I found several web sites that listed the statue of Limitations in Arkansas for a written contract (car loan) to be 5 years. I need to make sure this is correct.. my husband's ex-wife had a veh. repo'd 8 years ago and he never heard anything else about it but we just got a letter claiming we owed 8,000 for the debt leftover after the vehicle was auctioned... But this happened 8 years ago???? So am I right on the 5 year statute?
2006-12-01 06:21:41 · 8 answers · asked by Holly L 1 in Business & Finance ➔ Credit
pull your credit report first and see if the re-aged that debt. If that debt "repo" is even on there someone broke the law. Like the person said before consult with an attorney. For about 100 bucks they will be able to send some letters to get that all cleared up. The other thing with having a attorney the will look out for unlawful tactics a collection agency is doing and rep you in a lawsuit.
2006-12-01 11:04:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
With years in the credit business:
Your issue is a legal one and not a matter of credit reporting. Credit reporting will not affect the validity of a debt.
If your state's statute of limitations is 5 years for your specific contract, then you are correct and they are likely out of luck on the collection. It will be important to discover whether they have any type of judgment against you or your husband, as these can be renewed forever.
I would recommend calling an attorney, look for a small ad in the yellow pages or something under family law to save some money. You might also ask if they do free consultations. However, on an $8,000 debt, you might find it cheaper to pay $150 to a lawyer to write a letter versus haggling over it yourself.
Best of Luck
2006-12-01 06:37:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Call the Office of the Attorney General for the State of Arkansas.
This is probably some shyster lawyer's collection agency who has bought the debt from the original owners and is now trying to bully you into paying the debt.
I do not think you have to pay this is they repossessed the car and sold it. I think that should have finished you debt obligation at the time the car was sold at auction.
It's all a scam and the Attorney General needs to know about these people.
A lot of companies sell used cars so they can repo them if the people do not make a payment - then they sell the car again and try to collect the original contract from the poor person who bought the car from them originally.
2006-12-01 06:33:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Whats the adaptation? you probably did not pay the perfect months price - so that you owed them £20 That debt has now been surpassed to a debt sequence employer who've further their expenses so that you presently owe £220 in case you dont pay this then they could word for a CCJ (which they're likely to get) So the expenses of which will be further to the bill plus yet extra of their expenses The debt will then flow to bailiffs who will upload THEIR expenses So the £220 you owe now ought to get to £one thousand+ no situation (yet i'm stunned the didnt take the perfect £20 - likely you've not been paying through direct debit - you've been paying less than a "non-stop price authority" therefore definite you are able to cancel the club yet you dont say you cancelled this authority both with them or your monetary employer - so as that they could have basically taken the £20)
2016-10-16 11:22:50 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I don't know about 5 years in Ark, but the federal Fair Credit Reporting Act gives a SoL of 7 years on anything but bankrupcey, which is 10. I'd suggest contacting a lawyer.
2006-12-01 06:25:44 · answer #5 · answered by tabithap 4 · 0⤊ 0⤋
The statue in Arkansas is 6 years for this type of debt. Make sure you let the collection agency know that you know your rights. If they persist to collect this debt, tell them to only contact you via postal mail. Here's a link that should help you.
2006-12-01 06:33:16 · answer #6 · answered by Melli 6 · 0⤊ 0⤋
the bad debt is considered from the first missed payment. not from the date of the original loan. So if ex made the payments for 4 years but stopped on the 5th you still have 3 years left for them to come after you. However in their divorce decree they should have settled all marital debts. In which he should have been released of oblibt, because it is her car.. Check the divorce papers.
2014-10-02 06:20:32 · answer #7 · answered by thanks 1 · 0⤊ 0⤋
http://creditboards.com/forums/index.php
I cannot answer your question, but I have used the forums above to answer other debt releated questions and it's free.
2006-12-01 06:42:43 · answer #8 · answered by cowrepo 4 · 0⤊ 0⤋