I have a charged off auto loan with a DOFD of Dec 05... In cali, im about 8 months away from SOL on it. yesterday i got a phone call basically threatening legal action if I dont pay this. This is the first I have heard from them ever, and they only had an old address for me. They offered that if I pay half of the balance (which is still more than I can swing right now) it would go away.I guess my question is, is there a way to prolong the process so that it is out of SOL and they cant come after me with a judgement? They dont even have my correct address yet so I havent gotten anything in the mail, only the one phone call so far. Any help would be appreciated, thanks
Do the utter absolute totality of what you can do to come up with the half of the balance they are offering as soon as possible, because that is likely to be your best option. Otherwise they will probably go after you in court for the full amount by garnishing income or liens against assets, so they will extract the full amount and you will get a judgement on your history which will severely damage your credit for years to come. You cannot stop the clock by stalling them, they are probably well aware of SOL and are coming after you now precisely because they know SOL will run out in eight months. The only way for you to avoid a judgement is to settle rapidly before the case gets into a courtroom.