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Please help with SOL question

Regular Contributor

Please help with SOL question

Hi everyone, back in sept 2007, i had a vehicle repossessed and the OC sold the account in I believe it was july 2010 to another lender, I know the DOFD was either march or april 2007 which lead to the repo in sept 2007. I am now getting calls from this very obnoxious and extremely rude CA.They have started hounding my family also, It has been more then 4 years since the DOFD, In our State, the SOL is 3 years on written contracts, including auto loans and any type of installment loan, the SOL is well past for the OC so can this current CA keep hounding me and my family or can I put a CEASE and DESIST ORDER against them. I think i was once told that the 7 year period cannot be changed just because the OC sold the account, is that true or should i worry about it, not that i'm going to LOL. I'm just not sure how selling the account in 2010 may figure into this. Thanks alot in advance for any advice and help. THANK YOU

Message 1 of 3
Valued Contributor

Re: Please help with SOL question

SOL - Time frame in which a creditor can take legal action against you to collect a debt.  Differs from state to state and type of debt. 


CRTP - Credit reporting time.  Amount of time a delinquent account or negative information can stay on your credit reports (excluding public records).  This is typically 7-7.5 years from the DOFD. 


SOL and CRTP two completely separate beasts.  The repo can continue to be reported on your reports for 7-7.5 years the DOFD either through the OC and/or the CA.  This is true no matter how many times the account is sold.  If, as you say the SOL is up, then any creditor can not sue you for this debt.  That does not mean they can't call you and try to make you pay.  SOL is an affirmative defense to any law suit brought against you.  For as long as the debt itself is out there and sold from CA to CA to CA, they can all call and bug you to pay.  You can tell them to take a hike.  To get them to stop bugging you, you have to send them a cease and desist in writing.  That will then most likely trigger them to sell the debt and then to cycle starts again. 

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Message 2 of 3
Regular Contributor

Re: Please help with SOL question

Thank You kjm, that's what i thought,  and yes, I checked our states SOL and then double checked and then checked again, it is 3 years for auto or other types of installment loans so I guess i better keep a stack of C and D letters on hand, LOL. This is according to NH state law. Thanks for the help, it's always appreciated.

Message 3 of 3