oh dem collectors
CV; Five years seems like a long time to wait for a creditor to push for payment. Maybe your financial picture has improved and they found out.......dunno. If you contact them, "sometimes", a deal for payment in full with no interest can be worked out. Or, if you contact the PERSON IN CHARGE of the collection agency, sometimes the same arrangement can be made.
I co-signed for a friend and got stuck. It went to collection, and I made a deal for REDUCED payment in full with no interest or fees. They were happy to get some (almost all), in cash, at once, to save a lot of litigation. Now my rule of thumb is not to cosign for ANYONE, cause poop happens and if your sig. is on the note, you are the ONE.
Missle: Your delaying tactics are just that. Sorry buddy, but you are IT. When the wheel turns around again you will probably get a summonds to court depending on the amount you co-signed for. Or the company may just go to court and get a judgement against you, garnishee your wages or bank account and/or take action against any real property or chattels you might own or co-own. Might be better to seek a settlement.
I'm not a collections expert nor legal person, but worked for a finance company for five years. Gives one a peek at how the other side works. It's nasty out there folks.
Just re-read your post Missle; Seems like a long time to threaten you. Normally they take action ASAP after learning you or the principle debtor don't intend to pay. Maybe they messed up when registering the note at the courthouse when the loan was made.
If you have a loophole, might be worth looking into. I know if I had a registered chattel mortgage with you as comaker, I'd wait just as long as the law said I had to, to take legal action. Could be a hole in the fence........lol
:grommit: