My son and his wife relocated to Georgia from Texas to begin a new life and moved in with me. Being a loving mother, I co-signed with my daughter-in-law on a vehicle through Ford Motor Credit to help them since they only had 1 car and two jobs. Long story shorten - they moved back to Texas after 1st grandchild born because her mother didn't work outside of the home.
A year later, car was repossed and sold but no one told or contacted me. I lived at the same place. I was told a year after the fact when I saw it on my credit report In 2007, it was written off. I was never contacted by Ford Motor credit...assumed ex-daugther-in-law took care of the debt. Wrong!
April 2009 contacted by this Calvary Portolio company saying what I thought they said was representing Ford Motor Credit to collect on this $9,600 debt. Was almost ready to arrange payments but withdrew saying I don't even know who these people are. I since then have learned what kind of company this is.
They buy the debt $.10 to a dollar and then collect the full amount from you, even adding interest. Is this legal? Apparently so from what I have learned in my research. And it is also legal they can get your credit report as often as they can...but we can only once a year?
You fax back a reply to the fax number on the fax sheet and it just rings and rings. Send a registered signature required letter to them and it is returned NSN. Call and you get a voice mail to which they respond calling your work place because you quit answering your cell phone.
I know everyone has written about these people and the stories are horrible. I know people have written saying its your debt, pay it. I offered them $2000 in payments. They argued they needed $4000 from me and then they will go after the ex-daughter-in-law for the rest plus interest. I was the one who happened to answer my cell phone and have assets? No assets...just a good credit rating. I don't even own a home.
Shouldn't we all write our governors and our president especially through this hard economical times and ask some guidelines be met on this? That a law should be made that no company can buy a debt from a company once it was written off after their collections have ceased? And if you think I don't pay my bills...you are wrong. I am debt free thank you very much. I would gladly make payments to Ford Motor Credit...not to these bottom feeders.