Finance House

What is the name of your state? NC

We had a car repossessed a few months ago. We received notice that it was to be sold and that we could either pay the balance or be liable for any deficiency after the sale. As the reason for the repossession was a lack of cash on our part, we were unable to pay the blance and the car was sold.

About a month ago we received a letter stating that the car had been sold and we still owed around $4200. A week later we received a phone call from a "National Asset Recovery" who said they represented the bank. The implication was they were a part of the bank who held the note on the car. She even said they were the same thing. I believe they are a collection agency.

I told them I disputed the balance owed and was preparing a letter to outline this. Thier original letter mentioned they needed any dispute in writing. The lady on the phone then tried to negotiate with me and asked what I believed was owed. She threw out $4000 and then $3700. As I had not completed my letter, I told her I was not sure. She then said would I accept $3500. I told her I needed to discuss the matter with my wife and we would get back to her.

She called back this morning and wanted to know what I was going to do with the debt. She said we had not called her back (true but it had been less than a week) and that what I was doing was stealing from the bank.

She said that she needed something to stop legal proceedings and suggested $300. After a little debate I told her all we had was $100 and gave her a check over the phone.

After I hung up, my wife said I made a mistake and that they would now seize our bank account. Can they do this? We have more than $100 in there but it is mortgage money.

What options do we have? It sure seemed they were ready to negoiate. I believe I owe them around $750 which is a far cry from the low of $3500 they suggested. I base my figure on what we paid, reasonable value of the car, and deducting some insurance they had rolled into the loan.

I am currently out of work on disability and told them this. I should be returned to work within 2 weeks. We live month to month and would have a hard time even comming up with $100/month for them.

Any advice will be appreciated.