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Collection Agency CLOSING IN....... it's ON!
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Posted by FinDude
(67.118.163.242) on October 09, 2003 at 18:14:13:
My car was repossessed several years ago and the dealer auctioned the car off for about $1300 less than the value of the car. Of course, they have been billing me for this amount over the past several years. Currently, I have about 5 months until the SOL runs out on this debt (California SOL --4 years). Meanwhile, I've started receiving HEAVY calls at both home & work. Cease & Desist letters have been mailed, however, the collection agency has ignored them. My biggest fear is being sued. Is it likely that they will sue me over this amount at this stage in the game? I cannot afford to have another judgement on my credit report. Should I try to settle or wait until SOL runs out?
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