Old car loan charge off coming back to haunt me

[Anonymous]

I have an old car loan that was repo'ed AND charged off. (I'm talking YEARS ago - the original loan was in 1999 or 2000)  It has since fallen off my credit report and NOW a collection agency is contacting me and saying that I still owe money.  The CSR was a total meanie to me because when she called she caught me off guard and I didn't know what to do/say.  So she said a bunch of mean things (like how are you paying your bills....can't you make a payment now etc etc etc)

What are my options here?

[Anonymous]

You options depend upon the SOL in your state. If beyond SOL, send them a C&D letter.

[Jamex]

+1 to the above.

I know we're not supposed to share links here, but do a search for state statutes of limitations on debt and you should get the info you need. You'll want to look at the column that covers "written contracts." Most states have a 6-year cutoff. A couple go as high as 15, but even then it sounds like you're safe.

[gdale6]

Making threats is a violation of the FDCPA and you may have multiple violations here, each violation can  yield a 1K fine. If its past SOL I would file CFPB  complaint against them with the remedy of 1K for each violation of the FDCPA. If you have the conversation recorded all the more in your favor.

[RobertEG]

It is not imporper for a debt collector to continue to collect beyond expiration of SOL or credit report exclusion, providing, of course, they comply with all provisions of law.

Depending upon your state of residence, there may be state statutes requiring the debt collector to advise you that you have no legal obligation to pay.

There is a growing movement to require debt collectors to advise consumers when a debt is clearly beyond SOL.

NYS, for example, has such provisions going into effect this year, and CA already has such provisions on the books.

The current CFPB rulemaking process includes advisories on time-barred debt as a specific item under consideration, which would make it a national requirement.

[Anonymous]

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@RobertEG wrote:

The current CFPB rulemaking process includes advisories on time-barred debt as a specific item under consideration, which would make it a national requirement.

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+1 !! This should have been done decades ago.

[907grown]

Don't even engage with them!! Send them a certified letter telling them not to contact you again. DONT pay anything or give them any financial information!

google bottom feeder collection agencies and you will get a full picture of who these people are, what they do and you will find great info for protecting yourself.

Been there, good luck

[RobertEG]

Yes, that as well as hundreds of needed revisions of both the FCRA and FDCPA are long overdue.

Hopefully, revisions via rulemaking will finally begin to make that happen.

The FTC was explicitly prohbited from enacting rules for regulation of the FCRA/FDCPA unless specifically instructed by congress to do so based on any stautory revisions.

When the CFPB was formed a couple of years ago, they were finally provided rulemaking authority, and have already began the preliminary rulemaking process including broad and numerous topics under the FDCPA.  Actual propsed rules should soon be published.

[BUN]

I love all of you myfico rockstars helping my big sissy!!!