Big Unpaid Repo ?
05-16-2012 05:10 PM
I've been lurking here and trying to clean my husbands credit but we have one big issue. He has a repo from Dec. 2008, and the deficiency amount was 10k, now it's showing that some collection agency owns the debt but the amount is 20,xxx. I have no idea what to do, we really would love to get a house in two years or so, but with this, we have to wait for atleast 4 more years. We cannot pay it of in full, maybe 5k the most. What would you advice us to do? We're planning to wait it out but would live to get a house sooner while the house prices are low. Statue of limitation on written/prommisory note is 6 years in our state
Should we even bother offering them a settlement of 5k?
Also if it matters, they're not trying to collect the debt at all. We haven't gotten any collection letters or phone calls at all in the last 2 yeras.
Any advice would be great. We're really struggling with this one.