Legal Question in Credit and Debt Law in Virginia

truck repossion

Is there a time limit on a debt owed,that they can collect on? I have a debt from 1998 and was just recently notified by mail that they want money from a truck repo in 1998.


Asked on 2/18/07, 4:31 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: truck repossion

The applicable statute of limitations in Virginia for written contracts is

five years from the date of the breach.

Unless, somehow a judgment was obtained

against you for the apparent deficiency(difference between what you owed on the truck when it was repoed and the amount realized from the auction of the vehicle) and properly recorded, chances are that this particular debt is no longer legally collectible.

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Answered on 2/20/07, 6:16 pm


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