Legal Question in Credit and Debt Law in Colorado
thay reposessed my car
I had a car reposessed about seven years ago and thay are trying to get me to pay them for the ballence owed after thay sold it. Do I have to pay it. Also why am I jest now hearing from them after seven years. Thank you
1 Answer from Attorneys
Re: thay reposessed my car
Assuming Colorado law applies, the applicable statute of limitations is probably six years. Your inquiry does not specify who is attempting collection; if it is not the creditor, and a collection agency, then I would say attempting to collect a debt that is barred by the statute is probably a violation of federal and state laws prohibiting the use of deceptive practices in the process of attempting to collect a debt. With the exception of the doctrine of laches, there is no legal requirement which would prevent a creditor from delaying collection efforts.
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