GA1dad
Senior Member
Shoot, I ain't even sure how to spell it.
Anyways, I just got a letter concerning a voluntary repo on a truck I owned (at least) 10 years ago. I was in the middle of a divorce, young, dumb and broke. One day the motor locked up on 75. I started pricing a new motor and it was clear that I could no longer afford the truck. So I contacted the finance company and arranged to have it picked up. They informed me that it would be sold and I would still owe any remaining balance. Well it's been 10 or 11 years and I never heard anything from them. I had completely forgotten about it until the letter came saying we bought your debt, and we're looking for a payment of $17,000.00,,,,,,,, in the next 30 days. I'm sure that 7000 of that is interest.
My questions are,
1- Is there a statute of limitations on this type of debt?? After 10 years, I figured the company wrote it off.
2- I am considering filing chapter whatever,,,,,, but not sure how.
You young folks out there take heed,,,,,,,, your youth screw-ups don't disappear with time.
Anyways, I just got a letter concerning a voluntary repo on a truck I owned (at least) 10 years ago. I was in the middle of a divorce, young, dumb and broke. One day the motor locked up on 75. I started pricing a new motor and it was clear that I could no longer afford the truck. So I contacted the finance company and arranged to have it picked up. They informed me that it would be sold and I would still owe any remaining balance. Well it's been 10 or 11 years and I never heard anything from them. I had completely forgotten about it until the letter came saying we bought your debt, and we're looking for a payment of $17,000.00,,,,,,,, in the next 30 days. I'm sure that 7000 of that is interest.
My questions are,
1- Is there a statute of limitations on this type of debt?? After 10 years, I figured the company wrote it off.
2- I am considering filing chapter whatever,,,,,, but not sure how.
You young folks out there take heed,,,,,,,, your youth screw-ups don't disappear with time.