My wife and I have been struggling to pay bills due to her employment situation. She has been unemployed and currently works part time. Ou home have been modified and we just is barely making ends. We were excellent customers with Ford Credit until she lost her job. The account manager have been harassing us calling my wife a liar, threating to repose the truck, we are under so much stress because of For Credit. What is our legal rights. We do not have money for an attorney to fight for out truck. We have paid the contract out, only owe late fees and other charges on the car.
Our car loan was paid off this month. It is with Ford Motor Credit. Our past payment history were spotty but we did pay the contract out. The loan did have a some payments that were deferred due to my wife beein unemployed for over 2 years. We owe by they records about we sttill owe about $2000 would be interest, added late fees, etc.
In a situation like this, how do loan companies process the remaining balance? The account manager has been threating us and talking to us about repossesion and calling me on my job calling my wife namees. What is our legal rights in the State of Florida. We do not have money to hire an attorney and we need our vehicle to get to and from work?
I am sorry to hear of the issues you are experiencing with Ford Credit. In another lifetime I worked for Ford Credit and found the company and their ethics, at least the branch I worked at, to be of the highest caliber. Yes, they need to collect the loans they make, but that particular branch did it in a respectful way, or at least I did at the time.
I have a few questions:
You stated you have paid the “contract out”, has Ford released the lien on the vehicle, do you have a clear title? In some states they have a two part title, the Title and the SIF or security interest filing, which is in essence a lien.
If you have the title to the vehicle and the lien has been released, anything you owe Ford is in essence an unsecured debt, so you could attempt to make some form of repayment, or if you cannot afford anything, then not pay. They cannot repossess the vehicle unless they still have a lien or interest filing in the vehicle.
This doesn’t stop them from pursuing other collection means, such as suing you, obtaining a judgment, etc.
Also, $2000 seems a lot to owe for fees, have thy given you a breakdown of these fees and interest?
I understand you don’t have the cash but if a family member could help out, you may be able to settle the remaining amount owed for less than 2K by offering a one-off lump sum settlement.
Every state has different laws regarding collection of a debt, you may wish to contact your local State’s Attorney office for information on this. You can also file a complaint there if need be.
Depending on where you live in Florida, there may be some free legal advice available to you depending on your full situation. You can try here as a start: http://www.usattorneylegalservices.com/free-legal-aid-Florida.html
If Ford has not released their lien on the vehicle, then if they so decide to repossess the car, again depending on the full extent of the law in Florida, they can do this.
Get back to me and we can look at this a bit more.
Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.
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