Did we reset the SOL clock? Repo'd vehicle...
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Posted by Denise
(12.215.209.166) on November 19, 2003 at 12:16:07:
My husband purchased a vehicle in 1999. Due to circumstances, he filed Ch.7 BK in 1/01 and signed a reaffirmation agreement (the lawyer strongly advised doing this) with the OC. Our situation continued to get worse and the OC repo'd the vehicle in 11/01. We did not hear anything from them until 1/03 that they were suing him for the deficiency. We worked out an agreement with the CA attorney to pay so much a month (we were in the middle of purchasing a house and didn't want this judgement to mess up the house financing). Did this reset the SOL on this account? We are in Illinois and last payment made on time to the OC was 02/01. Experian shows this dropping off CR 4/08. My understanding is that there is a 4-year time limit on collecting the deficiency. If this is true, when does that start and does the new agreement negate that option for us. We would like to put this behind us as soon as possible, so any help anyone can offer is greatly appreciated!
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