Ok I am gonna try to help you here. I am with a debt settlement company now…. but IF I had known back then what I know now, I would do things a bit differently. Laws vary from state to state. Some states the SOL (Statute of Limitations) is as long as FIFTEEN YEARS! I think that was RI or something.
Some states have as few as 2 or 3 years I think. I have a few CITI BANK cards and so far they haven’t sued me. I would need to ask you a few questions first. How far behind are you in your payments? My debt settlement company won’t begin negotiations till the debt is 6 months in arrears. This is usually the time that the debt is “CHARGED OFF”. By this time it has gone to collections and has most likely been sold to a collections agency. I did get a letter once from a creditor once saying that they were gonna start looking at public records to see if I owned any property. I called my debt settlement company and they told me not to worry that it was a “scare tactic”.
There’s nothing they can do to me, and that lawsuits are “usually the exception and not the RULE”. Since your car is paid for, I don’t think they can touch it. NOW if you owed on it, they could take it, cause cars and houses are considered “secured” loans. Most credit cards are “UNSECURED”, so I guess you could take out a cash advance, buy a car, pay cash and own it outright. I will go into the “things I would do differently” had I known…….in my next post. If I can help just ONE person, all this typing and getting knocked offline will have been worth it.