Charge-off and original debtor

[faithandhope]

I am a reader in Texas. I am trying to make sure I undertsand. If a debt has been sold as a charge-off over 3 years ago, can the new owner of the debt sue me or does the original owner have to? This is a repossession with a balance left due from a bank, but it is now owned by a 3rd company and written as a charge-off on my credit report.

 

[I AM ALWAYS LIABLE]

I am a reader in Texas. I am trying to make sure I undertsand. If a debt has been sold as a charge-off over 3 years ago, can the new owner of the debt sue me or does the original owner have to? This is a repossession with a balance left due from a bank, but it is now owned by a 3rd company and written as a charge-off on my credit report.

My response:

Whomever owns your debt has up to 4 years from the date of your last payment on the car to bring a lawsuit against you for any deficiency amounts still owing. If such owner fails to file a lawsuit against you within that time, they have forever forfeited their rights to do so.

Texas State Motto: "YEE HAWWWWW!"

IAAL