Kristi, I see you've helped many others on this board and wondered if you could help me out. I had an auto repo from GMAC in 8/92. That derog is no longer on my credit reports. What is showing up is a judgement from GMAC dated 7/97. Was GMAC within the statute of limitations when they obtained this judgement? If the judgement is valid, is there anything I can do to help my situation? If not how should I approach the matter in order to make them delete the derog from my reports? Thanks!
RE: repo/judgement Kristi help Noel: The expiration of the SOL itself does not prevent a lawsuit unless you object to that suit because of the expired sol. Once it is entered then that is it unless you can prove that there was an improper service or something of that nature. Now that it is entered you would do well to attempt to negotiate with the judgment creditor to vacate the judgment in exchange for payment. In doing that you have to consider several things. Do they already know where you are and have done nothing to enforce that judgment. This may mean they will continue to do nothing. Will bringing yourself to their attention bring renewed interest in you? This can be bad. Do you have the money to negotiate a reduced payoff? If not, why bother. Have they already renewed the judgment at least once? If not, they may simply fail to do so and it will expire as set forth in your states statutes. There are alot of things to consider before you open up such a can of worms. Also remember that simply challenging it to the CRA may result in removal if they fail to reply or cannot prove it valid. Hope this gives you some food for thought. Not legal advice,of course. Just my opinion. Noel wrote: ------------------------------- Kristi, I see you've helped many others on this board and wondered if you could help me out. I had an auto repo from GMAC in 8/92. That derog is no longer on my credit reports. What is showing up is a judgement from GMAC dated 7/97. Was GMAC within the statute of limitations when they obtained this judgement? If the judgement is valid, is there anything I can do to help my situation? If not how should I approach the matter in order to make them delete the derog from my reports? Thanks!
