Paying off a contract

Not so a Person can renegotiate with the original lender, it does not have to go into collection to renegotiate the terms.

 

So were the original contracts written by credit card companies. Only a few years ago they were deemed unfair and had to be changed.. More recently the contracts by payday loan companies. Also written by lawyers. Lawyers are not infallible. Many times, like the case with payday loaners, they purposely write the contract to seem threatening, knowing that even if the contract is nulled they are still able to go after the borrower by other means. They do this in the hopes that people will be too scared to challenge them, thinking it'll cost them more to do so. As you obvious believe.

Having not seen the contract, I won't stipulate to this. Yes I assume it doesn't contain illegalities, but I'm not sure it's fair.

Completely untrue. You simply need to prove it was illegal or unfair to one party. Without seeing the contract I cannot make a determination one way or the other. Which is why I was stating a point of law and not fact. Again you are seeming to think just because this is the almighty contract it must be correct. That is a fallacy.

Ignoring the almighty contract talk again......No, I do not fail to see what happens here. Been there done that. As I've mentioned earlier, if his credit rating is decent this one bump on it will not harm him worth worrying about. And, as I also mentioned previously, if he sets up a more reasonable payment plan with the collector they will only be reporting a non-payment for 3 years, not 10. If all else is good that one non-payment will barely be a scratch. I know from experience. I've had to default before, and I've made good when I was able, but I did have that mild scratch on my record for a while. As long as you're not defaulting all over the place, it's nothing.

Didn't say that either. In an earlier post I clarified that if he defaults he can than negotiate with the collection agency to make a more reasonable payment.

Too much wrong here to point out everything so I'll go with the easy one. Civil courts move much faster than the criminal courts do. Unless one party really works at a delay. Neither party in this case would do that, there is no win in that scenario. They'd both want it to be over with.

I'm not a lawyer, but I spent a few years studying to be one. I had a kid and changed pursuits. I'm not arguing with assumptions but with experience and learning.

But hey if you wanna keep going lets do it. I love a good debate and while I wait to get back to training I have plenty of time


Ed

 

Yes, but only if the lender is willing. I've been going by the assumption they aren't. But yeah, assumptions, ##### and all that.


Ed

 

Will the new company front the money and let you pay them off? If it's a great company and you're sincere about staying there, ask if they can help. The old company gets the cash and can go ####, you have debt to repay but on more reasonable terms, and you're free of the chiselers who offered you "such a deal" on CDL training.

Chinatown's advice about joining a credit union is worthwhile. Find one that belongs to the Co-op network, then you have 30k branches available as you travel.

 

That begs another question. I see many companies that hire and will reimburse you for your CDL school even though it wasn't sponsored training by them. I doubt they'd consider it the same from another driving company though?


Ed

 

Lawsuits against credit card companies are rare and when they exists their almost always large class action suits. Most of the time these companies initiate the lawsuits and win due to breach of contract.

High interest short term loans have always had laws govern them.

Actually some were not. Just contracts written by "business men."

Very true.

Those are the contracts that are not written by lawyers. What lawyer is going to risk years of school and his practice by clearly defining illegal threats in a contract.

A 1/3 collection fee is an industry wide standard not a belief. It is so prevalent, that is the commission a lawyer collects on return of judgement.

Illegal or unfair are two very different concepts in real life and the law.

I know how these companies work.

Contracts more often then not hold up in court. Anyway it is obvious in this case, if this guy leaves for a job that is equivalent or more to the job this trucking training company offers to him, the ability to pay $200 a week is possible. It may not be comfortable, but it is possible.

If you say so. IDK I always have paid my bills on time.

Yes he can, but in that he will be paying the trucking companies collection fee and the collection agencies collection fee plus whatever interest is allowed. Not at all a good deal.

. Your evidence of that is ----------?

Take https://www.trucks.com/2017/01/11/swift-transportation-misclassified-drivers/. Filed in 2009 ruling in 2017. Thats 8 years, I think I made that point.

No, you don't get it at all. Trucking company has no desire for it to be over or settle. Their investment was in the driver and continuing the trucking school scam as it exists. The value is in the driver and all the government benefits they can extract from his working for them. They could care less about the cost of the school. The schooling costs them little or nothing in overhead and recovering the money from the student driver means nothing. Even winning the case provides them with no additional benefit; they would have already sold the contract to a collection agency.

Dragging it out the driver looses even if he had a winning case and this guy doesn't! Lawyer fees rack up heavier on the driver as plaintiff. Trucking company has lawyers on the payroll. Damage by the credit weighs on the driver not the trucking company as the court case goes on. Even if the trucking company had a loosing case, and they don't, dragging the case on benefits them. Common knowledge in the lawsuit game.

Have no desire to be a lawyer. It is just a discussion and I hope others can learn from it.

 

Not so if the original lender sells the contract to a collection agency. That is exactly what these trucking companies do. You can't negotiate something you don't own.

Collection agency will negotiate a lower payment plan but then you will have to pay the trucking companies collection fee and the collection agencies collection fee and then agree to some interest terms. Bad deal.

 

I would bet at least once in your life you were late with a payment.

 

The original lender can renegotiate at any time, if it is agreed to in writing by both parties.
it's a pretty common clause in most contracts, even without it the lender is under no obligation to sell to a collection agency for the purpose of renegotiation.

 

I have been falsely billed and had to deal with creditors; A hospital double billed, both me and insurance, for lab work. Took years to get that resolved and off my credit report.