I know the Fair Debt Collection Practices Act only applies to third-party debt collectors, but can I still use the statute of limitations defense to tell an original creditor that they are wasting their time trying to collect an old debt?
2006-08-11 05:07:35 · 4 answers · asked by newtobigd78 4 in Business & Finance ➔ Credit
Bella is correct.
The FDCA is something completely differant then the Statute of Limitations laws.
FDCA only specifies how a creditor can collect a debt. The SOL states the length of time they have to legally collect, and it applies to your debt. NOT to who is collecting it.
Therefore, you can send a letter to this creditor and point out that since the SOL has expired, they are only wasting their time harrassing you.
But as you note, the FDCA only applies to collection agents, attorneys, and 3rd party collectors. The original creditor can continue to harrass you forever. They just can't try to sue you, because it won't go anywhere. If you have an extremely abusive creditor bothering you, it may require a lawsuit to stop the harrassment.
2006-08-11 06:07:53 · answer #1 · answered by Anonymous · 2⤊ 0⤋
looks to me you're stunning - if the paper is offered for pennies on the dollar, then that's the collector who comes out forward, no longer the unique creditor. except the creditor offered the paper with some variety of an contract to get a element to the proceeds (no longer likely), the creditor is out of success. The collector has assumed the threat (quite that the debtor won't pay in any respect), so he effectively reaps the rewards.
2016-11-04 09:01:48 · answer #2 · answered by winstanley 4 · 0⤊ 0⤋
Yes the SOL applies to the debt regardless of who owns the debt. Even if the debt is outside the SOL, the creditor does not have to stop trying to collect the debt.
2006-08-11 05:11:53 · answer #3 · answered by bella_4624_19 4 · 1⤊ 0⤋
Yes.
Dear original creditor,
Cease and desist all contact with me.
Thanks a bunch Joe Schmoe.
2006-08-11 06:33:50 · answer #4 · answered by Johnsmatrix 3 · 1⤊ 0⤋