I took a loan out in 1989 that I never repaid in full because I ended up moving out of town. I basically forgot about it while starting my life over again in a new city. Now 17 years later the bank is calling me asking me to start paying the loan. They just called me threatening to send the sheriff out to confiscate my assets. Can they do this?
2006-11-10 01:46:18 · 13 answers · asked by Gail 2 in Business & Finance ➔ Credit
Good night,
These people need to have a cup of shut the hell up as they are wrong.
The legal system is designed such that TIME is of the essence.
Your creditor has a certain amount of time to claim for damages for the default on a loan which is a written agreement.
Review the statute of limitations for YOUR State!
Use the hyperlink below and act accordingly.
I can think of no state that will allow a civil case for 17 years after the fact!
Just write them a letter referring them to the statute of limiations and tell them to "Float On!". And be sure to send the letter CERTIFIED RETURN RECEIPT REQUESTED and keep the receipt in a safe place to prove your response to them.
2006-11-10 03:03:36 · answer #1 · answered by DaMan 5 · 0⤊ 0⤋
It really depends on the type of loan. If it is an unsecured loan they cannot confiscate your assets. They can obtain a judgment against you and force your employer to "deduct" an amount out of your paycheck each pay period until your debt has been paid in full including attorney's fees, and court costs. Your best bet is to try and negotiate with your creditor to agree on an acceptable re-payment plan.
If the loan is secured then they CAN confiscate any assets used in securing your loan.
2006-11-10 09:58:57 · answer #2 · answered by ratdog 3 · 0⤊ 0⤋
call the bank and and talk to the loan dept or someone in the bank that would know , tell them your story and ask how to start paying it off again, and no they cant take all your stuff its a ploy iv payed off old debts before I did'nt realize it till i did my first credit check and started paying off old debts started with the small ones first
also how are they going to send a sheriff in a different city/town then where the bank is? just a ploy
in therory they could take your stuff to get the loan amount but its costly and time consuming to the bank they would rather work it out with you
but damn 17 years later?
2006-11-10 09:53:21 · answer #3 · answered by halicon2000 4 · 0⤊ 0⤋
Listen to Da Man, Gail ! And maybe check with an attorney for translation of laws into everyday language. Also a note on morals. These banks and collection agencies make an indecent amount of profit off the backs of real working people.
If you want to argue morality, the Bible has a few words on usury. I am not a biblical scholar, but there was also a day dedicated to the forgiveness of debts. We could do with a few usury laws in this country. We used to have them in a lot of states.
2006-11-10 13:00:39 · answer #4 · answered by vjleno3 1 · 0⤊ 0⤋
Ditto DaMan's answer.
What did they do....open up the asylum where they keep collection agents locked up! MORONS!
The only way you would need to pay this debt is if they have a court judgment against you (and even then after this long it would have to be renewed). So your first chore is to see if there is a judgment. Contact your court and find out.
No judgment? Then the Statute of Limitations has expired and they can't collect on the debt. Tell the bank to go away.
2006-11-10 12:34:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Morally you should, but I think the statute of limitations has run out. In all probability the bank you originally owed the money to sold the 'paper' to a debt collector who is now persuing you. In order to sieze your assets, there must be a judgement/lien against you from the place you borrowed money from.
2006-11-10 09:56:25 · answer #6 · answered by beeotch 3 · 0⤊ 1⤋
sure, there is no statute of limitations on a loan. You owe it then you have to pay it. Next thing they will turn you over to a collection agency and mess up your credit. Tell them your financial situation and ask to establish a payment plan that you can afford.
2006-11-10 09:48:47 · answer #7 · answered by GAgirl 4 · 1⤊ 0⤋
Yes, they can. You still owe them money. It has probably taken them a while to dedicate time to old accounts and to find you.
Why the hell would you think you wouldn't have to pay back a loan? You owe these people money. Period. They can use many different collection methods to get it from you.
WTF?
2006-11-10 09:51:14 · answer #8 · answered by Phoenix, Wise Guru 7 · 0⤊ 1⤋
no, collrctions always make threats to intimidate you but they're not allowed so get a tape recorder attach to your phone and record the conversation, you wrecked your credit and it will take a long time to fix cops don't arrest people for civil matters sheriiff's are different but they act on court order's but negligent bank loans are not one of them.
2006-11-10 09:50:48 · answer #9 · answered by uknowme 6 · 0⤊ 1⤋
YES THEY SURE CAN. IT'S YOUR DEBT THAT WAS MADE KNOWINGLY AND WILLINGLY AND YOU ARE RESPONSIBLE FOR PAYING IT BACK. IF YOU DON'T, THEY WILL CLAIM PROPERTY THAT ADDS UP TO THE VALUE OF THE AMOUNT YOU OWE.
SAVE YOURSELF THE TROUBLE AND JUST SET UP A PAYMENT PLAN OR SOMETHING WITH THEM. A LITTLE A MONTH IS BETTER THAN NOTHING, SO THEY SHOULD BE GLAD TO EXCEPT A PAYMENT PLAN OPTION.
2006-11-10 09:51:23 · answer #10 · answered by 2"CUTE"2B30 4 · 0⤊ 1⤋