Repossession falling off

[Anonymous]

8 years ago my husband had a truck repossessed (this was before we were married).  It fell off his credit in dec 2008.  Here's the problem....May of 2007 a collection agency called about the account and threatened to go after the money owed (husband is in the military).  If they contacted his command it could cause problems for my husbnads military career.....so we agreed to pay.  $171 per month.......started in May 2007.  We have paid on time every month.  During this discussion with the man from the agency there was no mention of end date, etc.  I know I made a big stupid boo boo.  I have tried to get information from him since then but have found him to be evasive.  Can I stop paying the collection agency?  Should I call them and talk to them about this?  We could really use that $171 per month right now!!!!!

[llecs]

Be very careful. It's very possible your SOL clock restarted with each new payment. I would continue paying them until you have a clear answer, but I would check your state laws. A payment in some states can restart SOL.

If payments do NOT restart SOL within your state, then legally you wouldn't have to pay them anymore and you can't get sued. Whether you want to pay them out of moral obligation would certainly be different.

If the payments DO restart you SOL, then depending on the agreement that was set up with the CA at the time, you may be responsible in paying the debt until it reaches $0. Don't contact them just yet.

Did you have any written agreements with the CA. Did the repo occur in the same state you live in now?

In the future, never ever never talk to a CA. They will say and do anything to get paid.

[Anonymous]

We have no written agreement.  The repossession happened in Alaska, the collection agency contacted us when we lived in Alabama, and we now live in Mississippi.  I now know that i should have never talked to them. 

[Anonymous]

Also, what is SOL?

[Anonymous]

Nevermind, figured out SOL means.  So which state do I go by?

[Anonymous]

Oh yeah, and the CA never put anything on my husbands credit report....so does that effect this at all?

[Junejer]

SOL=Statute of Limitations

Please read the following link.

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=38198&jump=true

[Anonymous]

Legally, the CA can not contact your husband's unit and tell them anything about what is going on.  Only thing they can do is ask for location information.  In no way can they identify them selves as a CA or even suggest that your husband owes money.

Best thing to do is send them a letter telling them to never contact him at work,  to only contact you at your home number or in writing, which is even better.

Was your husband in the military when he took out this loan?