A creditor can try to collect forever but it's usually not worth the cost of involving the courts.
There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.
In most states 10 days but some are longer.
Thats a good question to ask your B/K attorney for state specific advice.
The loan company can repossess any car that the payments are delinquent on. Your BK does not prevent repossession of your car.
As long as they feel its worth it, i have come accross a collector from 6 years ago that i forgot about - they rarely forget. There are not time limits for when a creditor or collector can pursue debt collection procedures. In the U.S. all states have SOL's pertaining to how long a creditor has to file a lawsuit against the debtor to obtain a writ o judgment.
For the most part, creditors cannot do this; the creditor will have to obtain a judgement against you first giving them the right to do so. You'll be notified of the pending court case.
The repossession stays on your credit report for 7 years.
The repossession process of a car usually takes about 6 months
You being arrested has no bearing on your loan. As long as you make the payments on time there will be no repossession. The loan company does not care if you are in jail as long as they get their money.
Till they find it.
I don't think there is a statute of limitation on repossession of a vehicle anywhere as long as there is an overdue payment outstanding.
The regulations will vary by state. Typically you have a certain number of days in which to come up with all of the missed payments and repossession charges. After that time the car will likely go to auction or be put up for sale by the creditor. If you call the creditor they should provide you with that information. Otherwise call a bank or credit union in your area to find out how long you have to get it back. Good luck.
By federal law, 7 years from the date of repossession or sale or last payment. The state is irrelevant.
it was that if the creditor had not tried to collect within 7 years it was expired
No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle is seized.ADDED: While the above answer may have been correct at the time it was written - it is no longer applicable.Quote: "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement." unquoteSee below link:
Yes one creditor can garnish wage from 2 separate jobs. The wage garnishment will last for as long as a debt is owed to the creditor.
They aint going to....They try to scare you with that, as long as they have there property there good!!
When doing a repossession in Texas can you block their car in?Check with the local police departments. You probably can, as long as the car is NOT parked on private property.
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
I believe in Ohio a medical creditor can attempt to collect a bill for 7 years. However, they can hold onto the account as long as they decide.
7 years is the norm.