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7 answers

I agree with the last two posters. Check out the statute of limitations in your state for the type of debt you have.

IF you are out of the statute of limitations and the collection agency tries to sue, you can file a counterclaim against them for filing on a time barred debt.

If this is a credit card debt, or a personal loan (not a government loan) and it has been longer than 7 years since you have gone delinquent on the debt, they can no longer report it !!! If they do they are violating your rights.

2006-06-30 18:42:22 · answer #1 · answered by echo 7 · 1 0

The '7 year rule' ONLY refers to the reporting of negatives items on your credit reports. It has nothing to do with whether or not collectors can come after you.

Look up the statute of limitations for this type of debt in your state to see if they can still legally collect. Even if it is out of/past the statute of limitations, they can often STILL file a suit against you-- you would then show up in court and use the 'statute of limitations' as an excuse to request that the case be dismissed.

2006-06-30 23:57:11 · answer #2 · answered by Anonymous · 0 0

Not necessarily. If the "small debt" has been reduced to a Court Judgment - your state may allow it to be collected for longer than ten years.

Then depending on the "type" of debt it is you may want to check the "Statute of Limitations" in your State to see if it is still collectible after 10 years old.

If the collection agency is attempting to collect a debt that has in fact been outlawed by the Statute of Limitations they can be liable for violations of the Federal Fair Debt Collection Act which allows you to collect up to $1,000.00 per violation. -

Good Luck!

2006-06-30 17:41:59 · answer #3 · answered by Anonymous · 0 0

If they let another collection agency take it over - It can go on forever, as long as ANY collection agency wants to go for it!

I opened my own collection agency (long ago) for a company I was with for Old Money not received. I actually received some money for the company or receive a negotiated sum and received it!

Can't squeeze blood outta turnip - But doesn't hurt to try...
So it can go on and on... I've even heard of people who had passed away, and collectors were still trying to get money!

2006-06-30 17:37:40 · answer #4 · answered by STARLITE 4 · 0 0

I believe, i work in financing, creditors can only go back 7 years unless its the government :) good luck

2006-06-30 17:29:56 · answer #5 · answered by dazymay80 1 · 1 0

Yes they just keep selling it till they collect.

2006-06-30 17:29:57 · answer #6 · answered by redunicorn 7 · 0 0

yes

2006-06-30 17:29:56 · answer #7 · answered by Anonymous · 0 0

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