Old GE Money Loan

[lipbalmpam]

Hi,

I'm hoping somebody can help. I had a car loan with GE Money which was taken out over 12 years ago. I was young and naive, sold my car and went off travelling the world after making about 2 years of payments and thought no more about it really. I recently received a visit from Debitask advising me that they were collecting this loan and I needed to make repayments. Can you advise what the legal standing on this loan is. This is the first I've heard about this loan in around 8-10 years.

Thanks


Pam

 

[Scotsgirl]

Why didn't you pay the remainder of the loan off the car when you sold it?

If you owe anything of course they are going to look for it.

 

[pixiebean22]

I'm nearly sure that there is no time limit on when they can ask for their money back.

I know a man who came here from england 15 years ago and last year was contacted by the bank he was in debt to and they want all their money back and he has now set up repayments etc.

I know you say you were young and naive and you can't turn back time and reverse your actions but your best bet now would be to contact them and agree a repayment plan. This won't go away.

 

[aristotle]

At this stage the amount you owe will probably have been hugely inflated by penalities, fees, interest etc. Be prepared to bargain hard to come to an agreed amount, they will be willing to settle on a reduced amount to get the loan repaid quickly and in full.