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verga · May 19, 2009, 01:16 AM

About 9 years ago I had taking a loan out for someone. I was under the understanding that
It was being paid at the time and they had reassured me that the debt would be cleared.
About a week ago I received a letter in the mail stating I owed this creditor $8000 dollars.
Now I'm stuck with an outstanding bill. But the statue of limitations states that if they haven't received payment or even contact with the debt ower within 2 years, the debt would be null. But because I was concerned about my credit, I contacted the creditor and tried to make an agreeable settlement. The creditor denied my settlement and proceeded to tell me to pay the amount they were offering which was 5700 dollars. I know I will have a bit of a problem paying this amount but this is what there asking of me. The creditor had advised me that they are not a collection agency and that they had bought the outstanding loan from the company that had lent me the loan. (u have to realize that I haven't heard from them or even received anything from them in the last 9 years.) do I have to pay this outstanding amount or what are my options.thank you.

JudyKayTee · May 19, 2009, 04:05 AM

What State and when was the last payment?

Even if you aren't legally obligated, if the Statute has run, this will stay on your credit report.

ScottGem · May 19, 2009, 04:35 AM

When you sign as co-signer or guarnator for a loan or if you take out the loan for someone else. YOU are responsible for payment of that loan if the actual borrower defaults.

If the SOL has truly run out (and 2 years is a short time) theat only means they can no longer use legal means to collect. It doesn't mean they can't still dun you.

If they can get a judgement against you, you can turn around and sue the actual borrowers.