the fact is you still owe money on the credit card
why not be like most other people and pay your credit card bill
2006-06-16 02:02:00
·
answer #1
·
answered by Anonymous
·
0⤊
0⤋
To deal with bill collectors:
When it comes to collection efforts, each state has its own statute of limitations governing how long a debt is considered legally collectible. In general, the limit is about four to five years from date of your last payment. If a creditor waits beyond the time limit set by the statute of limitations to sue you, the case can be thrown out of court. To find out about the statute of limitations in your state, contact the Office of the State Attorney General. If you know that your debt has expired under this statute of limitations and a collection agency happens to call you, do this: Explain to the agency that you will pay only if you are taken to court and a judgment is obtained against you; otherwise, you have no intention to pay what you believe to be a legally uncollectible debt. The key here is to put your argument in writing, adding a clear demand that the agency stop contacting you. The Federal Fair Debt Collection Practices Act, another federal law, declares that if the state-regulated limitation period is up, the agency may not contact you again once it receives your letter-except to say there will be no further contact. If the state statute of limitations hasn't yet run out, paying something on your charged-off accounts will not help clear up your credit report and may start the collection agencies' clock ticking anew, so once again, think hard before you do this. Only time will repair your credit report-specifically, the seven years it takes until the credit bureau must, by law, remove the debt notation.
2006-06-15 22:05:09
·
answer #2
·
answered by Paul M 2
·
0⤊
1⤋
When your Bank sells your debt to a new company the clock is started over because the banks knows your debt will be worthless in 4 years and they sell it after 3 years and 11 months to a company that pays the bank (And the debt is gone) but they did loan you the money to pay for your debt so you now have a new debt.
If after 3 years and 11 months you still have not paid your debt they will sell your debt again to what I call a "Level 2" debt and you don't want to mess with those companies. They are ruthless.
I know a woman in a wheelchair and they actually took her wheelchair as payment!
They can also get a Court Order to force you to get a second job (I don't know how they do that, I guess the Judge gets a cut or something) or if you are unemployed they can force you to get a "Federal Job" and that almost always means joining the Army.
I suggest you to pay your debts.
2006-06-15 21:55:20
·
answer #3
·
answered by Anonymous
·
0⤊
0⤋
Let me tell you all the law here.
In Texas your statue of Limitation is 4 years on an open account which is a credit card.
After that the CA can not legally collect it. They can call you and ask if you will sit down and write them a check and pay it.
I know all of this because I got a letter from Merchant Credit guide on a debt I defaulted on in 1988. It is not even on my credit report because it is so old.
This is what you need to do.
Write them a cease and desist letter telling them you are not going to pay this bill because the Statue of Limitation is over and you want them to quit calling you and send it registared mail return receipt and when you get that green card receipt start counting the times they start calling after that because you can sue them for every violation after that for $1000 for everyone.
David
2006-06-29 19:43:14
·
answer #4
·
answered by dbuitt22 6
·
0⤊
0⤋
Forget about it, but your credit will go down the tubes! Legally, they cannot demand payment after the statute of limitations has been reached. Remember, however, that if you make even one payment, no matter how small, you acknowledge that it is a legitimate debt again, and they can once again come after you for payment.
2006-06-29 20:19:46
·
answer #5
·
answered by alicialu25 1
·
0⤊
0⤋
The law is state specific, but talking to them usually is not sufficient to restart the statute of limitations. However, a collections agency will record your calls, so if you have incorrectly spoken, and admitted that the debt is legitimate, you might have a problem (not necessarily, but possibly!)
In the meantime, tell them that they are harassing you. Harassment is a specific legal term, that puts you on the track to sue THEM if they bug ya too much.
2006-06-15 21:29:04
·
answer #6
·
answered by Polymath 5
·
0⤊
0⤋
Thats tricky...because if at anytime you moved to a state with a longer statute of limitations it starts the debt over.Also if you have mailed any type of correspondence to them...or faxed etc...you have re-affirmed the debt.
Do NOT offer to accept a settlement since THAT WILL re-establish your debt.You can...and should...simpy say the debt is out of stats...do not call me any more...if they persist then YOU have a basis for a suit against them.
You should check with an attorney in any case but my advice..based on working in this field...is to have them stop ALL calls to you and DO NOT fax...write..or correspond in any way to the agency.
Also...Frank Castle doesn't know what he is talking about...his wheelchair comment is as false as his advice.Your debt does NOT restart everytime its sold to another collection agency.
2006-06-30 15:40:16
·
answer #7
·
answered by jaydragon0 2
·
0⤊
0⤋
you can let this go. Tell them the are violating the Fair Debt and Collection Practices Act - send them a certified letter telling them to stop contacting you . Since the contact happened AFTER the SOL expired, you did not restart the clock.
2006-06-15 21:30:32
·
answer #8
·
answered by Anonymous
·
0⤊
0⤋
You can still be assessed a huge repayment that may take you years to pay back. I would call them back and ask. Your credit is your key to success. Why throw it all away?
Good Luck.
2006-06-29 22:55:55
·
answer #9
·
answered by ebay_convert 5
·
0⤊
0⤋
Check out this article from MSN Money:
http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P74812.asp
2006-06-15 21:25:08
·
answer #10
·
answered by cat38skip 6
·
0⤊
0⤋