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2014 Repossesion

New Visitor

2014 Repossesion

I recieved that the balance on an old repossession has increased. The staue of limitation is 3 years in NC. So should I attempt to dispute this. I've previously disputed with no resolve. So I'm wondering if I have any other recourse but try to settle. Any suggestions would be great

Message 1 of 4
3 REPLIES
Moderator

Re: 2014 Repossesion


dropofsunshine wrote:

I recieved that the balance on an old repossession has increased. The staue of limitation is 3 years in NC. So should I attempt to dispute this. I've previously disputed with no resolve. So I'm wondering if I have any other recourse but try to settle. Any suggestions would be great


Disputing it isnt going to get you anywhere as if it hasnt updated in awhile when it updates it drops your Fico score. You want to work something out with them to settle it, you can attempt the PFD but if its the OC the odds are very slim unless its near the end of being able to be reported.

 

Welcome to the board Smiley Happy

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 2 of 4
New Visitor

Re: 2014 Repossesion

They are reporting every month an increase of $156 interest and fees
Message 3 of 4
Community Leader
Epic Contributor

Re: 2014 Repossesion

Interest continues to accrue on delinquent debt provided the account agreement so specifies.

Almost all account agreements include provision for continued accrual of interest on delinquent debts.

 

Unless there is some basis for contesting the accuracy, then a dispute would be verified.

Expiration of state SOL pertains to the ability to bring civil action to obtain a court judgment.  It does not effect the continued obligation for the debt.

 

The repo will become excluded once it has passed the credit report exclusion date, which is usually 7 years plus 180 days from the DOFD if the debt was charged to profit and loss.  Early removal can be attempted by offering a pay for deletion of any derogatory reporting.

Message 4 of 4