Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
RJM41

0 Contributions
0 People Helped
How long can collections try to collect on a repo ?
We had a reposession of a car over 10 yrs. ago.And now all of a sudden in the last year or so.Different collection companies have been contacting us.And each time the amount is different.They all are way more than what the whole amount of car.I thought the debt went off credit after 7 yrs. ?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7344 Contributions
3805 People Helped
Most Helpful Response

Possible junk debt buyer?

Helpful to 1 out of 1 people

You are right when you said possibly 7 years when debts usually drop off the credit report.  There have been absolutely ZERO attempts to collect on this in the years since the repossession??   Then this could be what's known as a "junk debt buyer" and these creeps buy debts that are old, usually past the statute of limitations for collection and they try to harrass individuals into paying them "the full amount owed."

Have these people sent letters?  Send them back a letter DEMANDING they verify the debt.  They can't attempt aNy collection activity until the debt is verified and that verification will show a copy of the original contract for the car.  Don't mention what documents you expect, just that you need to see verification. 

If they are only calling you, contact the FTC and, perhaps, your state attorney general's consumer affairs office to complain about these people.

Usually, if a car is repossessed, it is sold at auctioin and any difference between the sale price and the amount owed would be sent as a bill to the one who had owned it.  Sounds like this hasn't happened in your case.

Hope this helps.

Reply by
csolis1985

1 Contribution
0 People Helped

Who is the FTC? 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.