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Termyn8or -> RE: bill collectors - int peice (7/30/2006 9:51:12 AM)
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The poor Woman just doesn't understand what unsecured debt means, that means unsecured.
In Ohio at least, when you sign a cognovant note for a car, you do not get the certificate of title, you get a memorandum certificate of title. On real estate you do not get the title deed, the bank gets that. In this way they can take it if you do not pay.
When you run up credit cards and don't pay you blow your credit, your credibility. While this is something of value, it does not entitle them to any property. That is why people who cannot get credit cards can still buy houses and cars.
If they were to ever show up at my door like that I would simply slam it in their face. Even a judge cannot issue such an order that unsecured credit becomes secured somehow, and I believe that they swindled her. I think she was visited by a bunch of crooks who count on the fact that most Americans are stupid when it comes to such things. I would've slammed the door and threatened to call the police if they got within 2 feet of my car. Of course they would say "Go right ahead", but this wouldn't be the first time vultures like this fled once they saw the phone being dialed.
See, once they have the car in their physical possesion they would file a mechanic's lien on it and after a month or so could get a certificate of title and sell it. From what the article said I would imagine it was paid off, otherwise they wouldn't bother unless there was signincant equity.
There is alot more of this going on than meets the eye I think. Some people I knew in Utah, about as sharp as a bowling ball fell for it too. Remember this, ANYTHING they can take from you for non-payment is not yours. It is recorded in legal documents that you are not the sole owner, you are only the user until that item is paid off. Once paid off you then recieve the title deed or the certificate of title, then it is yours to sell, burn or do whatever you please.
Unsecured debt, if not paid is generally recovered (if at all) in probate court after the debtor dies or is declared incompetent. Of course if the family is smart they can thwart collections even by that means.
Actually, when it comes to taking things, or forcing the transfer of unsecured property there is one court that can do it, unequivocably. The divorce court.
Really, if she would've just slammed the door in their face and went back to bed, she would still have her vehicle. Simple as that.
Why don't they teach this in schools ?, hmmm, I guess the reason is obvious.
T
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