rhiannasilel Posted March 13, 2007 Report Share Posted March 13, 2007 First off, apologies for lumping my original questions regarding this issue in with several other questions on a different post. I'm a newbie here and I didn't want to seem like I was hogging up the forum with the multitude of questions that I have.That being said...here's a new slew of questions: I just looked at my credit report and the date open is showing as 9/1/2005 for EQ and EX and 9/26/2005 for TU. I have not paid on this account since at least June or July of 2004. The car was repossessed in the state of Nevada in 10/2004. My understanding is that the SOL is based on the last payment activity on this account with the OC, not when the OC sold this to a CA -- OC is HSBC; CA is Thornton Financial. Am I correct in my understanding that this date open on my credit report is wrong? The reason I am asking is because I may be nearing the SOL on this.Is an auto loan a promissory note or a written contract? If it is a promissory note then I may be nearing the SOL on this for Nevada (3 years), but not for Maryland (6 years). If this is a written contract then I may be nearing the SOL for Maryland (3 years), but not for Nevada (6 years). My understanding after reading the SOL on Debts page on this site is that the CA can try and get a judgment from either state, depending on who has the longer SOL, as I now reside in Maryland. Is this still the case? I'm assuming that they are trying to come after me in Maryland because the last correspondence that I have from the CA is from a lawyer in Maryland, but this could be a false assumption.I was also wondering if I should request an itemized statement of what I owe from them in the DV, since I'm not entirely sure that the amount they are claiming is accurate.Sorry for all the questions, but I want to be sure that I get this absolutely correct before I send it out. Thanks again to all of you for the help you have given me. You guys are great! Link to comment Share on other sites More sharing options...
elyse449 Posted March 13, 2007 Report Share Posted March 13, 2007 The SOL is not the same as far as how long they can report negatively on your credit files. They can report for up to 7.5 yrs. As far as the dates listed, when it's updated they report that--and it is deceiving. The date "opened" with the CA may be correct, but if you didn't open this account on those dates with the OC, you'll want to look into that.As far as the SOL issue--it's tough to say because I've heard that some states consider certain debts to be one thing, when many others consider it to be another. One example is credit cards. Overall, they're typically revolving credit so they're considered "open-ended" accts...but I've heard some states consider them written contracts. So, it will depend on what your state considers it as for SOL. IF the auto loan spells out interest/payments/etc I would think it's Promissory, but I've heard it considered written to.Sorry, wish I could be of more help. I sure hope there's a positive resolution to this. I've gone through a repo myself and I know how scary they are, keep your chin up.Elyse Link to comment Share on other sites More sharing options...
rhiannasilel Posted March 14, 2007 Author Report Share Posted March 14, 2007 I know the contract for the auto loan spelled out interest and payments, so I'm pretty sure it would be a promissory note, but the contract was signed in Nevada, so it's hard to say and given that I'm in Maryland now, I'm not sure. My only concern is that they decide to essentially turn it into whichever one serves them the best. Link to comment Share on other sites More sharing options...
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