I really need some help with this one. I had an auto that I let go back to the bank, I believe it was in September of 2005. Today I got a letter today from an attorney attempting to collect payment in the amount of over $15,000. There is no way I can pay this or even make a payment. If it makes any difference, the company they are trying to collect for is not the original creditor on the auto loan. My original creditor sold it to another company a year into the loan. The attorney is representing the 2nd creditor. What would you suggest I do to avoid wage garnishment and where do I start? The statue of limitations in my state is 6 years.
The UCC likely makes the SOL 4 years in every state for a repo. Look up WHy Chat's repo info ... there may be some help for you there.
