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Katebac | Company trying to collect payment after 7 years? |
We purchased some wardrobes back in 2001 on 1years interest free credit, but once the year was up the company failed to take the cash. This morning I received a letter from a collection agency saying the debt had been passed to them as I missed my payments, due in 2008 according to them. Obviously there has been some kind of clerical error on the part of the finance company as they tried to take the money at the end of 2008, nearly 7 years later.
So my question is, since I have had no contact from them in 7 years and the failed to take the money, where do I stand |
 |
 
SPIFIMAN1
 |
This has nothing to do with the 7-years reporting time line established by the Fair Credit Reporting Act it has to do with the statute of limitations so it will depend entirely on what State you live in this would be a written contract and the statute of limitations runs all the way from 3-years to 15-years on these types of debts.
I have posted a link in the source box so you can look up your State.
If this debt is past the S.O.L. send them a certified letter demanding that they validate this debt by providing you the following;
1. A copy of the contract with your signature.
2. Proof that your defaulted on this debt.
3. Proof that the have the legal right to collect this debt.
4. Proof that this debt is not beyond the statute of limitations.
Obviously they will not be able to and that should be the end of it. |
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src50
 |
"The company failed to take the cash"? What does that mean? |
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Scouse
|
They can ask but after six years they can not enforce.
However, if you have acknowledged the debt say two years ago they can do so if they can prove you have acknowledged it. |
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wilderwriter
|
Not sure what you mean by "company failed to take the cash." If you made a good-faith effort to pay for the wardrobes and you have something from the company refusing your payment, then just send that paperwork to the collection agency. Otherwise, just write to the collection agency and give them the details fo the transaction. |
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l_f_smith
 |
Phone the company that the debt is supposedly owned to. There is a company I know about that offers this kind of loan and things like this do happen. If it is this company they will be able to give you proof of the debt.
I am curious about the company, any chance you can tell me who it is? But only if it is in the UK. |
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Masta Baiter
 |
If you owe the money - then pay off the bill............... |
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cody c
|
You still owe them the money and need to get it resolved. It doesn't matter how long it has been since they have attempted to collected on it. The truth is you owe them and need to pay up. They won't back down, so resolve the issue. They will most likely settle on the account and reduce your unpaid balance, but be aware that if you save $600.00 or more, it is reported to the IRS and you MUST claim that as income when filing taxes.
Good luck
-Cody J. Coleman
Credit Manager-Preferred Credit INC. |
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oliprofessor
|
that's crossed over the statute of limitations; as they made no attempt within 6 years, that's it, they lost that right.
they may try to bully you, threaten court etc, ignore them, they don't have a pot to piss in. |
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Under Pressure
|
I do not believe debts can be recovered (unwillingly) after six years, even by the tax man.
Edit:
8 "thumbs down" at time of edit, that's a surprise. Try the OFT as a first port of call.
Do not admit to the debt.
A debt in the UK is almost certainly not recoverable after 6 years, regardless of how many thumbs downs I may get.
Take a look at this website (www.debt-help-direct.co.uk) for more information. |
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