Legal Question in Credit and Debt Law in California
My short question is... in California, does repossession constitute a payment and therefore reset the statute of limitations. The last payment on my ex�s vehicle (an airplane) was in 2006. Somehow it slipped through the cracks and was never repossessed until 2008. On the repossession, there was never notice given. A shady debt collection agency is now coming after me for what was remaining on the loan after the repossession. Does the statute start to run in 06� or did it get reset to 08�?
2 Answers from Attorneys
It began to run when the last payment was due and was not paid. Collection agencies sometimes buy bad loans for pennies on the dollar and may try to scare the debtors into paying otherwise uncollectable debts.
Time's up. Don't talk to them on the phone. Consider a lawsuit against them for unlawful debt collection practices. Watch out for the legal time limit on -that- lawsuit.
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