About 3 years ago I got a $10,000 loan from a Credit Union to get rid of some debt and money for me and my wife to move out of state. I paid it every month till it got down to about $7,000. Then I lost my job and my wife was not working. I don't make as much now and about a year later the Credit Union contacted me and said I needed to get 900 dollars by the next day or they would turn my loan over to a Collection Agency. They actually turned it over to a lawyer nd he called me a few times and told me I needed to drive down and see him. Then he sent me a few letters and stuff. And finally when I didn't show up he sent a Sheriff To my house with a summons to apear in his office. I did not go and I called him and told him I would be moving again this time to Texas. He said that the bank would just turn the loan over to someone there. I'm in NY now and have not heard one thing about the loan at all Not one letter or phone call. Did they give up? I've heard that after so many years they do.
2006-11-29 00:11:44 · 7 answers · asked by mikeywins21 1 in Business & Finance ➔ Credit
Well, they will never give up to collect your debt. Believe me.
2006-11-29 00:15:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You have me confused about one part of your story. They "sent a Sherriff to my house with a summons to appear in his office..."???
Sheriff's don't serve summons to appear at a lawyer's office. They serve them to appear in COURT! If you don't show up, they get a "default judgement" which means they won their court case and they can start collection proceedings (garnishment, liens, whatever it takes).
So from this statement I would say you need to contact the court in the county you lived in at that time and see if they have a judgement against you. If they do, they can collect any time for years to come. For example, in Michigan they have 10 years to collect, but they can renew this judgement over and over, so in effect you will always owe this debt. Interest will continue to be added.
If not, then your next problem is figuring out what the proper Statute of Limitations is. See the link below for more info on this.
They can sue you in either the state where the transaction took place (you didn't give that state in your question)...or in the state you currently live in. The one with the longest SOL is what they can use. New York is 6 years, so I will assume you are still on the hook for this.
2006-11-29 08:51:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Out of state debts are difficult to collect. When you left the state you can actually "toll" (put on hold) the statute of limitations for the debt. For example, if the SOL is 6 years, and you leave after 5, when you come back they can attempt to collect for one more year. Of course if you never come back they cannot collect that way.
In order to collect in the current state you live in, they would need to get a judgment and "domesticate" it to the state in which you live. Which is very possible. Or they could just wait and hope that you return to the state in which you incurred the debt.
Either way, usually collection agencies try to collect with the first couple of years.
2006-11-29 00:42:48 · answer #3 · answered by Kevin K 3 · 0⤊ 0⤋
Tough call. They may have - but that doesn't mean it's not on your credit record for the next time you try to get a loan of any significance. Short term benefit may hurt you later. I would check credit report
2006-11-29 00:15:28 · answer #4 · answered by wangs4 2 · 0⤊ 0⤋
seek for suggestion from the credit sequence company and learn about the loan. If the loan is valid, pay it, or negotiate a freelance. sequence businesses paintings with debt it really is not said to a credit bureau until eventually/until eventually the sequence corporation determines that this is uncollectable. Examples are clinical debt and application debt.
2016-11-27 20:53:32 · answer #5 · answered by ? 4 · 0⤊ 0⤋
They have done everything they can to get you to pay. They will get you if you ever try to buy a house. If they can't get the money from you it will just be written off as a loss.
2006-12-02 17:54:37 · answer #6 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
ı think soo... just like you buddy....
2006-11-29 00:15:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋