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I bought a motorcycle in April 2007. I bought it for a friend and when my father found out he said No and took over possession and payments of the bike. In October 2007 the bike fell down 6 stairs and all the plastic stuff was broken. Geiko insurance paid to HSBC what they felt the bike was worth which was $5,946.88. Leaving a balance of $5,903.94. Although there was a remaining balance HSBC gave me a Release of Lien, Stating that the above referenced LOAN has been PAID washington FULL. The letter also stated: Enclosed is the Title documentation that we (HSBC) have on file for your account along with the CANCELED NOTE. So we (My Father) did not remit any further payments. HSBC reported the account as CHARGE OFF on my credit. Now HSBC has sold my account to Fortis Capital II, LLC who is planning to sue me for this debt. I have already mailed the release of lien to the credit agencies and am in the process of filing the release of lien with the court house. Fortis has offered me a settlement amount of $4,500. I am considering putting this balance on my credit card. They also offered to fix my credit and remove the charge off, which would give me Perfect credit as all of my other account are handled by me and paid on time. Can i sue my father for this? As the debt is his. Why is HSBC perusing me about this if they released the lien?
Release of lien is just an agreement between a lender and a borrower under which the lender (lien holder) releases the mortgaged asset or property, although the debt obligation remains in force. The debt is not your father's, you signed the paperwork on the loan, it is now, and has always been your responsibility to pay the loan. Second, the debt collector has lied to you, there is nothing that can be done to remove the charge-off account from HSBC on your credit report, it will remain for the remainder of the 7.5 year reporting period. If you pay, it will just update to "charge-off, settled for lesser amount" or "charge-off, paid". The only thing that Fortis can do is to remove the collection account from your credit report, they can not remove the charge-off. They are pursuing you for the balance of the loan, because you borrowed $12,000 at a certain interest rate, your insurance paid $5946.88, this means that the balance of the loan is still due and payable by you. That is why most places sell Gap Insurance.
This Site Might Help You. RE: HSBC Released the Lien but still wants payment? I bought a motorcycle in April 2007. I bought it for a friend and when my father found out he said No and took over possession and payments of the bike. In October 2007 the bike fell down 6 stairs and all the plastic stuff was broken. Geiko insurance paid to HSBC what they felt the bike was worth...
You said that the letter "stated" that a release of lien and the original canceled note was enclosed. Do you have any of these documents (including the letter)? If so, send Fortis copies by registered mail, return-receipt, telling them to cease and desist. It appears that your obligation, whether YOU understand it or not, no longer exists. If you have none of the documentation, you may have a problem. If you have only the letter, you may be off the hook with some additional effort. Failing the above, you have the right to demand that Fortis prove the debt and that may be difficult. Don't pay another cent until and if the obligation still exists. RJ Added: Not exactly. The release of lien only means that the property is no longer encumbered (as security} and allows you to freely dispose of it...sell, trash, etc. The important document is the original canceled note marked paid in full. Whether it was provided in error or not, it ends your obligation. Fortis (who is probably acting on their own based on an outdated computer printout of HSBC debts it purchased or is acting as an agent for) will be unable to produce evidence of the debt....and I repeat my earlier statement that YOU may be in error that the debt still exists. It's extremely rare that a lender cancels a note in error. Further, as Dixie D noted, any agreement with Fortis will not remove the negative reference in your credit report. However, writing the 3 major bureaus and including a copy of the canceled note marked paid in full WILL remove it. RJ