I have a charged off account to Wells Fargo for about 13,500. It has been about two years that I have heard from anyone. A lawyer has contacted me and indicated that payment is due. Will he negotiate or is it too late?
I not contacted the law office. I have a letter and plan to call in the next few days.
May I please have your state? Sometimes it does not come through to my screen.
Also, how old is this debt?
I am in Ohio.
Thanks. Don't know if my other question came though, but how old is this debt?
August of 2001
Okay, thanks for that info. I am not sure what kind of debt it is, but here are the statutes of limitations on debt in Ohio:
Written or oral account: 6 years, (O.R.C. §2305.07).Written contract: 15 years, (O.R.C. §2305.06).Oral contract: 6 years (O.R.C. §2305.07).Note payable at a definite time: 6 years, (O.R.C. § 1303 .16(A)); (2)).Demand note: 6 years after the date on which demand is made or 10 years if no demand is made and neither principal nor interest has been paid over that time (O.R.C. §1303.16(B)).Dishonored check or draft: 3 years after dishonor, (O.R.C. §1303.16 (C)).
At this point, if the debt is still valid, you certainly can still try to negotiate with the attorney trying to collect on this debt. If he is not willing to work with you, he is probably going to end up trying to get a judgment for the debt in court. If you get sued, you absolutely want to go to the hearing in order to let the judge know what you can afford to pay. Make sure you have documented proof of your finances. Many times, letting the judge decide what your payments will be is a lot easier than negotiating with the creditor. But to answer your question, it is not too late to do so. click ACCEPT so I can get credit for helping you. We can continue our conversation after this at no additional charge. Thanks!
It is a student loan from 1999. Recently Wells Fargo ran my credit report and I think they appraised my house. Both of which would not be promising to them. I could make minimal payments, but I am not wanting to be sued.
Well, you have the one type of loan that actually has no statute of limitations attached. You can definitely try to negotiate a payment plan and the attorney will have the authority to accept it or not. Just a word of caution though--they are usually looking for the whole thing up front or maybe one half one month and the other the next. Obviously, if people had that kind of money, they would have paid off the debt in the first place, right? You can try to offer to send proof of finances to the attorney in the hopes he is willing to negotiate. That has worked for several of my clients before.
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