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is there a limitation like how many years they can come after you on a repo it's been 10 years and now they're all sudden trying to contact me is there some kind of statue of limitations ??
You owe the money deadbeat pay up. I hope there isn't a statute of limitation.
Most states have a statute of limitations on how old a debt can be and still attempt to collect on it. Most times I hear that number to be in the 6-7yr range, but it will ultimately depend on your state.
Most states have a statute of limitations on how old a debt can be and still attempt to collect on it. Most times I hear that number to be in the 6-7yr range, but it will ultimately depend on your state.
Just be careful that when you get a call/letter about a old debt, you don't do something that lets them re-age it and re-start the SOL.
Didn't notice someone else bumped. But they still owe the money.
As much as I do not like willful defaulters, and have argued against defaulting, I have to say, I think your stance is a bit extreme. We let virtually everyone go for criminal actions, except really extreme ones like murder. If someone who does something really awful can get out of prison in 10 years, then why should someone who defaults not similarly be allowed to get out of bad credit hell after a similar time span? What message are you trying to send here? Again, I don't condone default in the slightest, but if someone has a genuine hardship, why should it be held against them for longer than a felon would be in prison?
Ok, I have a situation I need a solution for.
8 years ago, an acquaintance who I'd only known a very short time left a new vehicle sitting in my driveway for what I understood to be a few days, turned into 8 years. I have gone through every channel I know to get a clear title however, there is a lien on it from a well established financial institution. ANY-WAY, I have taken the issue to circuit court and the Judge, whom could easily sign a court order granting me clear ownership of the vehicle, called the financial institution to inquire about releasing the lien on the car, only to be hung up on by them. They stated they had nothing on file for the VIN number and before the judge could ask for something in writing stating that, "CLICK"
So here is my deal, I am trying to obtain a title for basically caring for this car for 8 years, there is a lien on it, the lien holder has no record they own the vehicle, more than one attorney and the DMV have all informed me the statute of limitations for them or anyone to claim ownership has long since passed, I've taken all the necessary steps, paid the money, and my dues I might add. What legal Jargon, steps, proceedures do I need to take to get this thing titled in my name so it ceases to be an expensive piece of yard art?
By The Way, the acquaintance has since filed bankruptcy and has also since left this world to another dimension so getting her involved would take a miracle or the second coming of Christ, respectively.
Last edited by WNTB4EVER; 11-13-2015 at 08:22 PM..
Reason: left out important content
I bought a car in 2014 and my cosigner stoled from me with all the papers and information ,i didn't reported it because I didn't had any information just his name. Time want by fast and now I see in my credit score I'm over 13,000 in debt what can i do . I contacted the bank that gave me the loan but they coudnt help . I have the persons name and address he also had it for a whole year and drive it with insurance under his name and address and he didn't make any payments .please someone I need a lawyer.
You are stuck, let the bank know where they can Repro it, and get your check book out and pay the cost of co/signing for someone you did not know well.
I bought a car in 2014 and my cosigner stoled from me with all the papers and information ,i didn't reported it because I didn't had any information just his name. Time want by fast and now I see in my credit score I'm over 13,000 in debt what can i do . I contacted the bank that gave me the loan but they coudnt help . I have the persons name and address he also had it for a whole year and drive it with insurance under his name and address and he didn't make any payments .please someone I need a lawyer.
This actually sounds like you bought the car with the intent to lease/rent it to someone who couldn't purchase a car on their own, and make a bit of profit on the side. I understand there's places that encourage people to do this. Although in theory it can work, I've seen a ton of these where the "investor" ended up with a huge loss and hit to their credit.
Your name is on the loan--you are liable for the loan. I would agree talk to a lawyer, but I don't see what he could actually do.
If you know where the car is at, maybe it can be repossessed--you'll still owe a bunch of money, but hopefully not as much.
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