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  1. #1
    Join Date
    Mar 2011
    Location
    Ohio
    Posts
    1

    Default Debt Collection After 15 Years

    My question involves an auto loan or repossession in the State of: Ohio
    How many yrs. after a loan can a bank collect a debt. It's been about 15 yrs. since the loan was made with a co signer. Vehical was repossessed and sold. Bank was suppose to notify me, if there would be any money owed after the sell. Bank never contacted me, until a collection agency sent a letter to me demanding money after 15 years. When does the Statue of Limitations run out in Ohio for loans on cars?

  2. #2
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,273

    Default Re: Debt Collection After 15yrs

    Contracts 6 yrs in Ohio? I'm just guessing based on other states ...

  3. #3
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Debt Collection After 15yrs

    The SOL only applies to how long they have to SUE you to recover the debt. The SOL on written contracts and promissory notes in Ohio is 15 years.

    They can pester you to the grave, but they can't sue once the SOL has passed.

  4. #4
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Debt Collection After 15yrs

    the sol on a contract, in Ohio, is 15 years. Ohio also allows the time to toll (clock stops running) under some circumstances.

    and a slight correct to missy's post; they can sue you. You would have to claim the right to make a claim is barred by the sol. Failure to invoke that defense means it is not going to stop them from winning a judgment.

  5. #5
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Debt Collection After 15yrs

    The original creditor can pester you forever, but third parties are enjoined from even trying. Big award in the ninth circuit over this FDCPA violation.

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