I payed half this bill as a settelment in 1997 I thought it was over with. Some how another collection agency has bought this account and now say I owe $650.They want me to settle for $300 now. Its been 9 yrs and I have great credit, do I have to pay this, will this ruin my credit if I don't ?
2006-10-30 01:17:43 · 10 answers · asked by glenn w 1 in Business & Finance ➔ Credit
Pssssst.....c'mere.....let me tell you a dirty little secret.
Collection agents play this trick. They will offer to settle a debt with you for less then the full amount. But if you don't get this deal in writing, they will eventually pass the remaining balance on to another collection agency. And they will try to collect.
They nabbed you! Lesson learned...never ever trust a collection agent. And ALWAYS get any deals in writing.
The good part is the other answers here are correct. After the SOL runs out, you no longer have a legal obligation to pay them. BUT they still have a legal right to collect the debt! They just can't sue you for it.
My advice to you....read over the link I sent you below. Then send the collection agent a Cease and Desist letter. Once they receive it, they are banned from contacting you again, either by mail or phone. That should put a stop to it.
Ignore them!
2006-10-30 10:15:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most likely, no--- especially if you already settled it once. There is a statute of limitations on debt, which is usually 7 years-- the same amount i can be on your credit report.
If they try and report it as a new account you need to dispute it. HOpefully you have proof of the original debt. A bad mark can only be on your report for seven years from the ORIGINAL DELINGQUENCEY-- so even if they sold it to other companies so it 'looked' new, they cannot report it.
Also, the company probably paid pennies on the dollar for the debt and hope that a few people are dumb enough to pay-- and then they make more than enough money back. Even at $300 I bet they make over $250.
2006-10-30 11:41:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
What kind of bill was it? If it goes to the federal goverment you have to pay it. If it's a credit card bill then you don't have to pay it.
It's been almost 10 years, think?, why are they calling you now? In most states the "statute of limitation" on credit card debts is 6-8 years since the last payment. BUT if you admit to the debt or promise to send money they may be able to extend that deadline.
If they get you to slip up and tell them something then they could still legally collect on the debt. Best advice is to say stop calling or the debt is expired if anything at all.
2006-10-30 09:22:29 · answer #3 · answered by luvfurypassionenergybabe 5 · 0⤊ 0⤋
was this a legal settlement such as bankruptcy? or just an agreement between you and whoever you owed the money to. If there was a lawyer involved tell him what is happening now. If not get in touch with the original company you owed the money to. They would have had to of sold the debt to somebody else since you are getting contacted by somebody different now. If this was done after you settled they may be able to help you. Perhaps yo can get lucky and find out it was sold in error.
Good Luck
2006-10-30 09:29:00 · answer #4 · answered by dialout2000 2 · 0⤊ 0⤋
No u do not have to pay this bill. What is happened and 3rd party has bought the rights to the debt and now they are trying to collecy so they can make hefty commission. No u will not go in the credit bureau, nor does it affect ur credit. I had the same thing happen to me and I spoke with a lawyer and they stated it has been past the 5 year mark. If you are not in the bureau u do not have to pay. They will try to threaten and such, just disregard.
2006-10-30 11:15:03 · answer #5 · answered by Teresa T 1 · 0⤊ 0⤋
check your credit report. if it is on there and its been more then 7 years then no. if its not on there then they can at which time the agency can but it on your credit report and they can bug you for the next 7 years. hope that the company put it on there when the bill wasn't paid back in 97. if they did then tell the agency when it was put there and all the info such as account# that the credit bureau has and to stop calling or you will report them to the BBC for harassment. you can legally do that. i did.
2006-10-30 09:25:28 · answer #6 · answered by kim s 2 · 0⤊ 0⤋
It depends on what proof you have in writing and what state you live in.
There is a new breed of debt collectors called Junk Debt Buyers. They buy debts that are past the statute of limitations and attempt to restart the statute using deceptive practices.Read this article; absolutely amazing: http://www.expert-credit-advice.com/junk_debt.htm
Also the statute varies from state to state, here are the statute of limitations for all states listed in order by type of debt: http://www.expert-credit-advice.com/statute_of_limitations.htm
And if you want to send them running, require them to validate it; use the free credit repair and debt settlement kit here: http://www.expert-credit-advice.com/free_credit_repair.htm
There is a sample debt validation letter, you fill in the blanks, print and mail.
Dont pay the bastards, they are violating federal law and you have rights!!!!
Best of luck my friend.
2006-10-30 09:29:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If u settled with them, I would think that should have been it. But don't just ignore it, u don't wanna take a chance in ruining your great credit.
2006-10-30 09:25:23 · answer #8 · answered by It'sMe23 5 · 0⤊ 0⤋
Tell them to get lost. After 7 years of no activity, it is not a valid debt.
2006-10-30 09:26:10 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I would say you need to talk to them and let them know you already settled this account.
2006-11-03 00:51:38 · answer #10 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋