statute of limitations

[cicurn]

What is the name of your state? Ohio.

I need help! I have an old repossession from 1994. A collection agency sent me a letter a week ago and is saying that "If I pay half of the debt they will make it all go away before reporting it to credit bureau". I thought that sounded kind of fishy. Also this debt has never showed up on my credit before, and they are saying I have thirty days to pay or they will post it to my credit. Is this legal??? Please help me!!

 

[cmorris]

STATE: OHIO

INTEREST RATE
Legal: 10%
Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Sales Contract (UCC2-725) 4
Written Contract: 15
Domestic Judgment: 21 renew every 5
Foreign Judgment: 21 renew every 5

Source: http://community-2.webtv.net/YCHANGE/STORAGE/page16.html

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[Ladynred]

Read the info on Repo's on that site CMorris posted.
Now, the SOL for written contracts in OH is 15 years, so you have another 5 years before that would expire.

However, the legal reporting period for ANY derogatory information is ONLY 7 YEARS, so their threat to put this on your credit report is totally bogus. Its also a violation of the FDCPA - threatening to do something they cannot legally do.