I live in South Carolina and a repossession (according to all I've read) can stay on your credit report for 7-10 years. Can a bank continue to collect for owed balances after the 7-10 years? I've read conflicting articles with no clear answer.
After 7-10 years, is that car loan balance owed forgiven?
Or can a bank opt to pursue the remaining balance owed?
I understand that liens can be taken out on my property and that money can be taken out of my paycheck. Do some banks opt to do this or most banks? Does it depend on the owed amount? Both? Any information is appreciated.
Just in case more information is needed....
- Remaining balance owed will be $5,000.
- Interest rate of 7.5%
- Lender was a Credit Union
After 7-10 years, is that car loan balance owed forgiven?
Or can a bank opt to pursue the remaining balance owed?
I understand that liens can be taken out on my property and that money can be taken out of my paycheck. Do some banks opt to do this or most banks? Does it depend on the owed amount? Both? Any information is appreciated.
Just in case more information is needed....
- Remaining balance owed will be $5,000.
- Interest rate of 7.5%
- Lender was a Credit Union