Legal Question in Credit and Debt Law in Ohio
Statue of L:imitations on a Auto loan
I signed a loan contract in 1986 for a auto.In 1988 I returned the auto to the bank but the bank was taken over the same day by the feds. The note was purchased in 1997 and collections were attempted. I paid a lawyer to write a letter.It stated that too much time had elapsed to collect this debt.All collection attempts were stopped.Now a new Company has purchased this debt and is trying to collect.Is there a statue of limitations on collecting this debt? The original debt was with a defunct savings and loan.
2 Answers from Attorneys
Re: Statue of L:imitations on a Auto loan
The statute of limitations on a written contract is 15 years in Ohio. The 15 years begins to run on the date of your last payment.
Re: Statue of L:imitations on a Auto loan
Just a guess, but I bet the collector is Asset Acceptance Corporation. They buy old poorly documented debts and try to bully peole into paying. If you send back to the agency a written reply referencing the Fair Debt Collection Practices Act and telling them you refuse to deal with any collection agent, that the statute of limitations lapsed (as stated in earlier attorney's answer), and that you demand they confirm the debt within 30 days, you'll probably never hear from them again.
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