Ok i had some money problems like 6 years ago. I opened in june of 2000 a capital one credit card and used 2600 on that. mainly for college stuff. I only made 3 payments and moved to MN. I never recived anything til a year ago 04/06 a letter from a lawyers office demanding 3400 now or else we will sue. Now in august i my boyfriend got a call from a collector demanding 4100 now. the collector told my boyfriend if he fails to give me that message, he will be arrested with possible jail time. Can someone give me some advise on this.
2006-08-24 09:41:41 · 13 answers · asked by lindsay d 1 in Business & Finance ➔ Personal Finance
there is a statute of limitations of 6 years, so if you respond, send any money or anything, the "debt" becomes fresh - that's why they're trying to get you to acknowledge or pay on it.
If a collector calls your boyfriend, he can tell them that they have to stop calling him, and by law they must.
Let them sue, it will cost them more than $2,600 just to hire an attorney and file the paperwork, they're just trying to scare money out of you.
2006-08-24 09:45:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your boyfriend will not go to jail. They use scare tactics. We don't have debtor's prison anymore. To tell your boyfriend that he could go to jail was ludicrous. There is a statue of limitations, but I don't know what it is. If it was your first letter, it'll be a couple months before they sue. They usually send those letters demanding payment in full, then they'll send one offereing a settlement. They also say they'll work with you, etc. Eventually, they will sue. I also got a letter yesterday from an attorney regarding my Capital One account that's 2 years old. These debt collector's are "A" holes. If you can, contact them and try to work out some sort of payment arrangement, to pay over time or whatever you can do. If you can't pay it, there's really nothing you can do. They can't get money that you don't have. Be careful though, if they sue and get a judgement against you, they can garnish your wages or attach a lien on your property if you own any.
2006-08-24 09:52:26 · answer #2 · answered by First Lady 7 · 0⤊ 1⤋
First off with the whole jail time thing it was just a threat. Creditors like to say whatever to try to bully or frighten you into doing what they want. Also I can't really forsee the justice system throwing your boyfriend in jail for not delivering the message. Because to be honest how could they prove that.
Now you have a couple choices. You could go to a credit counseling service who can help negotiate on your behalf. Sometimes they can get the interest down which will lower your monthly payments. Make payments on the debt. Or you can file bankruptcy on the debt. Those are your choices.
IMO if they were really going to sue you for the debt they would have done so by now.
2006-08-24 09:50:54 · answer #3 · answered by butterflykisses427 5 · 1⤊ 0⤋
Ok, the debt collector can not threaten your boyfriend or you at all with jail time.
Get the address of the bank, send them a cease and disist letter. Telling them that you do not want to receive any more phone calls, and for them to only contact you via mail on any and all future matters.
Make sure that you do not state that this debt is yours, and contact a lawyer. You are very close to the statute of limitation, and the lawyer can help you so you do not have to pay the past dept.
good luck.
2006-08-24 15:49:38 · answer #4 · answered by Angela S 2 · 1⤊ 0⤋
They will not be sueing you and the stuff about your boyfriend is total bs and a scare tactic. They will however report you to all the major credit bureas and kill you credit rating for a long time....you should call capital one and negotiate a monthly payoff plan of like 50 bucks a month for 2 or 3 years...they will do it rather than not get paid.......you will benefit by someday being able to get credit again.....don't be a stiff....you borrowed the $$ you should pay it back and not make excuses....otherwise you are just a thief.
2006-08-24 09:49:39 · answer #5 · answered by Anonymous · 1⤊ 0⤋
"The statute of limitations for a debt or obligation may be tolled by either an unconditional promise to pay the debt or an acknowledgment of the debt. The time limitation on bringing a lawsuit to enforce payment of the debt is suspended until the time for payment established under the promise or acknowledgment has arrived. Upon that due date, the period of limitations will start again. " This was copied from:
http://www.answers.com/topic/statute-of-limitations
It is best to seek legal advice on the subject of credit debt, "us" do gooders in Yahoo answers may lead you the wrong way.
2006-08-24 10:02:31 · answer #6 · answered by 'stavo 2 · 1⤊ 0⤋
I would suggest you pay the money you owe.
I understand and appreciate the psychological impact of the situation: Your debt is a problem for you, and has given you a negative psychological impact for a long time. As a result, this debt is something you are not willing to confront, and thus you try to avoid your creditors instead of talking to them and come to an agreement of how to pay back.
The creditors know this. They are professionals. They've seen it happen to lots of people. They are not evil, but they want their money back. If you talk to them, and manage to convince them that you are willing to pay, and able to pay, they can arrange for a deal where you pay them a monthly amount. If you keep avoiding them, they will eventually have no other choice than to go to court, and you loose. Either way, they'll get their money.
2006-08-24 10:02:22 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Just arrange for a settlement and pay it, believe me you'll be so mad when your credit score starts slowing down those goals to get a new car, buy a home, get a new job since now they even look at that. Save yourself time and trouble.
2006-08-24 09:46:35 · answer #8 · answered by sweety 1 · 0⤊ 1⤋
I think there might be a statute of limitations of 7 years but check with a legal person. They can sue anytime they want.
2006-08-24 09:53:11 · answer #9 · answered by Gone fishin' 7 · 0⤊ 1⤋
Simple answer: Be responsible and pay it.
If it means getting a 2nd job, do it. Cut your spending to a bare minimum. Don't be a deadbeat like so many women who depend on men.
2006-08-24 09:46:21 · answer #10 · answered by James S 3 · 0⤊ 2⤋