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Is My Repossessed Motorcycle Debt a Legitimate Debt? – David

I had a motorcycle that I got too far behind on mg payments and it was repossessed and then it was turned over to a collection company

Since my motorcycle was repossessed and then the unpaid debt was turned over to a collection company.
I was wondering if this was legitimate debt and should be showing on my credit or not?

David

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1 Comment

  • David,

    I’m afraid this is a legitimate debt. The unpaid balance on your loan, plus repossession costs and interest represent a real debt. The collection company has all the weapons available to collect that debt so watch for legal notices. That could be the first step toward garnishing your wages.

    If possible, you should try to work out a payment arrangement with the collection agency. They may accept less than the total amount of the debt so try to negotiate the best deal possible.

    Good Luck!

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