Hey, I co-signed(and by that I mean I was the primary, unbeknownst to me at the time) on a car loan for my mom a few years back and she ended up defaulting on it after being 90 days late for about a year and a half. As far as I know the creditor picked the car up and auctioned it off. I’m assuming there was a balance left after the auction, and now I have a company called Jefferson capital reporting on my credit stating I have a past due balance of ~$9.2k and that I missed a payment in April. I haven’t received any paperwork from them either through email or regular mail stating this.
From my brief searches, Jefferson capital seems like a legit debt buyer and I have a couple questions that you all may be able to help me with. I am not familiar with any sort of collections or debt buyers as I have never missed a payment or made a late payment on anything. This is excluding the loan she defaulted on of course.
1) how much affect does this have on my credit at this point?
2) are my wages going to be garnished if this isn’t paid?
3) is the balance due to these companies typically negotiable?
Ideally I would be collecting this money from my mother, but I doubt that will happen so I’m going to pay it off myself. I would appreciate any advice you have to offer, especially if any of you have dealt with similar companies.
Submitted May 12, 2022 at 10:59PM by Actual_Door https://ift.tt/SGAQOiI
