Debt Charge Off

State: Ohio

In 1989 I was issued a check from a private party that was returned for NSF after the bank had cashed the check for me. The bank refused to aid in collection of this amount from the person who issued the check. They told me to persue the matter with my personal attorney. The bank gave me the option of taking a personal loan to cover the amount. This is did. To make matters simple, I defaulted (young & stupid) on the loan when the person who issued the check filled bankruptcy. In 1993, the bank (whom i still do business with) wrote the loan off as a "charge off". Now in 2001 I have the "Asset Acceptance Corp" call me today and state they have bought this bad debt from Bank One. That they are willing to negotiate a settlement of the amount they claim is owed. I have gotten nothing in writing from them at my home. My number is unpublished. They state they obtained the current copy of my credit report as they are now my lender and not the original bank. The charge off has already been removed from my report due to the age. This company is telling me that Ohio law has changed to allow 15 years for collection of bad debt. Any help or guidance? I really don't want to retain an attorney for this matter. I was divorced 3 years ago and the attorneys did a list of all debt that was owed from the marriage. This was one acquired during the marriage, but was not listed. I guess due to the age Help!
Thanks,
Cyndi S.

[I AM ALWAYS LIABLE]

My response:

You're on the hook. Unluckily for you, Ohio and a few other States have extremely long statutes of limitations of 15 years from the date of last payment on written debts.

Personally, I would never conduct business in, or with anyone from, Ohio just for that reason. It's a huge chunk of someone's life to be "on the hook" for so many years.
Most "reasonable" States have S.O.L.'s for much, much shorter periods of time.

It's time to move.

IAAL