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failed BK, SOL, & strategy,
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Posted by runningman
(209.195.140.39) on July 25, 2003 at 12:59:47:
I reside in PA. I entered into a signature loan with NFCU (based out of Va.) in 1998, also had a CC with them. Long story short seperated from my ex and couldn't make payments. DOLA on both was 01/99. I entered into an agreement and payed $800.00 for a BK with a firm that was supposed to specialize in this, in 02/99. I notified NFCU of the above and they left me alone. I waited to finished the BK with the company because I was trying to negotiate favorable divorce terms with my ex. By they time I got my terms it was now April of 2002, and the BK company went under (you gotta love that irony!) Well, I've managed to lay low over the years, and avoided contact with them, but was finally tracked down. My first question is, it appears that the SOL has expired in both Va. and Pa. and I want to know if I can use the SOL defense, or have I been in some sort of bizarre limbo due to telling them about my intent to file BK?
My reason for asking is I just received a demand letter for the signature loan wanting $21000 but willing to accept $13586 or monthly payments of nearly $700. I cannot afford either. Nor would I wish to negotiate if the SOL is a valid defense.
The second question is if anyone is familiar with NFCU's loan documents? I cannot find the original loan agreement (moved several times) and but know that it was a signature promissory note, but am unsure if it was the "raised seal" variety, in which case I'm screwed because the SOL on that is 20 years. I afraid to dispute the demand letter letter as it will really give them a lock on me and my location.
Thank you VERY much in advance to anyone that can offer sound advise on my mess.
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