collection statute of limitation

[lucia1]

i live in ohio. in 1993 i had a car repo'd. i have never been contacted by anyone about this matter until 7/21/01. i had received a letter from a collection agency asking me to send $5533.00 to resolve this debt. since it has been more than 8 years ago am i liable for this debt? also the balance owed at the time it was repo'd was less than the amount they are asking for. i am sure they sold the car and got something for it.

 

[JETX]

Assuming the car was purchased under a written agreement, Ohio's statute of limitations is 15 years (thats right, 15 YEARS) for a written contract.

As for the amount, you are required to repay the lender for all costs incurred in the reposession, the sale, interest, court costs, attorney fees, etc.

You can easily see how the amount that they claim is substantially more then you think you owe (amount-proceeds of sale).