Payment Arrangements

by Daryl

I live in Tennessee, I have a collector that I am behind on about 10 months, but I have been trying to pay what ever I can. He made an arrangement for a certain amount that if we paid this he would not pursue any further action.

Now suddenly he has rescinded on his deal with us and wants to come and take the collateral. Is this allowed although we are making steady payments monthly? We don't have any extra at this time.

Comments for Payment Arrangements

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Feb 18, 2009
Payment arrangements
by: Gerri Detweiler

We can't offer legal advice for your situation, unfortunately, but generally your state law describes what secured creditors can and cannot do when repossessing property.

Can you tell us what they are trying to repossess? Is it a motor vehicle?

Feb 18, 2009
by: Anonymous

There are trying to reposess the collateral that we put down to secure the loan. He has made this threat several times and never does it. He still takes our payments. I thought I read something stating they could make false threats.

Feb 24, 2009
False Threats
by: Gerri

You are correct, false threats are illegal under the Fair Debt Collection Practices Act. You may want to talk with a consumer law attorney to find out whether you have a case against the debt collector.

Feb 24, 2009
Thank You!
by: DAryl

I believe they prey on consumers not knowing there rights even though I owe the debt. I should not be treated like a dog.

I will try to print me a copy of the consumers act and look for that attorney.

Jul 21, 2009
Finding an attorney
by: Gerri

A bankruptcy attorney should be able to help you understand your rights and your options for dealing with this debt. Most people think that if they talk with a bankruptcy attorney that means they are going to file, but that's not necessarily the case. The attorney can help you understand what property is protected from creditors, what type of bankruptcy you could file if you needed to, and give you some pointers on how creditors/collectors operate in your state. Click here to set up a free consultation with a bankruptcy attorney

Good luck and let us know what happens!

Nov 18, 2009
find attorney
by: alex

Yup!! this is a very helpful site.This is a wonderful site to get knowledge about any legal matter.This helped me a lot and also will be useful for you.

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