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chris y | Am I still responsible for 15 yr. old personal loan not paid and charged off? |
I took out a personal loan 15 yrs. ago for about a $1000 that I blew off and never paid. Now I'm getting a notice from a collection agency that wants the money back plus another grand in interest. Is there a "statute of limitations" for loans or am I stuck for the whole thing? |
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Laissez-Faire Guy
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You've gotten some really bad advice so far.
Check the statute of limitations for your state, and the state you lived in when you took out the loan. I've never heard of any state that allows 15 years, but I could be wrong. Generally, most states have statute of limitations for 4 - 7 years in which a debt can be collected after the last activity on it.
What this collector is doing is shady. They are buying these old debts for one or two cents on the dollar hoping to collect. Fortunately, the law is on your side.
If they threaten to report it to the credit agencies, you tell them they re breaking the law and you will sue them if they do so.
Your response, preferably by certified mail, is this: "I have been contacted by your company about a debt you allege I owe. This debt is beyond my state's statute of limitations. I am instructing you not to contact me further in connection with this debt. Under the Fair Debt Collection Practices Act, a federal law, you may not contact me further once I have notified you not to do so."
If they contact you again, try and record the call with your answering machine, or save the letter. If you wish to pursue it, you can sue the collector because you have instructed them to not contact you as allowed by federal law.
Under no circumstances are you to acknowledge the debt, sign anything or make any payments. If you do, you are making the debt current and valid again.
If you are crazy and want to follow the Dave Ramsey approach, you do not make payment to this sleazy collector. If you want to clear your conscience by paying an old debt for which you have absolutely no legal obligation, you should pay it directly to the organization that you originally owed. |
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kroche_sdp
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no your not responsible for it anymore. |
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Mike O
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Don't ever pay that loan back, there is not way it can still be on your credit report. Paying that off might actually worsen your credit due to recent activity on the loan. |
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Shikibeeks
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If the loan is charged off you are better off not paying it. If the loan is not charged off make arrangements with the collection agency and start paying something. |
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Cat
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are you responsible at all? |
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kristenamylucien
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Yes and if you ever want it cleared from your credit you must pay it. |
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jean
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you can't pay 1k in 15 years? get a job and start paying |
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snvffy
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www.daveramsey.com
Personal integrity dictates that you pay what you owe. Dave Ramsey would suggest you negotiate with the folks and reach a settlement of something less than the total.
Please get Dave Ramsey's book and read it.
Good Luck |
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emgee
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After 15 years, it will not longer be on your credit report and if it ever was on your credit report, it can't be put back on. I'd ignore it. I recently got a collection letter for some bill that was 7 years old, and I ignored it and they went away. |
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celticday
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No there is no limitation to the time they collect. No matter how old it is. You are now liable for the loan and the interest. Sorry. |
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Dancer3d
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Bankruptcy is the only protection you have against paying creditors back, and it won't include money owed to the IRS, student loans or medical bills. So if by charged off, you mean it was included in a banruptcy, they cannot collect on that debt unless you can't prove they were included. Consult with an attorney.
If by charged off you mean, fell off over time, and you thought it went away, and you didn't file for bankruptcy, if they want their money back you have to pay them. |
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CJM
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Check your states statue of limitations. |
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