sold at auction for a fraction of the remaining balance. In which case, YOU are responsible for that difference. Those debts/notes are usually sold off to a bargin collection company that pays pennies on the dollar for it and then adds outrageous fees and interest hoping to collect anything over what they paid for the debt. That is their profit. Most will pay an Attorney a small fee for a rubber stamped signature for their letters of collection. Normally they wait years before attempting to collect, this tactic raises their profit and adds costs to you of course. These JUNK notes are a BIG business in the USA and each debt could be sold many, many times within the collection community. Each time the note is sold, the next collection company pays less for the note. By the time the debt has ran it's course a collection company could literally be paying only pennies for your $9,000 debt. See where the profit comes in for them?
The ONLY saving grace you may have is the Statue of Limitations on this debt may have ran it's course. Check into this ASAP. What that means is: If they failed to take you to court within a specified time frame, they no longer can sue you for it. It doesn't mean you still don't owe the money, it just means they waited to long to take action on the debt. If your still within the alotted time frame they can still sue you and get a judgement against you. Collecting is another thing. They may or may not ever do so. Most hope their scary letters will spook your sense of responsibility into paying up.
Be aware that responding to "ANY" form of notification from this company or acknowledging your owe this debt,through mail,email or telephone,or arranging a payment plan re-sets the time frame of the debt just like it was day one.
I suggest you Google and read the Fair Credit Reporting Act. It will guide you in the answers you seek. Also Google State time limits on debt.

Good Luck.

[devjhon]

Consult a legal expert in this matter, they can give you a proper advice.

[bankrupcyus]

For proper advice or sulution you can consult with a expert lawyer....