really need help
Im really lost. I had my truck repossed last year because i wasnt able to make a payment after i had made 42 straight payments. Since i live in alberta i hear that there is a Sue or Seize rule . They took the truck and sold it at a auction , and now im getting phone calls everyday telling me i owe them the remaining balance. What do i do. I thought they could not come after me if they seized. Someone please help, im loosing a piece of saninty every phone call they make
Posted from: Alberta
In Alberta there technically is a seize or sue law, but it only applies to a very small percentage of situations. In most instances the creditors can both seize and sue. What is important is the type of contract that the vehicle was financed through. If the vehicle was financed on a conditional sales contract, then you are right the creditors are limited to either seizing the asset or suing you for the amount owing, they can’t do both. In practice we find it is the minority of financed vehicles that this Seize or Sue legislation applies, but to know for sure you have to review the original contract you signed.