My husband and I are just about finished with cleaning up his credit report. Transunion was increased by 60 pts from last month!! Yay!! He got a call today from a collection agency wanting to collect money on a repo from back in 1997. Should we just ignore these calls? I'm wanting to think the SOL for kentucky on real recovery is 15 years but I'm not certain. If that's the case it'd be 15 years in Dec. Thoughts/Suggestions?? All he did was hang up on them. Thanks for the help.
While I'm not KY lawyer, I do believe the SOL in Kentucky for a repo is 15 years. This debt is so old I think I would consider ignoring the calls for a bit just to see if they stop bugging you. That said, if they don't give up right away, they could be preparing to slap you with a suit to try and win a judgment before the SOL expires.
The SOL for written contracts/promissory notes there is 15 years from the DOFD (date when the first missed payment was due)--not the date of the actual reposession or auction sale. After this much time has passed, you can be sure that the debt has been sold, and is no longer with the originating bank. In the event of a lawsuit, you will need to respond to the suit, and fight their allegations. In any case, you and your husband have NOTHING to gain by speaking with or responding to a collection agency at this point. The debt is past the federal reporting period, and CANNOT legally appear on your/his credit reports. If you respond or communicate in any way, then you run the risk of saying something which will catapult your account to the front of the line for litigation. It is best to hang up and let them think you're unreachable/cannot be located.
