Hubby's old debt...What to do?

Date: Thu, 01/22/2009 - 21:22

Submitted by anonymous
on Thu, 01/22/2009 - 21:22

Posts: 202330 Credits: [Donate]

Total Replies: 1

My husband had a vehicle repossessed in 1996. Before we were married. They sold the truck and said that he was responsible for the difference.The debt that he owed then was about 6500$. Earlier this year we received a letter from a credit bureau with a list of debts that I knew we were responsible for. I started paying what I could. Now everything is paid off except for that and I realize that they want 13500.00 for that old vehicle debt with interest. Is there a limit to what they can charge in interest? Because of the other accounts I paid does that affect the SOL? I just don't know what to do about this debt that is so old it is no longer on our credit report.

Old debt

I am not sure what the laws are concerning capped interest on auto loans in your state.

What do you mean by SOL?

I am really surprised that this debt is not ligering on your husbands credit report. I am also surprised that a judgement wasn't filed against him based on the extended time frame. Typically a debt that large will result in a some type of judgement as the court costs wouldn't outweigh the principle owed on the vehicle.

You should really call the company and see what the status is. I know you probably don't want to have any contact with them and they may not even have records that go back that far. A debt that large will not simply vanish. Better to find out whats going on. Let me know if you have any questions or concerns. My info is below.

lrhall41

Submitted by info3333 on Fri, 01/23/2009 - 09:08

( Posts: 73 | Credits: )