Re: Charge offs and statute of limitations

Posted by Erin on June 12, 2001 at 22:26:29:

In Reply to: Re: Charge offs and statute of limitations posted by Bob on May 28, 2001 at 03:03:08:

My husband was a co-buyer on a car purchased in 5/94. His then girlfriend and he broke up and had the car repo'd in 1995. The lender charged it off in 9/95. My husband has not rec'd any contact from the lender regarding this car since 1996. Three weeks ago we started receiving phone calls from a collection agency. They say they will settle for 60% of the original amount (about $3500) but they refuse to go after the co-buyer. They now are also implying that they have other ways of getting the money from us besides us sending them a check. We haven't rec'd anything in writing from them on this--just many annoying phone calls. I informed them that they need to send us a demand letter before I even talk to them again and they said that I am obligated to pay the amount upon receipt of the demand letter.
Help?!?! What should we do? Also, we are currently in escrow on a house.
Thanks, Erin

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