topic Re: AFRAID OF JUDGEMENT in Rebuilding Your Credit

AFRAID OF JUDGEMENT

Anonymous — Sat, 09 Aug 2008 17:55:23 GMT

We had a auto repossed in dec 04 by americredit. They have since charge it off (May of this year)with a balance of 10,000.00. My question is if it is charged off have they given up collecting or is it more than likely will they file a sue me. and will i have anytime to try and collect the money once they send me notice that they are sueing me or then will it be too late? Also this wont fall off my credit until dec 2011, right?

Re: AFRAID OF JUDGEMENT

Anonymous — Sat, 09 Aug 2008 18:26:28 GMT

What was DOLA and SOL for your state?

Charge off is an accounting term that a business uses for their tax records. It has no effect on what you owe or them suing you.

If SOL is not expired, I would expect them to file suit on an amount that large before it is over.

Once they file, you'll receive a summons and have a set amount of days to respond.

If you can pay before the court date, they can vacate the motion for judgment.

Message Edited by sidewinder on 08-09-2008 11:26 AM

Re: AFRAID OF JUDGEMENT

Anonymous — Sat, 09 Aug 2008 20:37:04 GMT

date of last activity was dec 04 i guess it was repossed before that. i am not sure of my SOL I have tried to figure out the chart, not sure what an auto loan falls under. But I live in KY if you can help with the SOL also I would appreciate this. How much time do they usually give you to respond?

Re: AFRAID OF JUDGEMENT

Anonymous — Sat, 09 Aug 2008 20:43:10 GMT

I believe an auto loan would be under written or promissory note.

Response time will depend on your state/jurisdiction.

Re: AFRAID OF JUDGEMENT

Anonymous — Sat, 09 Aug 2008 20:48:48 GMT

so I think that would be 15 years. so we are looking at 2019 before we can sleep easy????? here is how it reads on my credit report. I am trying to get my fico score up enough to apply for a home equity loan and have the money available if they contacted other wise i have no chance of coming up with that kind of money. So now I am wondering when it will fall of my credit report? What would you do if you were me?

Re: AFRAID OF JUDGEMENT

Anonymous — Sat, 09 Aug 2008 20:53:34 GMT

oops forgot to post my cr............

Status as of July 2008---Date opened Apr, 2002--- Date of last activity Dec, 2004--- Date of last payment Dec, 2004 ---Date closed Not Reported---- Account number XXXXX---- Loan type Auto Loan ---Credit limit Not Reported-- Largest past balance ---Not Reported Terms 72 Months--- Account Type Installment ---Account holder Joint Account---- Scheduled payment amount Not Reported

Re: AFRAID OF JUDGEMENT

Anonymous — Sun, 10 Aug 2008 00:04:07 GMT

You have to look at it rationally. If they sue you, they will get the money any way legal. Garnishments, liens against bank accounts, liens against your home, liens against your tax refunds...

If you come up with the money yourself, you get to choose how/where it comes from. If they sue, they get to choose. Just something to think about.

Re: AFRAID OF JUDGEMENT

Anonymous — Sun, 10 Aug 2008 00:59:07 GMT

TRYINGHARDTOUPSCORE wrote:

so I think that would be 15 years. so we are looking at 2019 before we can sleep easy????? here is how it reads on my credit report. I am trying to get my fico score up enough to apply for a home equity loan and have the money available if they contacted other wise i have no chance of coming up with that kind of money. So now I am wondering when it will fall of my credit report? What would you do if you were me?

7-7.5 years from DOFD.