Legal Question in Credit and Debt Law in Pennsylvania

car repayment of a charge off
I voluntarily tried to reposses my 2002 vehicle in 2004 after circumstances were out of my control. The guy came to my previous residence and said that the vehicle is not in the condition they want, so they left it on my property. Since then I have tried to sell this vehcle to numerous people with intent o buy but I dont have the title. Ive tried to work someting out with the finance company to sell, give them the money, and pay off the rest of the balance but the declined. On my credit report, the vehicle has been classified as a charge off with a 0 balance. A lawyers office/collection agency is stating there is a balance due of $12,993, but they will settle for $7,796 NOW. Do I have the legal obligation to pay this amount even though its been four years and they charged it off? If so I asked them if I was able to set up a payment plan on the $7,796 and they told me no. They claimed I could set up a payment plan on the 12,993 or go to court. what do I do????

Asked on 3/13/08, 1:55 pm

Glenn Brown Real World Law, P.C.

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Re: car repayment of a charge off

Do not make any payments until you sit down with an attorney and see if the statute of limitations has run.

Good luck to you.

Answered on 3/16/08, 8:49 pm

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