A charge-off

[CoolKid01]

Hi guys,

just a noob here trying to get some help with some old debit, I have old car loan dating back to 2006, I lost my job and was not able to pay the loan and was repoed :/

 I'm trying to see what are my best options here, should I wait out the status of limitions.. or should I try seeing what my pay back options are.

since this debit is so old I would hate throwing money at it if I dont have to, but what would you do?

any advice will be great! thanks

[guiness56]

Unpaid debt never goes away and if, in the future, you decide to apply for a mortgage or something you would need to disclose any unpaid debt.

This will be excluded from your CR sometime between 10/2013 and 4/2014. 

What is your states SOL for suing? 

[goosedog]

If you can afford to wait the year and a half to drop it off, that's what I would do unless you are going to buy a house or car in the next year than I would pay it off.

[CoolKid01]

@guiness56 thanks for the quick reply, I live is Massachusetts  I beleive its 7 years. 

so you think even after the 7 years SOL it will still be listed in my report even If i dispute it?

thanks again

[CoolKid01]

@goosedog House yes in near future. If i decided to pay them back, would would be a fair $.

I just really hate throwing them money knowing its not going to change my CR.. at least not right away.

[guiness56]

I think you are confusing SOL and CRTP.  CRTP is how long a Charge off, collection, repo, can be on your CR.  That is up to 7.5 years from the DoFD.  SOL for suing is a state law and decides how long a creditor has to sue you.

MA SOL for a written contract is 6 years from the last payment made.

[CoolKid01]

Yes, sorry CRTP (Credit Reporting Time Period) is what I mean, which according to the CR post was back in 2006.  So bascially if I let it sit for another year or so..  I could potentialy report it and maybe get it removed.. 

[guiness56]

Oct of this year is the earliest it will be removed.  I have found that the CRAs normally remove OC accounts at the 7 year mark for whatever reason.  But, they do have until April 2014.  If it isn't gone by then you can dispute as obsolete.

[CoolKid01]

thank you! you rock, Now would this apply to all Bureau's or do they all have diffrent expiring dates..

[guiness56]

The procedure would apply to all 3 and technically they all should have the same DoFD or drop off date they don't.  You would need to check for the drop date on TU and EX and EQ has the DoFD listed.