collection on an old debit
Date: Fri, 05/25/2007 - 16:06
In 1992 I took out an auto loan. In 1995 I was in debit and released the car back to the bank. They sold it and went after me for the balance of $8,000.00.
I was only able to pay $100.00 per month on and off. They reported it to my credit as a charge off.
Somewhere in 2004 the charge-off fell off my credit report. I suspect because negative credit only stays on for a period of time. Since then they still hound me for payments and I give them a hundered here and there. But my question is.. does the SOL come into effect here and from what point ? 1. The point they reported me to collection as a charge off, or 2. The point I last made them a 100.0 payment a couple of months ago?
Can I just stop paying and if so would they be able to sue me ? I only owe them $2,000.00 so they could only take me to small claims right ? They can report me again to equifax after they already did years ago right ?
Thank you.
I was only able to pay $100.00 per month on and off. They reported it to my credit as a charge off.
Somewhere in 2004 the charge-off fell off my credit report. I suspect because negative credit only stays on for a period of time. Since then they still hound me for payments and I give them a hundered here and there. But my question is.. does the SOL come into effect here and from what point ? 1. The point they reported me to collection as a charge off, or 2. The point I last made them a 100.0 payment a couple of months ago?
Can I just stop paying and if so would they be able to sue me ? I only owe them $2,000.00 so they could only take me to small claims right ? They can report me again to equifax after they already did years ago right ?
Thank you.
Yes, any payment done on the account will renew the SOL from the
Yes, any payment done on the account will renew the SOL from the last date. The original company and the CA will also have the rights to report the negative item in your credit, even if it's already past the seven years period and the item already being removed.
They may sue you in the court for the outstanding balance, but if you can work out any arrangements with the company, they won't get into the legal direction. You have a legit debt and it????????s collectible until paid. So, you have to get something done and avoid any legal actions.
