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Gamergrl | Is there a statue of limitation of creditors requesting payment? |
I had a credit card account closed in May of 2000 and all of a sudden i get a statement saying i owe them $600 after 7 years. Shouldn't this debt already have went on my credit? Is it legal for this creditor to sell my debt to another company after this long? Just wondering.
Gamergrl |
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OC1999
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No it is not illegal. As long as your owe the debt they are allowed to attempt to collect it. Since it is this old it was probably sold to a junk debt collector. These are people who hope that people don't know their rights and pay the debt even though they may legally not be required to anymore.
There are times after which creditors can no longer legally make you pay. This Statute of Limitations varies by state but is generally 2-6 years from the date of the last delinquency. After this time they can not file a suit against you to force you to pay. The other is the time it can be reported on your credit reports. After 7 years it is no longer allowed to be reported to any of the credit reporting agencies(EquiFax, TransUnion, Exprian).
Since it is past 7 years you can send them a Cease and Desist Letter to have them stop contacting you. If you find that this has shown back up on your credit report you need to dispute it with the Credit Reporting Agency to have it removed because it is past the 7 years. |
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∞infiniti∞
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The Statute of Limitation (SOL) can be as little as three years in some states and as many as 15 in others depending on the type of debt. It does not matter who owns the debt and how many times it has been sold and resold. Credit card debts are always open account. You can check your State's SOL using the link below.
http://www.cardreport.com/laws/statute-of-limitations.html
Keep in mind that just because the SOL has ran out, some unscrupulous collection agencies may try to sue you anyway in order to get a default judgment against you. If that happens you must answer the lawsuit summons. Use SOL as an affirmative defense, and any potential lawsuits should be dropped.
Good Luck. |
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Sherri C
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The original creditor charged it off, and the junk debt buyer purchased a portfolio of charged off debt for probably a penny or two on the dollar, hoping to find some ignorant sap to pay it. The information you were given by the first poster is so wrong, that it makes me think he/she is an agency debt collector.
Go to the Bud Hibbs site for some great information on how to deal with junk debt buyers. But the main thing is, DO NOT GIVE THEM A DIME...that will "re-affirm" a debt that no action can be taken on, it will re-start the Statute of Limitations AND the credit reporting clock and will hurt your credit, as it will show a new paid collection account.
As for the person who said that if you owe it, pay it...you do NOT have a contractual obligation to pay a collection agency or junk debt buyer a thing. They are investors and gamblers, hoping to make a huge profit on next to zero outlay. |
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Expert Realtor
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OC 1999 is 100% correct.
This is the latest scam in collections with fly-by-night companies. They count on the ignorance of the public to pay the collection.
They are required by law to report the date of last activity correctly...and being sold doesn't count as a legal "activity" despite what they will tell you.
Whatever you do DO NOT call them. Let them report it to your credit report, and dispute it....b/c they won't be able to provide documentation to the credit bureaus that your last activity date was recent....b/c the documentation doesn't exist. |
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shamieya
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the statute of limitations on revolving account varies by state. in florida, its 3 years. if they try to file a judgement against you, you can defened your self by indicating that the statute has been exceeded and they have no legal right to collect. but they may still harrass you, and if its yours, it can still damage your credit. also, the statute of limitations starts from the last communication. |
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SPIFIMAN1
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OC1999 is correct. Ignore the first poster. |
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Jimmy John
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It is legal for them to try to collect the money, but you don't have to pay, because you got no cotice from them for too much time. |
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cdabexx
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If you owe them this money you should pay them. |
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NONAME
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Go to www.annualcreditreport.com and print all 3 credit bureaus. Dispute all the collection companies collecting on this debt. Mail the creditor who sent you the bill a letter stating to cease and desist all written and verbal communications with you. The statute of limitations depends on your state. BUT it is from last payment (date of last activity) not charged off date. Do not send a payment or it will reset. |
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$m¤¤v¥ £¤¢¤
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I agree with OC, Spfi, and Mary |
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acermill
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Of course it is legal. And, once done, your seven years starts all over again. Many folks in this forum seem confused about the nature of a collection statute of limitations. An expired statute of limitations does NOT make a debt go away. It only means that the lender cannot seek legal redress in a court of law to recover the debt. The debt remains active and payable, and you can expect to be hounded to the full extent allowed until you make arrangements to settle the debt.
As well, this will be a new negative entry in your credit file, along with the previous company's which sold the debt to the collection agency. |
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