06-10-2011, 08:40 PM
I used to work for an attorney and we did alot of repos order and court ordered repos. Then bank wont do anything but after about 6 months of none payment they will sale the debt to a collections company. The collections companies are buying up these loans bc they are getting them dirt cheap! on a 10k debt they buy around 1200 to 2000. the banks arent worried bc they write the debts off and they have already killed your credit. the collection companies that buy the debt will usually take a less amount (way less!) bc they just want to make a quick buck. the new debt owner will usually wait about 6 months none payment and then hire an attorney to come after you! then you are screwed bc thy will make you pay the whole amount! best thing to do is try and set up a payment plan and try and catch up or hand the bike over. the frame swap works and give them the original frame problem is they expect you to have full coverage insurance on the bike and if you dont they will persue criminal charges for theft.