Consumer Portfolio Services Robbed me for years Irvine California

Robert if you are so knowledgeable about how CPS operates then please explain this scam from them

I paid off my loan over 8 years ago but today Aug 3rd 2016 they suddenly start harassing me for $1289 they claim I owe in unpaid interest!  According to the lying and abusive rep I spoke to 8 years ago there was still $12 unpaid and after they added their interest it's now $1289 lol.  

There's just two things wrong with this claim $12 plus interest and costs after 8 years would not equal the sum they are demanding and as the debt is over 7 years old they are not supposed to be able to collect it either.

When I told their rep this he got very abusive and threatened legal action unless I paid immediately and then when I asked for written verification (not confirmation) he told me "what the F*** you expect us to prove what you know you owe us!"  When I pointed out the fact that when I had agreed to his end of the conversation being recorded I had done the same on my end he hung up.

Please people do NOT trust these people as they lie and threaten to try to get you to pay money you probably don't owe.

Graham.

First of all CPS is a Sub-Prime lender who will approve people for loans that can't get approved anywhere else.  This is either because you had no credit, or you had credit and screwed your other lenders.  If it is the latter one realize that it doesn't matter the reason you screwed up your credit, so don't think blaming someone else make it any better.

But onto this loan.  You can say that the company allows you to purchase a car that is priced well above the current value.   However, on the flip side...YOU allowed them to sell it to you and agreed to the price.  You didn't have to accept the new terms you could have turned that car back in and just cancel the contract.

As to your Bankruptcy.   There is ZERO reason to declare bankruptcy if you are making your payments on-time and are current.  Or are your payments not really current?

Yes, you may owe more than the car is worth. But guess what, cars are not an investment and will 99.999% of the time loose value.  This may be a bit of a shock as well but for a majority of the loan you are going to be "upside" down, meaning you will owe more than it is worth.  If you have a high interest/long term loan being upside down by more than double is not uncommon.  But the ONLY thing a bankruptcy will do is contiue this cycle you are on for sub-prime lender, where the only difference is that you find it even more difficult and end up paying even higher interest rates.