Newcastle, OK asked in Collections for Oklahoma

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

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2 Lawyer Answers
Anna L Self
Anna L Self
PREMIUM
Answered
  • Oklahoma City, OK
  • Licensed in Oklahoma

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!!

Richard Winblad
Richard Winblad
PREMIUM
Answered
  • Edmond, OK
  • Licensed in Oklahoma

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

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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).

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You may want to contact the Oklahoma Department of Consumer Credit

629 NE 28th Street

Oklahoma City, OK 73105

Numbers:

405-521-3653 (Main Line)

1-800-448-4904 (Toll Free Line)

405-521-6740 (Fax)

Email:

okstate@okdocc.ok.gov

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