I purchased a van in Florida back in July of 2005. I did a voluntary repossession in February of 2007 in Virginia, after the bank would not wait two days for my first paycheck to clear my checking account (was two months behind).
I never heard anything further from the bank after that (I realize now I should have gotten a notice after about auction etc.).
On my credit report all it says is charged off/written off in March 2007. I just received a notice from a collection agency wanting to settle for what they say is half the amount. According to my CR the entry will continue on there until September this year. There is nothing else on my Credit Report concerning this debt, just the charge off.
My question is, since the vehicle was purchased in FL (loan with Citizens Bank) but returned in VA, does the Florida or Virginia SOL apply? And is it considered a written contract, or something else since it was turned over to the bank? Thank you in advance!
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Which States Statute of Limitations Applies to My Old Debt? - Brooke by Steve Rhode