Can anyone explain this ???

[ParkNY]

What is the name of your state? New York

I have co-signed a car for my dad in 1997. The car was repossessed in around 1998-1999.

So, it's been like at least 5yrs from now. I was told that if they cannot collect after 7 years then they are not entitle to collect anymore.

If this is true. Does this start right after the car was repossessed ?

I just dont know how to handle my debts. I owe around $16,000.oo cuz of the repo and have $4,000 in credit card debts which I havent paid for bout a yr.

I can handle my credit card debt now that I'm working.

Any advice would be appreciated. thanks

 

[bigun]

They can try and collect forever but, once the statute of limitations runs, they can't legally sue for the debt.
In NY, the SOL is 6 years. When did you last pay on the car?

http://www.locate123.com/StateLaws.asp

7 years from chargeoff, it's supposed to fall of your credit report.

 

[ParkNY]

Thanks for your reply bigun.

I think the last payment was during sometime in 1998. I'm not sure. My father didn't have the car too long and I wasnt aware of all this after it got repossessed.

Am I equilly liable since I co-signed it for him ? I was told that I early am. Can you explain please ?

Since that I'm working, should I expect to receive less on my paycheck soon ?

 

[bigun]

Yep, a cosigner is responsible if the primary borrower does not pay.
Why do you believe your check will be garnished? Have you been sued?

 

[ParkNY]

ok updated:

The car was repossessed before August 1997. I guess the last payment on the car was sometime early in 1997 too.

My father received a letter on February 2004 stating:

"Please be advised that a judgment was entered against you on March 4, 2004 in the sum of $16,000.oo (rounded). Please be advised that we shall be commencing judgment enforcement proceedings immediately"

1) My father has been living at another state - Connecticut for a few (3-4)years. Does this freeze the SOL 'clock' ?

I havent been receiving any letters regarding the repo. Since it has been over 6 yrs now...

2) Will my check be garnished under the circumstance of my father living at another state ?

3) This SOL for 6 yrs ...does this start when you dont make the payment or after a judgment is entered ?

again, thanks for the advise

 

[bigun]

THe SOL begins with the default. To garnish you, they'd have to file a lawsuit against you and win. Check your credit report. Something this old ought not to even be showing.
Sounds like they got a default judgment against your father so, the SOL really has no bearing on if the SOL was tolled or not. I don't know what NY law is concerning tolling.
Just reme,ber, if they do sue you don't let them get a default. You must respond to the summons and raise the SOL defense.