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Posted by Tom
(24.47.22.209) on May 10, 2002 at 21:05:50:
Hi. In last months forum I posted about getting a loan with bad credit for a motorcycle in which you replied to. I have to unpaid charge offs and you said that if I got the bike the creditor/collection agency could put a lein on it and repo the bike. I wanted to know if they wo8uld have to sue me first in order to do that? I don't have any judgements and have not been sued or anything just the usual letters and phone calls now and then. One chargeoff is for 1,306 from citibank and one is from Norwest financial for around 600 dollars. If they did have to sue me to put a lein on the bike would they for such small amounts? And also if they did take me to court and won couldn't I just pay the cash then and there instead of them putting a lein on the bike? I don't want to restart the 7 year clock if I can avoid it which I have read on this board restarts if you make a payment. I did pay off a sears chargeoff which is noted on my CR and it was a settlement but it states that the account is legally paid in full for less than full balance on the report itself under creditor comments which was sears not a collection agency although the collection agency was hired by sears but sears updated the account and there was no reports from a CA on my credit report. I know I am rambling a bit but the time in which it could be reported to did NOT change after the account was updated. Still going to be off at the same time as it was before according to the CR. I am just trying to get a better understanding of how I should handle this. Should I just pay the remaining 2 chargeoffs then buy the bike or should I get the bike and see if they take me to court for those small amounts? I really appreciate any more help you can offer. Thanks Tom
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