basslady13
Member
What is the name of your state (only U.S. law)? AR
I am cross posting this because I wasn't sure exactly what catagory it beloWhat is the name of your state (only U.S. law)? AR
My friend Cosigned a loan for a mobile home. The person whom he cosigned for let the home go back. The company did a hardship of some sort for the orignial buyer some years back. The cosigner has never heard from the original lender on the mobile home. He recently ran a credit report and it shows where the mobile home was charged off as a bad debt. The credit report shows Date Opened 06/2001 date closed 2/2009. Then it shows where another company (collections) opened the account 06/2001 then date closed 3/2005 also charged off as bad debt. The credit reports shows estimated date that this item will be removed 10/2011. He ran the credit report about 3 weeks ago and now the collection company has called about settling the account. Is there SOL on how long the company can wait to start collections? If so does that mean that in Oct of 2011 the time is up and they can not collect? If not can he go back to the orignal debtor and try to sue them for what the collection company is trying to get from him. The original debt was 25,719.00 the collection company wants to settle for around 10,000.00.
I am cross posting this because I wasn't sure exactly what catagory it beloWhat is the name of your state (only U.S. law)? AR
My friend Cosigned a loan for a mobile home. The person whom he cosigned for let the home go back. The company did a hardship of some sort for the orignial buyer some years back. The cosigner has never heard from the original lender on the mobile home. He recently ran a credit report and it shows where the mobile home was charged off as a bad debt. The credit report shows Date Opened 06/2001 date closed 2/2009. Then it shows where another company (collections) opened the account 06/2001 then date closed 3/2005 also charged off as bad debt. The credit reports shows estimated date that this item will be removed 10/2011. He ran the credit report about 3 weeks ago and now the collection company has called about settling the account. Is there SOL on how long the company can wait to start collections? If so does that mean that in Oct of 2011 the time is up and they can not collect? If not can he go back to the orignal debtor and try to sue them for what the collection company is trying to get from him. The original debt was 25,719.00 the collection company wants to settle for around 10,000.00.
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