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Sweating it out

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Anonymous
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Sweating it out

Anyone else sweating it out until SOL passes on an old debt? I have come so far in cleaning up my credit and making better decisions in the last few years and have climbed from the low 500's to the mid 600's in the last year. However, I have an old car loan that I defaulted on back in 2000. At the time it was reported as $9,000 by the OC but it was never reported by a CA even after all these years. The TL has fallen off my reports but SOL in IL is 10 years on a written contract. I guess I will have to sweat this one out for the next two years and pray I don't get sued! Anyone else in the same boat?
Message 1 of 4
3 REPLIES 3
Anonymous
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Re: Sweating it out

I could be wrong here BUT Yoy are going by signed contract.......I believe that is for busness....Promissary not is for mortage and auto loans.
 
Il.  would be 6 years.
Message 2 of 4
Anonymous
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Re: Sweating it out

You may have just saved me from two years worth of nightmares! I thought for sure an auto loan was a signed contract. I hope you are right!
Message 3 of 4
Anonymous
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Re: Sweating it out

I thought that way for a long time & then it was pointed out that open & promissary were for consumers & other for busness.....I like that better also.
Message 4 of 4
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