Repossesion

[inkywalnut74]

What is the name of your state (only U.S. law)? Mi

When I was young and not fiscally responsible, I had a car repoed.

This took place in Oct. of 2001.

The only correspondence I have had in the last years is the amount the car was sold for at auction and my remaining balance. Then a request for payment.

I never responded to any of it. I know, irresponsible of me.

However, now they are sending mail correspondence to my mom's residence. The price has doubled. Is the time frame over for collection since it has been over 7 years? Do I reply to this?

 

[cosine]

What is the name of your state (only U.S. law)? Mi

When I was young and not fiscally responsible, I had a car repoed.

This took place in Oct. of 2001.

The only correspondence I have had in the last years is the amount the car was sold for at auction and my remaining balance. Then a request for payment.

I never responded to any of it. I know, irresponsible of me.

However, now they are sending mail correspondence to my mom's residence. The price has doubled. Is the time frame over for collection since it has been over 7 years? Do I reply to this?

The "7 year" time frame is the limit for reporting the debt on your credit history. They can attempt to collect the debt until some legal event, such as bankruptcy, bars them from doing so. I suggest that you obtain a copy of your credit report from all 3 credit reporting agencies to be sure there are no expired items on your report. If there are any, challenge them as past the FCRA limit.

At this point, I personally would not bother even responding. But I would watch carefully. Get all three credit reports at least annually. You can get them free yearly at annualcreditreport.com. I recommend printing the mail form and sending that in, as opposed to the internet or telephone method.