I had a debt 20 years ago that was not paid and I get a call this current year asking to pay the loan. Now I need to know that after 7 years one is not liable to pay the bill. Then who are these people that calls you up harassing you about an old bill. They will call you and then hang up leaving you the option to call them back. They get smart with you and make you angry. These people say they are a collection agency but could be someone tapping into your credit report and illegal trying to get your money. Who do you report them too and what can I do about this situation?I do not mind paying the bill I just don't know who I am dealing with. The man told me a owned debt is never cleared. Help me out here.
2006-11-14 01:59:24 · 8 answers · asked by JoJoBa 6 in Business & Finance ➔ Credit
Mostly good answers, but let me correct gtofinancial's response.
The Statute of Limitations that everyone talks about is the legal amount of time a creditor has to begin legal actions to collect on a debt. Every state has differant laws on this, but generally this timeframe is 4-6 years on credit card debts, and up to 10 years on contracts.
If you have an old debt that is beyond the Statute of Limitations, and you make a payment of any type on that debt, it "restarts" the clock on the SOL and they can actually sue you for the entire amount. I think this is what gtofinancial is referring to.
By law, the credit reporting agencies can NOT list debts that are older then 7 years from the date of the delinquency. Making a payment on that debt does NOT restart the clock on credit reporting. If he wishes to dispute this, perhaps he could point me out a source for his information, since he is a professional financial person and should probably have access to that. All I have to go by is the actual law.
OK, so what can you do about this guy?
For starters, why on earth would you pay this debt? Twenty years ago that creditor gave you a choice.....pay your debt or they will trash your credit for the next seven years.
So you didn't pay, and they trashed your credit. In my opinion, you paid this debt. Why pay it again?
Read the links below. It describes the Fair Debt Collections Act.
If you send the collection agency a "cease and desist" letter, they must stop all contact with you. The only option they have left is to file a lawsuit against you, but since this debt is beyond the SOL they are simply wasting their money. Once you tell the judge he will immediately dismiss the case.
Why do these guys do it? Because the vast majority of people do not know their rights, and do not know the law. These guys are hoping you are one of them and maybe they can scare you into paying them something.
Read the laws below and get armed.
2006-11-14 05:04:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A debt owed is a debt owed, always. It won't generally show up on your credit report after 10 years or so but it's still a debt. It is entirely possible that the original creditor has sold the account to a collection agency. If you do wish to clear up the debt, you can try to work something out with the credit agency. BUT do it through the mail, not over the phone. Any legitimate collection agency will have no problem doing it that way. If they insist it must all be done over the phone, refuse to speak to them. You may even consider reporting them to your state's attorney general.
2006-11-14 02:12:59 · answer #2 · answered by CarlaCCC 5 · 0⤊ 0⤋
This is common. There are many collection agencies that buy old accounts like these for $.08 a piece as a sales lead for their staff to call and harrass money out of. This currently can not be reported as the debt is beyond 7 years but if you were to initiate a payment plan they could report the payments and it would show up as negative because it is a derragatory account with current activity.
I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
2006-11-14 04:06:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Did you say 20 years ago? Well just so you know that that it isn't illegal for them to call you on that. Credit cards and some other debts (Depending on the Statute of Limitations in your state) they can't ask for payment after a certain amount of time...Mine in Vermont is 6 years. If a Tax lien or something...it could take longer.
You can write them a letter saying that the Statute of limitations for you is ________ (Fill in the blank) and you have NO OBLIGATION t pay them. They can try and collect but by Law you can NOT pay them. If you write them a letter to stop and tell them the statute of limitations and they continue to harrass you, you can sue them!
2006-11-14 02:02:57 · answer #4 · answered by jessigirl00781 5 · 0⤊ 0⤋
While they can't force you to pay the old date, they can keep calling you until you do. They go through old archives of unpaid debts, and if they are able to collect on the debt, they receive a percentage of the money collected; the rest goes to your old creditor.
2006-11-14 02:10:01 · answer #5 · answered by grandm 6 · 0⤊ 1⤋
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2016-09-01 12:19:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Stop bill collection and debt collectors in their tracks! When collection agencies or bill collectors harass you over invalid, inaccurate or outdated debts or debts that are not yours, you have the right to dispute these debts under the FDCPA.
--> http://www.fair-debt-collection.com/Disputing_Collections/stopping-debt-collectors.html
2006-11-14 02:07:40 · answer #7 · answered by DanE 7 · 0⤊ 1⤋
i wish i could...but i cant
2006-11-14 02:33:11 · answer #8 · answered by *STAY ON MY GROWN WOMAN* 2 · 0⤊ 0⤋