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?
1 Answer from Attorneys
Re: aged debt
There is a 4 year statute of limitation. You may have a case under the Fair Debt Collection Act. Please contact our office at 714 363 0220 for review of your documentation.