I have a friend that got her car repod about 7-9 yrs ago she is getting notices that they want 4k she is worried that she will have to get a credit card to pay for it and has never heard anything prior is this right? or should she ignore this?
2007-06-29 10:47:14 · 6 answers · asked by Traci N 2 in Cars & Transportation ➔ Buying & Selling
To give good advice, I need to know a bit more information. Did the bank file suit against her, and get a judgment? If a judgment was issued, it can be kept in effect until it is paid!
If they did not file a lawsuit and get the judgment, there is the issue of the statute of limitations. Depending on the state, the bank only has 2-5 years from the date of last activity on the account to file suit. If they do not file in a timely manor, they can not collect.
Here is the tricky part. If your friend makes any kind of payment at all, the clock on the statute of limitations starts again. That is why collection agencies will try to get you to make a payment on an old account.
Unless there is a judgment against her, tell her to ignore the collection calls!
2007-06-29 11:13:15 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
7-9 years ago? That's ancient history. When her car was repo'd, shortly after, it should have been sold, at which time the lender was responsible for furnishing her with the sale price, the date it was sold, and her outstanding balance (if any). At that point, the lender had the right to seek (in many states) a deficiency judgment against her in court. If it's been 7-9 years, and she never fully satisfied the debt, the balance of the debt would have gone against her credit anyway, so it may very well be off of her credit by now. If I were her, I'd check my credit report, and see if the repo appears, and how long it will be until it is off of the credit report for good.
2007-06-29 17:55:10 · answer #2 · answered by josh m 4 · 1⤊ 0⤋
The bank probably asked for it years ago and got nowhere, now they sold the bad note to a collection agency and they are out to get you. Regardless of whether it's too old or not, your "friend" incurred a debt and it's his/her responsibility to pay. Tell you "friend" to pay up.
2007-06-29 21:18:28 · answer #3 · answered by jay 7 · 0⤊ 2⤋
tell her not to pay it they have to take it off her credit after 10 years. They just do that to try to get money because they know this info.
2007-06-29 17:57:18 · answer #4 · answered by Queed 2 · 0⤊ 1⤋
don't ignore it or it could make things worse ignoring it isn't going to make it go away she probably needs to contact the people sending the notice and find out whats up if she does owe money usually they will work with you
2007-06-29 17:53:59 · answer #5 · answered by JC N 3 · 0⤊ 2⤋
its prob a bank
tell them if they want their money that she will send x amount a month until paid off
2007-06-29 17:51:46 · answer #6 · answered by rockydriver22 5 · 0⤊ 2⤋