Louisiana  |  Credit and Debt Law

Legal Question

Asked on: 2/11/04, 12:38 pm

aged debt

I had a car loan back in 1997 in nov 1998 the vehicle was totalled in an accident I informed the finance company that the insurance was not sufficient to cover the entire loss,the finance company then picked up the vehicle & sold it and applied the proceeds to the deficiency balance.

now in 2004 the finance company has sold this old account to a collection agency for the remaining balance. the collection agency is located in the state of LA im located in CA is it legal to sell this account after almost 7 years and does the statute of limitations apply?

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