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I don't take loans and don't owe the bank but I think we should just take all they offer buy some shares in the local ganja grower and make some profits from drug dealing.
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 When you use your credit card at buying, what happens? |
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Thanks,
C... |
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kevan007 | Hi i have a ten year old debt that is being chased this now the third agency what should i do? |
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 |
 
SPIFIMAN1
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This debt is most likely past the statute of limitations, the first thing you should do is send a certified return receipt requested letter to the collection company demanding that they both validate this debt is yours including a copy of the signed contract and show that it is not past the S.O.L. for collecting.
I have posted a link in the source box so you can look up your State. |
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Kate Bourland
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You don't say what state you live in. I'm assuming that this is an unsecured debt, not a judgement or secured debt such as a repossesion of a car. A 10 year unsecured old debt is outside the both the reporting and the legal statute of limitations.
By law a creditor is required to send you written notification of the debt within 5 days of contacting you. Failure to do so is a violation of the fair credit reporting act.
Steps to take:
1. If you have proof that the debt is outside your states statute of limitations, send them a letter immediately telling them that you are not refusing to pay a debt but instead informing them that the said debt is time barred and is therefore an invalid debt.
It is a violation of the fair credit reporting act to report, or attempt to collect invalid debts.
2. Communicate in writing and only in writing. Under no circumstances should you talk to them on the phone. If you want to email me I have an actual letter that I have used successfully that I'll be happy to email it to you.
Using traditional validation letters are useless with junk debt collectors. They already know that they are collecting on invalid debts. You have to use the right language and let them know that you are aware of your legal rights to get them to stop.
If you really want to fight back, there is an attorney's office in Los Angeles that will take these junk debt collectors to court on your behalf and sue them. They don't charge you anything but will take a % of the court winnings.
If you want the info, email me and I'll be happy to send it your way.
(disclaimer) I am not an attorney and this is not to be constured as legal advise. |
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Kat
 |
OMG DO NOT PAY IT OFF!!!! It will lower your score even more. Please email me. I used to teach credit repair. Something this old most likely is passed the statue of limitations, its depends on what state you are in. I need more info. Who is the original creditor and who is the current collection company. Most likely all you will need to do is wirte a cretified letter requesting a "certified copy of the original contract" If they can not produce it then they have no right to collect and therfore MUST take it off your credit!!! If you need a template letter shoot me an email. |
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iffihadahammer
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First of all, creditors only have a limited amount of time to enforce debts, and it may be the case that this debt is no longer enforceable. In England and Wales, credit debts become unenforceable if 6 years go by and a) no payments are made b) you make no written acknowledgement that you owe the debt and c) the creditor does not get a County Court Judgment. If you make payments or acknowledge the debt the 6-year clock starts again (so you should be careful about writing to the creditor or collection agency if it is close to 6 years) - but if it ever goes past the 6 years the clock can never restart - the debt will always be barred. This doesn't wipe out the debt, but it means the creditor can no longer enforce the debt through the county court (or rather, they can try, but you can get it thrown out). If you notify a creditor that a debt is time-barred it THEIR responsibility to show that it isn't. They would need to do this to get access to a County Court Judgment. The Office of Fair Trading says that it is unfair to continue to pursue debtors for a debt that is statute barred, so in theory creditors should not even chase you for it once they have been notified. Different rules apply in Scotland and Northern Ireland.
This fact sheet sets out the rules in more detail
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=25_liability_for_debts_and_the_limitation_act
There is a sample letter at the end that you can use to inform a creditor that the debt is time-barred.
If the debt is definitely not time barred (either because you know this to be the case or because the creditor provides some evidence to show it) there are a number of options you could consider. You could draw up a budget sheet, work out what you can afford to pay and offer instalment payments. Or, if you wanted a fresh start you might consider bankruptcy as a way of getting this debt and most others written off. There may be other options and it all comes down to your circumstances. You can get free, independent and confidential advice from the organisation referenced in the source box.
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deja1436
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If it is a UK debt on a credit card or unsecured loan it may not be enforceable in court anyway. The website will tell you how to proceed. |
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Andy Biker
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tell them to take a hike.
The only way they can force you to pay is by taking you to court. And it is unlikely that a court will find in your favour over a 10 year old debt. |
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Max Power
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If you have not corresponded with the debtor collectors for the past 6 years then the the statute of limitations has expired and they have no right to go looking for it ,if not try to come to some arrangement as this will follow you if you dont |
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veritas5058
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Get some good advice, the Citizens Advice Bureau have a debt counselling service which is much in demand of late. |
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Dwight D J
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Pay it off....if possible, offer to pay the balance in full for 50% of the amount due and send them payment in full. It'll show on your credit report as paid for less than the amount due (not as good as payment in full), but it's better than not paying anything and it resolves the debt. |
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Kimmie Craig
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why don't you just contact the third agency and make arrangements to pay it? |
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mark
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Negotiate a pay-off settlement.
If you owe 2000 for example, your debt was probably purchased by this third owner for pennies on the dollar. I would be surprised if they bought your debt for more than a few hundred.
Offer to pay 500 (using my example) and tell them to take a hike if they refuse. They will counter offer |
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chocaholic
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Pay it. You can run but you can't hide .. |
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lkprsb
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Pay it off. These things never seem to go away. Make sure you keep records to show that you paid it off. |
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