 My first credit card.? |
| I'm 18 and still in highschool but I've had a job for the past year. I applied for a credit card a couple days ago and got approved for a $500 line; my whole plan is to buy one thing a ... |
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 I am 19, and honestly am in credit card debt, my questions are below.? |
| Ok, I stupidly applied for two credit cards, which I should not have done. One is a Trump Visa, and the other is just a regular Visa both through Chase Card Services. Both of the cards are either ... |
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| i am currently banking with wells fargo and i deposited a check from allstate insurance company for $6500.00 and they put a hold on it and gave me $100.00 of it... now i know that the check has ... |
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 How long does it take to get negative items off your credit history? |
Do they just disappear after a certain number of years? I've heard that and never knew. I actually don't have any on my credit, thank God, but I'm just curious.
Thanks. =)... |
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 I have run into financial trouble this year, and collection agencies are threatening me.? |
| Do collection agencies normally file judgements and if so, are they mostly on larger balances, or do they just normally carry them as collection items? I have one or two credit cards that the ... |
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| I have about 12000 in debt that I will be paying off once I sell my house. I am probably about 5 months behind on payments. How long after they get their money will it take for my credit score to ... |
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| I pick up a a Lowers credit card yestday (July,19 2006) and I do not who belongs to. sould i keep or give it back?... |
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| are there any free paid survey sites for 13 yrs. old and up that don't use points but cash instead??and that are not scam??..and for free??... |
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| I have a total of $10,000-$13,000 unpaid, charged off, bad debt in total. This amount is for Bally's fitness, Phone bills, small credit cards, small medical bills, unpaid rent, department store ... |
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 Will it affect my credit score despite of paying over credit bill the next day? |
| I have seen my credit card bill today which went 3 pounds over my credit limit and i have paid some money instantly within 2 hrs of statement period , so will it be affecting my credit score?... |
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 How do i get my credit card company to cancel my debt? |
| i owe $16000 on my 4 credit cards all with chase and cant even make my minimum payment on any card. i lost my job and my wife is 2 months pregnant and i need help. i called a credit ... |
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 Is it possible to deposit a check that isnt yours? |
| I recently sent out a check to my credit card's bank. Its been about a week and I have yet to see an update on my online statement saying that they received it. For peace of mind, is it possible ... |
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| So I tried to get financing through Capital One and was told no. Is there any other way to get the procedure done? If I was denied for this one, does that mean I can't get it done? Are there any ... |
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 When you marry someone with a poor credit history, can you avoid having your own credit ruined? |
| Our son is preparing to marry a girl who owes about $3500 for medical care. It's been on the books for more than a year, she hasn't been able to pay anything on it, and she has elected not ... |
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 $16k in debt--Solutions? |
| Hi! My husband and I have about $10k in debt split up through 5 credit cards, and personal loan for about $6k. However, we do own a home with a mortgage of only $100k, and are making payments on a ... |
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me again | Can collections agency collect on a debt that hasn't ben paid on Since 1999? |
I have just recieved a collections from an agency that say I owe them money from back in '99. They said that no payment has been made since Nov '99. I have requested information about this account and have explained to them that I will not pay for an account I do not believe is mine. They informed me that I will lose my right to make payment and such. How long can they try to collect on this item if no payment has been made since '99 and it is Sept'07? And can they make me pay in full in I am disputing the debt? |
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SPIFIMAN1
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You need to check the statute of limitations for your State and see if it has passed. I have posted a link so you can do this.
If the S.O.L. has passed and most likely has then there really is not a whole lot they can do except blow smoke.
There is no law that says they have to stop trying to collect but if the S.O.L. has passed they can't really do anything.
Even if they sue you all you have to do is show the court that the S.O.L. has passed and the case will be dismissed.
http://www.bcsalliance.com/index.html |
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Popper b
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The answer is yes. Although most collection agencies and creditors will not pursue the debt as far reaching as 8 or more years, they can legally do so since you still owe the debt. If they have won a court decision either with or without your presence the will continue to seek out any assets that you obtain such as income. They may even garnish your wages. The one positive thing is that the negative credit associated with the debt will disappear from your credit report after 8 years but the other risk factors remain.
Ignoring the debt will have no positive results, especially if you ever plan to own anything that can't be afforded in cash such as a home, car or property. |
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OC1999
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Negative information can only be reported on your credit report for 7 years from the date of the negative item. So for things such as charge-offs this is 7 years from the date of last delinquency. In your case 7 years from 11/1999 so it will not be on your report(or can not be put back on there for any reason). The second thing is the Statute of limitations, and for most types of debts in most states you are outside of the SOL. So they can no longer file a suit to force you to pay.
Now, this debt was probably bought by what is known as a Junk Debt Buyer. These are people who buy old debts for next to nothing and try to get people to pay. They are hoping that the people do not know there rights and pay the bills, even though they no longer need to.
If you have it in writting from them that you have not paid on the account since November 99 there is nothing they can do. Send them a certified letter stating that the debt is beyond the Reporting Period and Statute of Limitations and that they are to no longer contact you about the debt. Some people call this a "Drop Dead" letter.
If they just told you over the phone that no payment has been made since 99 send a validation letter requesting proof that it is your debt and last payment received. They won't be able to come up with this and will stop contacting you. |
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jimmy_chick78
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If i were you i'd ring your local legal aid office or consumer affairs and see what they have to say that way you know where you stand legally. You can negootiate payments with the credit company as they are there to collect the money and so if you work out a payment solution all parties involved will be happy. Ask for a copy of the bill though before you pay a cent. |
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∞infiniti∞
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There is something called the Statute of Limitation (SOL). For your State's SOL check the link below.
http://www.cardreport.com/laws/statute-of-limitations.html
After SOL, you no longer have a legal obligation to pay.
Credit card debts are always open accounts.
You can send the collection agency a "validation letter". If your State's SOL has expired informed them that you are aware it.
By the way, collection agencies often accept settlement accounts for fractions of the original debts. |
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SnitchMO
 |
There is a statute of limitations on debt and collection: the reason you are hearing about this NOW is because the collection agency bought this from the original company. The collection agency doesn't know diddley about the debt or the account, just that it is there.
I listen to Clark Howard, a Consumer Financial Advocate, on the radio. He takes calls similar to this all the time. I would suggest you check his website, I believe he lists the procedure you need to take to handle this correctly.
Good luck! |
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Mel
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they have 7 years to collect a debt. If an item is still on your credit after 7 years you should request a credit report from equifax, transunion and experian and dispute it through them. Don't pay this creditor you will just be wasting money because its been over 7 years, if you pay them it will not show up as a positive on your credit because this item should already be closed. |
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Msdazey
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First, even if you know the debt is your. Never admit to any of it. I live in the state of california and I belive our statue of limitation is like "4 years" means once it is pass the 4 years they can not sue you. Collection agencies will do whatever it takes to collect even after 7 years when it is removed from your credit report, they will continue to harass you. Because regardless of what the SOL and the credit report says. You borrowed so you still owe. I would say if it has no affect on your credit report don't pay **** them. They probably bought the debt from the original creditors for dirt cheap and trying to pocket off of you. |
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momof3
 |
According to my business law class the SOL for debts is 7 years. After the Seven years if no attempt to pay off the debt has been made you are no longer responsible. Be aware of this because if you don't know you rights and make a payment against this debt after all this time you are then responsible for paying it off. Make sure you do your home work on this debt before making any payments, please also listen to everyone advise here it is all spot on! |
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honda man
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once the creditors turn it over to collections you don't have any negotiating power. The purpose of collections is primarily to ruin your credit and seize your assets. |
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