18 years (1988) ago my ex partner and I took out a mortage and at the time we need a little extra and took a top up mortage as well. Unfortanatley we did not last the course of time and split up. The mortage company repossed the house and I believe sold it. All my old debts I thought had been cleared and I have manage over the last 15 years to build up a good credit rating and my life has changed now by having a new partner and two children. But now in the last few weeks a company has writtern to me saying that they have purchased an old debt, the top up mortage and are requesting me to pay it off. A couple of things, can they still chase me for a old debt after all this time (18 years) without any contact, do I have to pay them, is my ex partner liable for this debt as it was in joint names and what happens if I cannot afford to pay them off. To me, my children and new partner come first, would I have to declare myself bankruprt and I so what would happen to my debt and credit rating.
2007-01-04 00:15:56 · 11 answers · asked by robertk 2 in Business & Finance ➔ Personal Finance
it actually depends on the nature of the contract, but most commonly held consumer debt must be charged off after 7 or now 10 years, with a few exceptions. I suggest you consult someone at your current bank and ask the mortgage broker to assist you.
2007-01-04 00:19:15 · answer #1 · answered by Jason W-S 4 · 2⤊ 0⤋
what happens is that do not answer their calls. If you trust your wife put everything in her name. One day a sheriff might come up with a subpeona or notice to say that you are being sued. Happened to me now. Anyhow, after the court decision if you do not show up, then if you try to sell something for example your house, somehow, you can not sell it because they have a lien until you pay the company. It is something like this. You might call the city hall and they should be able to tell you what could be put in lien. Now i do not know if there is a time limit though. I would change your phone number and get it unlisted. I know mortgage companies sell off the house and use that money to pay off your debt. So I guess after they sold it you still had a debt. Also, you have to watch it for the unscruptulous companies. You will have to research and see what your house was sold for and how much was your debt. My credit card company has a debt collector and the credit card company FORGOT somehow to show $1000 of payments made thru my bank. So go and research the house and what it was sold for. As for how long they can collect, I am guess it depends on your state laws, I really dont know. And WATCH FOR THE SCAM, as they may want to collect info to clean out your bank account or identity fraud. Tell them nothing. Check with your Better Business Bureau for that company in their state.
2007-01-04 00:28:55 · answer #2 · answered by Big C 6 · 0⤊ 0⤋
It varies according to each states statue of limitations. Some states state they cannot go after you in court after 3 years while others are higher. Most how ever max out at the 7 years. Once it is no longer reportable on your credit reports you cannot be sued. If you make any payment to either the original creditor or the collections agency it starts the clock again. Making an agreement either over the phone or in writing will do this also. Basically if you have not intention on paying the debt just simply ignore them. If they do not sue you then if will go away. How ever if they sue you and win they will have a judgment which will allow them to be able to garnish your wages, band accounts, etc. it can also be renewed indefinitely and can actually be paid out of your estate when you die.
2016-05-23 02:13:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
if the mortgage company foreclosed on the house and sold it then any debt you had asscociated with that mortgage is gone. A foreclosure is devastating to your credit report. But, this almost sounds like a scam to me. If they have a telephone number I would call them and not give them any details on that old account. Find out what they know. Typically scammers only know enough to get you worried about something and count on you to just hand over your vital information to really clean you out. If after having a foreclosure and that much time has gone by and you have built up your credit score then I would just tell these people to F off.
2007-01-04 00:21:41 · answer #4 · answered by Anonymous · 1⤊ 0⤋
They can chase you forever. The important part are you still legally required to pay it? In most cases you aren't but it won't stop them from calling.
Find out if your legally required to pay them. That will require either a lawyer in your state or a good financial consultant. If do have to pay them, then your screwed. You most likely don't have to pay them. In that case send them a copy of the Federal Fair Debt Collection Act along with a letter stating your not responsible for the debt and that they can't call more than once a month. Use certified mail so you have proof they got it. If they violate the collections act or your written instructions, then you can sue them!
Good luck, collector are scum.
2007-01-04 01:29:13 · answer #5 · answered by Sun and Sand 3 · 0⤊ 0⤋
These debt collection agencies will try and do anything, to get money, lie cheat and probably steal. They will call you and tell you any thing,, they can garnish your wages- wrong. They can do NOTHING without taking you to court. Nothing,, besides call you and be funny on the phone. Start to worry IF they take you to court,, which they can't, as the debt is too old. 7 years I think is the limit. The courts also have statutes of limitations that debt is way to old for them to collect on. If they call again,, just hang up,, don't talk to them or anything. Even if they do win in court,, which thy would have to have a case to do first,, the judge sets the repayment terms which work around your budget. bottom line,, you win this one.
2007-01-04 00:23:56 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Bankruptcy is a LAST resourt. I always thought after 7 years, they perge debts and take a loss. Afterall they can claim it on their taxes as a business. However it is coming up to tax season and they maybe trying to clean otu some old records. Yes, your old partner should be also, responsible for it. I'm sure if she is reachable they have contacted her too. Try and contact a Bankruptcy lawyer for these questions they would know the laws in your area, before even responding to the debt collectors.
2007-01-04 00:21:16 · answer #7 · answered by Anonymous · 1⤊ 0⤋
First question is, what state was the mortgage in? Can't know the statute of limitations without knowing what state law to check.
Observation: There are a bunch of bottomfeeders out there that will buy old debt for fractions of its worth, then try and intimidate people into paying. DO NOT make any promises that you'll pay; that can reobligate you even after a statute of limitations passes.
Please add the state of mortgage to your question.
2007-01-04 00:20:09 · answer #8 · answered by Anonymous · 2⤊ 0⤋
In Australia, there is a limit to how long they can chase you, however if they reapply they can keep it going forever. Just avoid them and they will give up as it will cost too much, put all your assets in someone elses name. Its probably some company that has bought a whole heap of old debts and you are in that group. I had a friend who went bankrupt all the time but drove fancy cars etc by putting stuff in other peoples names.
2007-01-04 00:21:11 · answer #9 · answered by ByeBuyamericanPi 4 · 1⤊ 0⤋
That sucks. There are loop holes. I just do not know what they are. I wouldn't give them any notice that I recieved anything from them until I figured out what those loopholes are. Sit tight and do some research. Or leave the country. Spain is nice.
But really your should get a lawyer. Best Wishes!
2007-01-04 00:36:22 · answer #10 · answered by Kogetsu 3 · 0⤊ 0⤋