 Anyone know debt-collecting laws? |
| Can a company collect on a judgment debt that is 15 years old? It's not a real estate or secured loan, just money that was owed. My co-worker is getting letters and calls from a collection agent ... |
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 Capital One Credit Card Debt? |
| I'm finding I can't afford the payments to Capital One anymore. I owe them a total of $4900.00. I've called them and asked them for a lower interest rate and they stated I'm at ... |
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 Does anyone know where i can get an auto loan? |
| my credit isnt great because i had to let the bank take my truck when i lost my job which was months ago now i need a car and i dunno who will finance me i found the car im in love wit only 8,000 not ... |
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 Can being having my tuition payment given to a collection agency effect my credit rating? |
THis is specifically in toronto canada
I have not graduated but they are sending my file to a collection agency
I dropped those classes but they are still charging me like 75% ... |
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 How do I get out from an upside-down car loan? My work has cut my hours and I can't afford the payments.? |
| My credit is bad as it is and I had a prior repossesion 3years ago, I don't need another! I tried contacting the creditor but the will not work with me at all. I have tried several other credit ... |
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| What can I do regarding a late fee for credit card payment? |
| I signed up for a credit card in JJB sport shop and was told I've about 52 days to make the first payment. I spent about £17 which I paid within this 52 days. That's a while back. Recently ... |
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 Im told I have a lousy credit score for various reasons but Ive never had a credit card. How can I get one? |
| Im not in debt now and I own my car paid in full.The only ones ive been offered are insured or secured cards and I see them like a debit card.Will these cards proper use be the doorway to a real ... |
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 What if a collection agency sends you bill after bill after month after month and you don't pay? |
| Will they take you to court? I have this big bill of like 700 some odd dollars that I can't pay. If they can send you to court, how long do they wait?... |
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 Is this credit fraud and what could i face in court? |
| my dad and i have the same name. he allowed me to use his credit card to make a 5k charge while i was still living at home. i now live in another state and he now is threating to press charges. its ... |
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 Has anybody ever used a credit repair company? |
| In particular a company called credit for all or any other repair company.They say they can remove bad credit from your file mainly because most of the finance companys dont keep great records thus ... |
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 Does identity theft have a connection with car theft? |
Additional Details
lets say you leave your credit card inside your car and your car gets stolen.... |
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 Fico score of 683, but Wells Fargo denied car loan. Can I get a pre-appro. loan elsewhere? |
| Fico of 683, but WFargo denied me a pre-approved car loan due to bankrupcy 4 yrs. ago and a charge-off on a car loan to another bank 6 yrs. ago. My credit since bankrupcy is great. I have three 8.9%... |
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 I have a low credit score. What can I do to raise it? |
I've heard you should get 3 credit cards and make all payments on time. Is this right?
Also, what if I get 3 credit cards, and just never use them? Do I have to have current ... |
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| Credit card question? |
| I have a credit card through chase, the chase freedom card, comerica visa card, i am looking for another one to build my credit up, i applied for an american express card and they denied me, i was ... |
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DONNA S | How can collections agencies collect on credit cards if the statue of limitations is 3 years? |
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SPIFIMAN1
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Just because the S.O.L. has passed doe's not mean that they can't still try and collect.
Simply send them a cease and desist letter stating the the account is time barred for collections and that should put a stop to it.
Do not admit that the debt is yours in any way since this could reset the S.O.L. |
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nebula7693
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The reason they try is because 99% of Americans don't know the laws regarding debt collection. Most people in this country allow their lives to be controlled by their credit reports. This creates an atmosphere of fear of failure. As all predators do, bill collectors prey on weakness. The saying "ignorance is bliss" is just a cop out. Ignorance is weakness. The credit bureaus know it and the bill collectors know it. That is why they stay in business ruining people's lives.
Fortunately, there are people on the front lines of this war who are fighting for the people. You will find us in places like this trying (in vain I am afraid) to educate people as to the TRUTH about their situation.
If you have any further questions regarding this or any other credit issue, you may feel free to contact me at nebula7693@yahoo.com |
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Crazyjester9
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Like Spifiman said, the SOL expiring does not mean they can't try to collect, unless you send them a cease and desist.
The SOL is the timeframe in which you have a legal obligation to repay the debt. After this has expired, you have an affirmative defense in case they try to sue you. |
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Bill C
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Because they think that most people don't know about the SOL. It is illegal under the Fair Debt Collection Practices Act to try to collect a debt that they aren't legally entitled to collect - this applies also to debts where the SOL has expired. |
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src50
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They can try to collect forever. |
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Ted
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The Statute of Limitations (which varies from state to state) is a limit on how long a creditor has to file a lawsuit to collect the debt.
It does not mean that you don't owe the money after that date. A collector can still ask you to pay and can still post a warning to other creditors on your credit report that you haven't paid all your bills in the past. This may harm your credit score and cost you more in high-risk interest in the future than the amount of the debt. |
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clvngodess
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They're in the business of making money off "charge offs" or debts that the original agencies (credit card companies, department stores, etc.) have written off as a loss. Essentially it's like reverse loan sharking. They purchase the old debt off the original creditor (credit card companies, department stores, etc.) for a reduced or negotiated rate. Then they search for you, or the person who owes the old debt, and hassle, or negotiate with you to get you to pay.
You aren't really settling the old debt with the original creditor, however if you pay through one of these collectors. You are probably only paying a small percentage of the value of the original debt back. The rest goes to the collection agency.
A word of note:
You are always better off negotiating the pay off of a debt with the originating creditor.
A charge off will go eventually go away off your credit report.
It's not always the best action to pay off a charge off, in fact, in terms of a FICO score or obtaining a loan, it may lessen your chances of obtaining the loan. (This from several of my loan brokers...) |
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batlise
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Where did you get that statue of limitations is 3 years? |
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Steve K
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There is no time limit on debt. If you borrow money, you will always owe it until you pay it back with interest. There are time limits for them reporting it and it being shown on your credit report and there are also rules by which they are allowed to try and collect. As long as they don't break any of the rules, they can keep trying to collect as long as they want. |
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thegospodinofffamily
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There is no "statute of limitations" on debt collection. A debt will usually not show on your credit report after seven years, but you still owe the debt until you pay it, or file for bankruptcy and it is discharged. |
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Biggie @ Arbor Mortgage
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It is bad debt. It will not go away, so just pay it. |
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