Statue of Limitations

[Alicia0878]

Virginia, Ohio

I took a car loan out in 1997 and the car was repossed in Sept 1998 in the state of Ohio. I got a letter today from a collection agency in the state of Virginia. I think that the statue of limitations is expired in both states. I called the 2nd company that boutght this charge off and the guy tried to pressure me into payments I said I might be able to make them but I wasnt sure. Is the statue of limitations on this expired? The second creditor sold this to a third creditor so why is the second still trying to collect is that legal?

[zippysgoddess]

Yes, of course it is legal, you owe the debt and they want their money, they can continue to try to collect for the rest of your life.

The statute of limitations only refers to the length of time they have to take legal action against you in regards to the debt. Even then, they can still take it to court, and you must use the SOL as your defense to have the suit dismissed.

STATE: OHIO

INTEREST RATE

Legal: 10%

Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 6

Sales Contract (UCC2-725)

Written Contract: 15

Domestic Judgment: 21 renew every 5

Foreign Judgment: 21 renew every 5

BAD CHECK LAWS (CIVIL PENALTY)
The greater of $200 or three times the amount of check and attorney fees (no maximum)

GENERAL GARNISHMENT EXEMPTIONS
See federal law. Garnishment limited to once a month per employee.

COLLECTION AGENCY BOND & LICENSE

Bond: No

License: No

Fee: No


STATE: VIRGINIA

INTEREST RATE

Legal: 8%

Judgment: 9% or contract rate whichever is higher

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3 Last charge or payment Written Contract: 5

Domestic Judgment: 20

Foreign Judgment: 10

Sales of goods under article 2 is 4 years

BAD CHECK LAWS (CIVIL PENALTY)
Lesser of $250 or three times check amount

GENERAL GARNISHMENT EXEMPTIONS
See federal law

COLLECTION AGENCY BOND & LICEN

[Ladynred]

Repos fall under the UCC Statute of Limitations of FOUR YEARS.
OH law is a pain in the butt. A Repo is not an open-ended account and OH law has nothing that clearly states what is and is not an open-ended account, so the 6 year SOL doesn't apply. The written contract, with a 15 year SOL, was null and void once the creditor recovered and sold the vehicle, so THAT doesn't apply either. The UCC SOL is your best bet here.

[zippysgoddess]

Thanks Lady! I just knew someone else would pop in with more information!