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socrateaser, Lawyer
Category: Legal
Satisfied Customers: 37840
Experience:  Retired (mostly)
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I bought a truck in feb 2006. I had it and paid for it until

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I bought a truck in feb 2006. I had it and paid for it until August of 2008. they repo it in Sept. of 2008. They sent me to a collections and said I owed 10,000 dollars. I disagreed because they got the truck back. I just got a letter from them a few weeks ago to call them to settle the debt. they said I still owed the same amount. I disagreed and he told me to give him an amount to settle. They've had the truck since sept of 2008. I had already paid over 10,000 of the 17,000 plus loan. I don't know how much they got for the truck to even know if I owe anything. Do I make an offer, and if so how much. He asked me if I could send 1000 this month and 1000 next month to close it out. I told him I do not have that much money in a lump sum to give. He said he was turning me over to his supervisor and he would call me back that afternoon. that was weeks ago. I just don't know what to do.

The statute of limitations on a contract in writing under 12 O.S. § 95 requires that a lawsuit for breach of contract must be brought within five years. The statute runs from the date when the contract is first in default (nonpayment) -- not the date of repossession. The debt collector is quickly running out of time (time may have already run out). If you can avoid being served a civil summons before the 5th anniversary of the date that your last payment was due -- and, you do not make any payment or otherwise acknowledge that you owe the debt, then you can avoid further liability entirely.

Please let me know if my answer is helpful to you. The website has been experiencing system failures lately -- consequently many customers are not receiving my answers.

Thanks again.

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