Collection agency calling me about a repossession

You will get a call from a consultant in your area. He is going to discuss about your options and negotiate with the collector. The outstanding balance after repossession is considered as unsecured debt. Thus, it comes within the SOL catch. You can check out before making a payment.

Welcome to the Community :D Here is a link for the SOL, find your state and see if this debt is out of the SOL period. If it isn't, keep trying to work out arrangements with them. If they won't talk to you, send a certified letter requesting a payment plan, after you check out the SOL. If you have any qestions, please ask..KAren oops almost forgot http://www.fair-debt-collection.com/SOL-by-State.html#T

If an account has surpassed the SOL, what does that actually mean? The creditors loose the right to collect on it after that time period?

Budmas

The debt is always collectible until paid. However, if it gets past the SOL, they can take you to the court and file a case against you. The judge will rule out the case in your favor because under the FCRA rule, there cannot be any legal actions once the debt is past the SOL. Make sure that you have the documentation to show in the court. You have to send a dispute letter mentioning the expiry of the SOL to the company collecting for the debt and show it in the court. Send your letters through certified mail and return receipt requested to be confirmed about the delivery.