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Patsy | We have an asset recovery firm harassing us to pay pennies on the dollar to settle a ten year old credit card? |
This credit card is from an 85 year old with no income other than social security. No house, car or any other assets. Can they bring this to court? |
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Michelle
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This isn't uncommon at all. Just because the statute has expired doesn't mean they can't try to collect on the debt. Write them a cease and desist letter. I had a similair situation recently for a utility bill that was nine years old. Never heard from them again after they signed for the certified letter. |
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Studly
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This is a classic example of how collection agents act.
These guys are so sweet! Offering to get you off the hook by asking for only a fraction of the debt!
But as pointed out in the past answers, here is what's actually going on...
1) By law, once the statute of limitations runs out you no longer have a legal obligation to pay the debt. This date starts from the date of your last transaction. That means the last charge, or LAST PAYMENT you make.
If you take these guys up on their offer and make a tiny payment on the debt, guess what? You have now reactivated the debt. In a few weeks you will receive a court summons saying they are suing you for the rest of the debt!
DO NOT PAY THEM A DIME!
2) These guy also know that they can't collect on this because they can not garnish social security income. With no home or property, they have nothing they can seize. In other words, you are "judgment proof". All they can do at this point is to harass and threaten you into paying.
You can put a quick stop to that by sending them a "cease and desist" letter. Once they receive it, if they call or write to you again they have violated the FDCA laws, and you can sue them for $1000 for each violation.
Collection agencies get away with this because they depend on the fact you don't know the law! Once you show them that you know your rights, they will go away. Trust me, I've helped many people out of these exact same situations. |
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Atheist Geek
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Bottom-feeder collection companies do searches of credit histories. When they come of an old written off debt, they attempt to collect on it. No matter if it is long out of legal collection terms. They rely on the ignorance of people in general about the laws.
They do not represent the original debtor, will not clear it from your record (if it is even there), and will just take the money and move on to the next victim. It is a quasi-legal scam run by the same people that will try to steal her money with another scam. |
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bull_rooster_aardvark
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The fact that they are willing to accept pennies on the dollar shows how weak their case is. If they have no assets or income whatsoever the company almost certainly won't bring this to court - whats the point even if they won a judgement how would they collect it.
Also, I can't believe the statue of limitaions isn't up on this (though that may not apply if the former creditor was in contact with the borrower during that time).
Anyhow, you really don't seem to have anything to worry about. |
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ndnqt1966
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Need to check with your state to see what the Statute of Limitations is. It is very possible that the time has expired and she owes the credit card company a BIG FAT 0. |
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Nicki B
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I have been dealing with almost the same situation. I found these two sites on the Internet that are TOTALLY awesome in helping out with this:
http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
http://www.fair-debt-collection.com/statue-limitations-explained.html
I have actually put these to the test and they do work. I had an old account that the collection company was threatening court and when I followed the steps exactly, they were totally shut down in their tracks. Hope it helps!!! |
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ghulk81
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no statute of limitations is 7 years on a debt of that kind. Sounds like a place has bought some old debts and using scare tactics to make you pay. |
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Scott C
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Ten years from the last activity is probably out of statute and they aren't able to obtain a judgement (which doesn't sound like it would amount to anything anyway considering the circumstance) Does the 85 year old want to resolve the account out of moral obligation? If so, why wouldn't you settle it? Just because it is old and out of statute doesn't mean it isn't owed. |
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ebonisun
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depends on what state you are in for statute of limitations, i'm not sure but contact your local legal services office...since he has no income they should be able to consult him and assist him for free...good luck |
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Dean S
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Pay your bills and stop being a dead beat debtor. This should be a crime |
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