Re: GEORGIA VECHICLE REPOSESSION STATUTE OF LIMITATIONS

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On 5/26/02, KAREN wrote:
> MY HUSBAND CO-SIGNED FOR A CAR WITH A FRIEND IN
> 1998...SINCE MY HUSBAND AND HIS FRIEND HAVE PART WAYS AND
> DO NOT KEEP IN TOUCH ANY LONGER. HE RECENTLY HAS BEEN
> GETTING HARRASING PHONE CALL FROM A COLLECTION AGENCY....WE
> NO LONGER KNOW HOW TO EVEN GET IN TOUCH WITH THIS PERSON HE
> CO-SIGNED WITH. WE ARE WANTING TO KNOW THE STATUTE OF
> LIMITAIONS ON THIS SORT OF BAD DEBT...WE ARE IN NO POSITION
> TO PAY THIS DEBT OF OVER 12,000.00 . IF ANYONE HAS ANY
> INFORMATION, WE WOULD LOVE THE FEEDBACK.

Look up the statute of limitations in your state for a
contract debt. Do not make any payments to anyone before you
know this information because even a small token payment
starts the clock ticking again at zero time and they can and
will file a judgement against you and garnish your pay for
usually 25% of take home until the debt is paid. If the car
has been repossesed by the loan company and sold, you do not
have much recourse other than this or filing bankruptcy. In
the state of Georgia the statute for a contract is usually 6
years. If you can lay low that long without being served
papers from the local court, you will be fine. This is 6
years since the date of the last transaction, you can find
this out by pulling your credit file as I am sure this is on
there if you are getting collection calls. Until you know
more, don't respond to the collections. You can also do what
I did, pay off the loan get a new title in your name only
with the lien release and go get the car if you can find it.
That one is risky because if he causes an injury with the
vehicle while you "own" it, you are liable. Good luck to
you...and remember the collection agency can only threaten--
Normally an actual attorney will take action to sue in this
matter.

Re: GEORGIA VECHICLE REPOSESSION STATUTE OF LIMITATIONS, 4/12/04, by M. Williams.

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