What is my liabiltiy regarding a 24 year old debt?

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What is my liabiltiy regarding a 24 year old debt?

I received a letter today stating that I owed on a loan from years ago. I called to find out exactly what this letter was for. They gave me 4 different dollar amounts that I could pay. My state has a 6 year statute of limitations on debt collections. Should I dispute this or just let it go? I had a car loan when I was 17 and my mother co-signed. She filed bankruptcy on the loan in the late 80’s early 90’s. Not sure if this is the loan they are talking about.

Asked on January 27, 2012 under Bankruptcy Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I think that for your own piece of mind you need to at least look into the matter a bit more to see what is going on. You have every right to ask for a validation of the loan which by law they have to give.  Ask for a copy of the original loan agreement, a copy of the history of payment, a copy of their right to collect for the original debtor. If there was a judgement info on that. I am sure they will have a statute problem. And fyi, your Mom's discharge of the loan does not discharge your obligation, but they may have missed the boat.  Good luck.

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I think that for your own piece of mind you need to at least look into the matter a bit more to see what is going on. You have every right to ask for a validation of the loan which by law they have to give.  Ask for a copy of the original loan agreement, a copy of the history of payment, a copy of their right to collect for the original debtor. If there was a judgement info on that. I am sure they will have a statute problem. And fyi, your Mom's discharge of the loan does not discharge your obligation, but they may have missed the boat.  Good luck.


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