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Collection of an old debt


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I co-signed for a home improvement loan for $15K in 1990 with my father and mother with them being the ones paying. The investment property to which this loan was for was foreclosed on in 1994 which last year came off my credit. My father declared bankruptcy in 1997/98 and the debt for this $15K loan was put on my credit as a bad debt in September 1998. The loan was originated in Delaware from Delaware Trust. Delaware Trust sold to First Union who sold to Wachovia.

A collection person is trying to collect for $17K. I told them that the statue of limitation is 3 years. They indicate that Wachovia is not in Delaware and does not have to follow Delaware rules. Is this true?

What is the SOL for this loan?

I sent a validation request letter this week with SOL claims in it. Haven't gotten a reply yet.


[Edit by tarodgers on Monday, July 15, 2002 @ 10:27 AM]

[Edit by tarodgers on Monday, July 15, 2002 @ 10:35 AM]

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This is a gray area and the subject of much religious debate. According to www.ron4law.com, this is what he states and what I've included on this website:

It's the state where you signed the loan or the state which they are doing business, and they get to pick (so they pick the longer SOL, obviously). I'd

See what the debt validation brings. You have nothing to lose. One more thing: For this amount of money, they may try and sue you, so I would spend the money on a lawyer to find out for sure what the SOL on this loan is.

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