Quoting thebanker
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My question involves an auto loan or repossession in the State of:
Ok, i recently moved from alabama to nashville tenn. I have recently been divorved and my wife and i purchased a car together for 28,000 and had a remaining balance of 15,000. It was over 7 years ago since i made a payment so would this fall off my credit.
Also it seems i have a new creditor than previous. So my two questions are:
1) Has my old debt been sold to another collection agency?
2) Will this be espunged from my credit since it was over 7 years ago?
3) Also(more than 2 questions....i know) can i dispute this and what other options do i have to have this espunged from my credit?
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Probably sold to another bottom feeder collection agency, send a cease and desist letter and dispute with all 3 credit reporting agencies, make sure you are outside the statute of limitations...for TN they are
Interest Rate
Legal: 10%
Judgment: 10% (or contract rate) (varies with type of transaction)
STATUTE OF LIMITATIONS (IN YEARS)
Open Account: 3
Written Contract: 6
Domestic Judgment: 10
Foreign Judgment: 10
and for alabama
STATE: ALABAMA
Interest Rate
Legal: 6%
Judgment: 12% (Unless otherwise contracted)
STATUTE OF LIMITATIONS (IN YEARS)
Open Account: 3
Written Contract: 6
Domestic Judgment: 20
Foreign Judgment: 20
Repossession
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