How does the Statue of Limitation law work for unpaid dept?

Question

I was trying to find out how does the Statue of Limitation work. For example I have an auto loan that has been delinquent since 2003. I got the loan in the state of Nevada. But I remember sending my bills to a Colorado address. What state should I go by? I went through a big hardship which resulted in a repo to my car back in 2003. To this day I am still recovering from that and unfortunately I can't pay them. But the letters still keep coming and the constant credit inquiries. I want to pay what I owe however times are still rough for me and I cannot pay yet. If anyone can help that would be much appreciated. Thanks all!!!

Answer 1

Repo's void the orignal contract. Because of that, the repo does not fall under the written SOL but falls under the UCC for a 4 year SOL. The SOL started to run on the day the vehicle was sold creating the deficiency.

IF they had gotten a judgment on the deficiency, you would have to go by the judgment time limits and not the UCC SOL.

IF they had failed to send all of the required notices in a timely and legal manner (generally within 2 years), if they had failed to sell the repo in a timely and legal manner, the repo would be considered an illegal repo and non collectible.
If you had moved since the repo and the original creditor did not have your new address, then the above statement (as far as sending the notices) would fall into a gray area since the original creditor may have sent the notices to the last known address.

If there is no judgment, and the repo and sale was in 2003, you could already be out of the collecting SOL or should be out of it sometime this year.

You might do some reading on the following link:
http://whychat.5u.com/repoltr.html

Thoroughly read that page. If you have any questions about how to use the information on that page, go to the last link I have listed in my profile (on here) and ask your questions in the Credit Forum.

Answer 2

Items like this stay on your credit for 7 years. Judgements stay on for 8. Tax Liens and student loans stay on your credit forever. Given the age of the accounts, I generally can get items like those off of your credit report to the tune of 70% of the time. But you can try to dispute them yourself by writing letters to the 'big 3' Credit reporting agencies -- Equifax, Experian, and Trans-Union.
Good Luck!

Answer 3

go to www.adviceontime.com they have several artilces that will help you understand your question