I need some advice on a credit collection issue?

Ok six years ago i had some big financial problems. i though i pd every thing offf. Then about 2 months ago i get this message on my machine this guy asking for me and he needs to discuss a lawsuit with me. I then called him back he asked for acase #, ssn#. he then claimed he works at a lawyers office . he went on telling me that i owe him4,900 right now. i told him i am unaware of this, he told me it was a wells fargo card i opened in aug of 2000. i told him i need to look into this more, he said too late buddy or i am going to see you in court, then you are screwed. i hung up the phone, then this guy called back and left a message saying you just did a stupid thing i am not going to rest until i see every penny of yours is gone. I then went right to my attorney and explained , he pulled my credit report and it is on there unfortuanlly it is there. my laywer told me not to worry he will send out some letters out, he told me i am close to SOL 6 years in my state. What is SOL

I'm not sure but it's possible this guy doesn't work for anyone but himself. He buys your "debt" for pennies on the dollar. maybe 200 bucks..then he acts like he has the right to badger you into paying him the FULL amount.. He's hoping to frighten you into paying the full amount..he stands to make $4600 on a few harrassing phonecalls.. Have your lawyer look into that.

good luck

The next time the guy calls you to harass you, give him your lawyer's number and request that he only contact you in writing. There are very specific laws about how collectors are supposed to act, but many disregard them thinking they can intimidate people into sending them money. The collectors make their money by earning a commission on how much they collect on an overdue account, that is one of the reasons they try so hard to get money out of people. Anyway, next time he calls, remember to give him your attorney's number and tell him any further contact needs to be in writing.

Statute of Limitations
In other words when that is up it comes off your credit report and they can't touch you.
Sounds like the guy was just a jag off.

read more tips on debt/credit and more on this site

statue of limitation

First of all, you need to know your rights. I assume you have been playing catch up to all these left over bills for a while. Honestly, most of america has too. Look up your debt collection laws for your state. Some states are different, but most of them say matter of factly, that debt collection can only occur between the local hours of 8 am and 9pm and only on Monday through Saturday. If a debt collector is calling you on Sunday, I think you need to tell him something polite but efficient about how he is breaking the law, himself.

Also, there is a term used often to describe the type of collection you just described. "Heavy Handed" and also is verged on the unlawful behavior scapes. Should you get another call that is just as matter of fact, plainly ask for a manager and be prepared to wait 30 minutes. This is a tactic almost every agency uses to instill fear upon people who have not paid a debt in some length of time. It is meant to scare the debtee and make them think they have no options available to them outside of the options given.

Most credit insitutions will attempt to collect in house, however for those cases that go beyond 3 years and/or x amount of money, will no doubt be handed over to a second out of house collector. These second out of house collectors will often attempt heavy handed tactics to get all the money back. When the second collector can not be satisfied they might in turn hand the account collections off to a third company, which will enveriably attempt to sway you with litigation.

Yes you have a legal contract to pay the debt off, but also, you have the availability to sway that debt to a manageable level. This is collectively known as a bargaining deal. Say you owe 9000 USD to a credit card. When it finally comes down to the wire the company collecting will attempt a bargain to accept half 4500 USD to recoup atleast some of their money.

It's funny the way it works out. The credit institution has a write off availability through their insurance program. SO the company is never fully completely out of pocket. The credit institution then has the legal option to sell debted accounts to a second company so the credit institution can recoup even more money off the account, usually at a set rate or discount from bulk. Then the second collecting company will attempt to recoup their money, from buying the account, from you. Should that fail in force, then they sell that same account to another company. It is a huge racket.

And all the companies that are handling this debted account do have to option to file for legal compensation, but most will not because of the legal fees involved in just the filing alone. However, they do have the option.

SOL is the Statute Of Limitations. It is usually about 7 years, if not less by differeing states. It is up to the current account processor to file for legal compensation, not from the time the debt is owed, but from the time they receive contact from you. Be that the original account in house collector, the second out of house collector or the last and latest out of house collector. Once the SOL times out, no matter how far the processor is in the form of actually bring you to court over the litigatable moneies owed, they will need to begin all over for the next 7 years of limitations. It is usually...notice I say usually, this reason alone that most people will not go to court over 10,000 USD or less.

Next time the collector calls you and uses his heavy handed tactic, be firm and explain that you are considering this form of speech harassment and you wish for all further communication with you from this company through written contact, so if it does go to court, you have documented proof for evidence.

It's good that you have a lawyer handling this for you. If you want to research SOL's and find out what to do in this situation, visit www.creditboards.com You will find valuable info on this site.

sol ,,,is statutue of limitations,,,,which pretty much means his grievance will expire...Make him send you DETAILED accounts,,,and every piece of info reguarding his claim,,,,,sol,,is usually 7 yrs,,,,,you can tell him to stick it,,if you can stall it that oing,,,,any lawyer should be able to do that for you,,,,,do it yourself for free,, for as long as you can

I think it was one of the many tactics that these sleazy collection companies use to intice you into paying for a debt that they probably purchased from Wells Fargo for 50% of the balance or less.

SOL is "statute of limitations." Creditors must bring a lawsuit within the applicable SOL, which your lawyer says is 6 years. I don't know if that is right, but I hope he is reliable.

Statute of Limitations. Each state has a different time frame. This is the time from when you last acknowledged your debt to the time they take legal action. Keep that harrassing message and don't call him again. By the time he sends you a legal document sending you to court it will be too late for him to claim. I would wait until you get an official notice in the mail from court and then have your lawyer respond that way it will definitly be past statute of limitations. I know this because I am going through the same thing and in PA it is 4 years. They screwed up though because the date they filed the suit was past the SOL from the date they themselves wrote on the complaint was my last aknowledgment of debt so hang on wait for the letter and pay close attention to those dates and the one on your credit report.

SOL means the length of time someone has to file a claim against you.

SOL = **** outta Luck

Blow off his idle threats.

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