Collection on old car loan

[EnzyteMan]

What is the name of your state? Indiana

Years and years ago, I got $9K of financing for an $11K used car. After two years, I ran into 6 months of hard financial times and the car was repo'd. It's been 3 years, and I'm back on my feet financially...new house, new job, new car, family. And I get a letter from the bank saying that the old car has been resold, but I need to finish paying off the loan plus interest, which has since grown to $15K.

What can I do, other than declare bankruptcy? I don't see much point on paying more than I agreed to for a car which the bank took back, and which I'll never see again, even if I repaid in full.

In this case, would the SOL be for "open account" or "written contract?"

[Debt Guy]

In the case you describe, the SOL would be for a written agreement.

Any fees or interest added to the loan must be in accordance with the loan agreement. I understand that you might think it unfair -- but time (and interest) stops for no man. It is entirely possible for the balance to well in excess of the original loan.