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Review 6/20/2011
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Has anyone payroll account ever been garnished by Consumer Portfolio Services Inc(CPS), Irvine, CA. for an unpaid car loan. Long story short the vehicle they financed for me was totaled. My insurance company sent them a payment after receiving their payoff amount, by the way, which was almost more than what the original loan was for, it then left a balance. I checked my credit report and the loan was on there as "charged-off". Since it was already reported to the 3-credit bureaus, am I still responsible for paying it off. I asked the rep why was i responsible because, I know as a loan-issueing company you must have had insurance on the money you loan out so incase the customer cant pay for whatever reasons, you still get your money back. She said no, but i dont believe that. Now they want to make arrangments for me to start paying on that balance or threatened to file charges with my court and get a garnishment of at least twenty-percent of my check. Can they do that?
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