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Additional Details
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claredarren116 | Received a letter from debt collection agency for old bill what should I do? |
The bill itself is student overdraft which I took out in January 2003 the bank sold this to this collection agency (according to them) in 2006. I have so far made no contact, received the letter this morning. I've heard some people write on envelope that they've moved to get rid off them. Has anyone any experience with these companies and having debts? What would you do? |
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Pengy
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You will not get rid of them. Took out in 2003, not paid since then sold in 2006, contacted you in 2008, statute of limitations most likely is up and they are trying to collect. First yes read what they wrote, the new thing to do is buy old debts take them to court to see if the consumer is unaware of their rights, or do not show up then get a judgment against them for no show.No be proactive, call and ask for proof that this is owed. Next tell them hey even if it was which it is not what are you doing the statute of limitations has expired, and if they take you to court show up with the same defense. The SOL can only be reset if you make a payment, and the debt can only be listed by the original debtor. Unless you make a payment to the scabs. It will only be on your credit report for 2 more years, and even as it is on there is listed as an old debt. If the collection agency adds it to it they are in violation of the laws. |
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stanlin
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you'll be for ever trying to rid yourself of these people if you don't pay them. They are relentless and if they have your social, they'll find you, and they can garnish your wages. |
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SharpDr08
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I agree with most users. If its a legitimate debt, than yes it would be better to pay it off as soon as possible. IF you intend to pay it, call the agency and ask them what the settlement amount be if you decide to take care this today. Settlement amount is less than what you actually owe. If however, you have no intentions on paying the bill, than make absolutely NO contact with them, don't promise anything. If they call you and ask when you want to pay this off, just say you are not sure, you don't have the funds at this time. Don't under any circumstances give them a time frame of when you will pay this off. Because, there is a thing called Statute of Limitations in your state. Most states give companies 6 years to get their money on the outstanding bill. That means creditor can take you to court to get their money. If 6 years is up and they haven't sued you yet, than you are not responsible by law to pay them back. However, there are rules. Lets say you stopped paying your bill in June 2000, you made no contacts with the creditor, made no promises to pay them back (including i'll send you a check in a week type of conversation), 6 years have passed and if they still haven't sued you, than you don't need to pay them back. Just tell them that "please stop calling me, statute of limitations has passed" BUT, again lets say again you stopped paying your bill in June 2000, but in 2003 you told the collection agency or creditor that you will pay it back, then the statute of limitations will re-start in 2003. So the rule with Statute of Limitations is that, don't promise anything to a collection agency or a creditor about when you would be making a payment. But again, that doesn't mean that you should skip out on your bills that you legimately owe. Because some companies and agencies will take you to court before statute of limitations expire and in most cases they will make you pay THEIR legal fees as well. If they do decide to sue you (it usually happens few months before statute of limitations expire) you will get a letter stating their actions. They will still give you a one last time to settle the debt, and i think you should call them and see what they can do for you. |
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Loving it
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Well, is your credit ok?
If it is ok and you don't have a problem getting credit card, etc... Then, don't worry about it.
My bf gets bothered by Cingular .. For years... They have been hassling him about a bill from when he had service with them but he refuses to pay because he said they screwed him over...
And he has great credit, high credit lines and no problem.
That's my advice... Good luck. |
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James M
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Well for starters,, is the bill yours? If so you should contact them and set up a payment. (BTW, You can pay a lousy 3 dollars a month if you want). If the bill is yours and it is paid for you should still call them and tell them that it is paid. Usually something that old,, they will not dispute if it is paid. |
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Roy
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PAY IT!!!!!! |
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Robert D
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Pay up, otherwise your credit rating will be affected and you will find it difficult to get a loan, a credit card or a mortgage in the future. Also what you propose is fraud. |
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Shredded Cottage Cheese
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these old debts are being re-sold to collection agencies for pennies on the dollar. Your debt is not all that old, however, so unless the original bank forgave the debt (and you have documentation) you may be on the hook.
There's been a lot of coverage on MSNBC in the past 4 months or so about these debt sellers. Do a search. |
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Dallas Cowboys
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try and reason with them and dont anoy them becasue trust me they will always win |
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aribelle
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The debt will go to your credit report for 7 years. After the 7 years it will be removed. It's probably in your best interest to just pay for it. Save your credit rating! |
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Ba
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Contact them to negociate how you plan to pay. If not, it will ruin your credit score. |
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JM
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you can tell them you moved but it will still go on your credit and it will stay there until you pay it off. |
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Moofie's Mom
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Hi!
You should pay your debt! |
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brianjames04
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First question -is the old debt real? Did you really owe this to some one back in 2003?
Now on old debts like this they can't take you to court but they can dog you forever on it. Everytime you go for a credit check or a loan application this old debt might (and probably does) show up. This can disqualify you from extra low interest rates or have you pegged as a bad credit risk. Some employers will also do a credit check on prospective employees -so this can even keep you from getting a job you want.
Any institution like a bank that can't collect on a debt will "write it off". And like I said "write off" is a bad thing to have on a credit report. The bank will sell the debt to a collection agency. Depending on how likely the agency can collect the debt , they will pay anywhere from a a third to only pennies on the dollar of the original amount for the right to collect the debt. As you can see if they collect the full amount they can make quite a profit. Of course very few people do pay unless they are in an emergency situation and have to clean up their credit.
I suggest contacting them and offering then 10% of the original amount to clear things up. If they say yes then pay it up, if they don't them ignore them for a few months. Offer them 10% again, negotiate and if you keep it under 20% consider it a real bargain.
Unless you plan to live under the radar for the rest of your life you do want to clear this up. |
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allen555
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My step son tried to dodge these people. They are relentless. Pay up and put your mind to rest. |
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Ray L
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They will trace you sometime in the furure, so best to tray and negotiate with them.
They can make enforcemnt orders through a court for it to come directly out of you earnings. |
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cookie
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pay they will take you to court! |
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Lucy
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if you owe you pay! |
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derekrodgers233
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file it under B (bin) |
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