Q: Got served a notice to appear in court over furniture we allowed to be repossessed years ago company won’t settle
We tried to call and see if they’d settle for a lower amount to keep it out of court they declined and are threatening putting Liens on property and taking wages over $1300
A: What is your question? They are not required to settle. Once they have a judgment they can garnish your wages for 25% and put a lien on your property. If you allowed the property to be repossessed years ago you might have a defense but you would need to speak with an attorney. Good luck!!
A: You might look at this statute, Keep in mind that the dollar amounts have been dollar adjusted and the $1,000 is not $5,400
Section 5-103 - Restrictions on Deficiency Judgments in Consumer Credit Sales
(1) This section applies to a consumer credit sale of goods or services.
(2) If the seller repossesses or voluntarily accepts surrender of goods which were the subject of the sale and in which he has a security interest and the cash price of the goods repossessed or surrendered was One Thousand Dollars ($1,000.00) or less, the buyer is not personally liable to the seller for the unpaid balance of the debt arising from the sale of the goods, and the seller is not obligated to resell the collateral.
(3) If the seller repossesses or voluntarily accepts surrender of goods which were not the subject of the sale but in which he has a security interest to secure a debt arising from a sale of goods or services or a combined sale of goods and services and the cash price of the sale was One Thousand Dollars ($1,000.00) or less, the buyer is not personally liable to the seller for the unpaid balance of the debt arising from the sale.
(4) For the purpose of determining the unpaid balance of consolidated debts or debts pursuant to revolving charge accounts, the allocation of payments to a debt shall be determined in the same manner as provided for determining the amount of debt secured by various security interests (Section 14A-2-409).
(5) The buyer shall be liable in damages to the seller if the buyer has wrongfully damaged the collateral or if, after default and demand, the buyer has wrongfully failed to make the collateral available to the seller.
(6) If the seller elects to bring an action against the buyer for a debt arising from a consumer credit sale of goods or services, when under this section he would not be entitled to a deficiency judgment if he repossessed the collateral, and obtains judgment
(a) he may not repossess the collateral; and
(b) the collateral is not subject to levy or sale on execution or similar proceedings pursuant to the judgment.
(7) The amount of One Thousand Dollars ($1,000.00) in subsections (2) and (3) of this section is subject to adjustment pursuant to the provisions on adjustment of dollar amounts (Section 14A-1-106).
You may want to contact the Oklahoma Department of Consumer Credit
629 NE 28th Street
Oklahoma City, OK 73105
405-521-3653 (Main Line)
1-800-448-4904 (Toll Free Line)
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.