Trailer was co-signed, repossessed, and resold, when does it come off my husband's credit?

Question

He bought a trailer with a co-signer. We missed two payments, so the co-signer took over payments in 12-1998. We never took my husband's name off the loan. The trailer was repossessd and resold in 10-2001. We got a call two years after they had repossessed it and resold it trying to collect a debt. They never contacted us when our co-signer defaulted after he took over, before they repossessed the trailer. The loan company that gave us the loan went bankrupt and sold our debt to someone else, who in turn handed the debt over to another company. Should we still be responsible for the debt that they won't even send us documents to verify? And when does it come off of my husband's credit, or can we get it removed somehow?

Answer 1

I think diffrent states have diffrent laws, however you shouldn't be responceble for the back pay on the trailer, b/c there was a co-signer. The bad news is that it does still effect your credit rating. In most states after 7 years the debt is no longer valid, however you may have to jump through some hoops to get it removed from your credit report! Good luck!!