Posts by Jeffrey Booth2

David Barnes5 said:Yeah, I'm thinking the exact same thing...

We'll try to get ahead of them and reach out first. I just don't get why they haven't come to pick up the car yet.

It is probably because of this:

We attempted to sell the vehicle, but the price we could get wouldn't even cover a third of the total costs.

Plus, it’s easier for them this way—less red tape, especially if there is income available for them to garnish. They wouldn't be able to recover the full amount they're looking for by just seizing the car anyway.

David Barnes5 said:My husband lost his job a little over a year ago. We had an auto loan that we just couldn't keep up with. We tried selling the car, but the price we could get wouldn't even cover a third of what we owed. Eventually, we got word from our Bank that they had handed the debt over to some insurance company.

He recently landed a new job, so we’re hoping to start tackling that car loan again soon—once we clear out some other debts, of course, since we've been hit with a wave of collections due to those negative balances.

The thing is, we haven't heard a single peep from this insurance company. Who are we supposed to contact? Who do we even look for? I'm worried the interest has made the debt balloon, but we truly want to make this right and pay it off...

Thanks!

Well, logically speaking, you really ought to ask the bank specifically which entity they handed the debt over to.

And don't worry, they'll eventually reach out—probably right before the statute of limitations hits, just so they can rack up the maximum amount of interest possible.

ruggedmaker2 said:It’s not going anywhere, honestly. From what I can see, everything was handled right on schedule.
Unless you forgot to mention something.

What'll probably happen now is they'll freeze every single one of her bank accounts. Once that hits, she should head down to the IRS to set up a protected account. That way, things like child support, unemployment benefits, and other protected funds can actually land somewhere safe without getting snatched immediately.

Once she finally lands a job, she can just chip away at the debt bit by bit—unless, of course, the whole thing hits the statute of limitations.

It's never going to be collected, since she's already blocked anyway. And with amounts like these, they'll likely never even get around to pursuing collection.

Regarding that statute of limitations—does that ten-year period just expire automatically, or are there specific conditions that have to be met?

ruggedmaker2 said:The statute of limitations is governed by the Obligations Act.
If they initiated the enforcement within the timeframe specified by law, there isn't much room for an Appeal based on the statute of limitations because everything was done legally on time.
Honestly, I don't believe a major Bank would ever let a debt like this expire.
I've never heard of that happening.
If the debt started in late 2010 and the statute of limitations is 5 years, then the deadline to start enforcement was the end of 2015. So, it looks like they timed it perfectly.

Once the enforcement order becomes final, a general statute of limitations kicks in, which in this case is 10 years.

And seriously, why hasn't your sister tried to deal with this or work out a settlement with the Bank all these years? Thousands of people do it every day... they know they owe money, they know life happens and they can't pay according to the original terms, so they go to the Bank and cut a deal.

As for the assignment, it sounds legit to me. The Believer (the Bank) transferred the receivables from your sister to another company and sent her a notice about it.
She doesn't need to give consent for that. Legally, all she needs is to be notified that someone else now owns the debt, and she already got that notification.

She should just reach out to the company, give them a call... and try to negotiate something.
Dragging your feet like this only serves to pile on more interest and extra costs.

Besides, how does someone rack up that much debt on a checking account and then assume the Bank is just going to write it off? 🤦
I mean, would your sister lend a neighbor a bunch of cash and then just sit there doing nothing while waiting for them to pay her back?

Well, she did try to negotiate; she paid off part of it. Then, Eos Matrix took over that debt. She was paying them back for a while—whenever she possibly could.

She should just contact the firm, give them a call... and try to settle something.
By stalling and dragging things out, you're only increasing the interest and the total costs.

They are offering her certain incentives if she pays the debt in one lump sum—but that’s simply not an option. Right now, she isn't even in a position to make modest payments; she literally can't afford basic necessities.
Another issue is that she can't get a clear figure from them regarding the total amount owed. She keeps receiving notices in the mail, and every single time, the amount is different. The discrepancies are HUGE. It ranges from a few dollars to nearly $15,000. Even when they call her, she gets different answers over the phone every time.

How does anyone even think they can rack up that much debt on a checking account and assume the Bank will just write it all off? 🤦 Would your sister lend money to a neighbor and then just sit there doing nothing to get it back?

She had a sick child (I won't go into details, it isn't necessary). Her debt isn't just limited to the checking account. She's taken on debt from all sorts of places. Currently, she owes so much that five lifetimes wouldn't be enough to pay it back, so at this point, whether the interest is a thousand dollars more or less doesn't really matter to her.
That is why I am asking this question here. Her only hope is to somehow "slip away" from some of the debt, because paying it off certainly isn't going to happen.

Thank you for the response.

Hello everyone. I have a question on behalf of my sister.
She just received an enforcement notice from Eos Matrix regarding a debt they purchased from Wells Fargo.
The debt originated somewhere around late 2010 or early 2011 (specifically, an overdraft on her checking account).
Eos Matrix has been relentlessly sending warnings, making threats, and calling her a million times. However, they constantly cite different amounts—one moment the debt was around 14,000 bucks, then suddenly they’re sending notices for $0.83... God only knows.
Now, they’ve submitted a proposal for enforcement for $784.
The actual debt was closer to $5000.
They are citing a debt assignment agreement as the basis for their purchase of the debt, but my sister has never seen such a contract, nor did she ever sign any assignment paperwork.
Basically, we are considering filing an Appeal.
Is it possible this is past the statute of limitations? What exactly is the statute of limitations for debts stemming from a checking account overdraft (believe me, I’ve read through various laws and I just can't make sense of it)? Also, would a different set of laws apply back when the debt was first incurred, given how often regulations change here in the US?

I need some advice: does it make sense to file an Appeal, and if so, what should be the grounds?
The constant discrepancies in the amounts they claim, the questionable assignment agreement, and the possibility of the statute of limitations being met all seem highly suspicious to me.