2007-04-20 13:49:52 · 9 answers · asked by anonymoususer987876 3 in Business & Finance ➔ Credit
I was told many years ago, 30 or so, to never pay a collection agency. I have never paid a collection agency and never will. I deal with the person or company that I incurred the debt with.
If some one calls and wants money I ask them if they are a collection agency and if they say yes I tell them I don't deal with collection agencies and hang up. I have told them to send me a bill, which they never do. With all the scam going on these days you don't know who they are and they can get info from credit reports and this also goes for any one that says they are from So and So looking for a donation, they have you credit card number and you are in the poor house.
2007-04-20 14:02:19 · answer #1 · answered by John P 6 · 1⤊ 2⤋
Normally they will do "hard" collecting for up to 3 years. After that they will try to collect on it if they think it collectible ei: already doing a payment plan. Otherwise they too will find it uncollectable and possibly sell the debt again to another collection agency and the process would start all over.
2007-04-20 15:05:52 · answer #2 · answered by Amanda 2 · 0⤊ 0⤋
Depends on your state of residence.
The Federal Trade Commission (FTC) refers to old debts that are beyond the point at which a creditor or debt collector can sue you to collect as Time barred debts.
The window during which a collector cannot sue you is also referred to as the statute of limitation period and is usually between 3 to 10 years after the day of the debt or the last activity date on the account.
To determine the last activity date look at your credit report.
2007-04-20 13:59:55 · answer #3 · answered by vince 1 · 0⤊ 1⤋
They can "try" to collect forever.
If a person is past the collecting SOL, they can continue to try to collect but the cannot "legally" sue - though collection agencies are not usually known for doing things the legal way.
They cannot re-age the debt and report it on a persons credit report past the original obsolescence date. (again, they are not known for doing things the legal way)
If a person is past the collecting SOL and being dunned by a collection agency, it would be in their best interest to send a SOL letter to the collection agency rather than just ignoring it.
That little act could save the hassle of having to answer a summons with a affirmative defense of SOL and having to show up in court to keep a default judgment from being granted.
edit+++++
I was not the one who gave vince the negative mark - mainly because the gist of what he had posted is correct - though the link he had provided is inaccurate in it's listing of states collecting SOL statutes.
For a correct listing, you might click on my profile and click on the link I have listed to find the correct collecting SOL in your state.
2007-04-20 14:08:30 · answer #4 · answered by echo 7 · 0⤊ 0⤋
If the now defunct scientific institution offered your debt to a set enterprise, then the sequence enterprise has a criminal precise to attempt to collect the debt. in addition they have the criminal precise to evaluate interest together as the debt is unpaid. that's the regulation. i don't be attentive to how long it is been on the grounds which you incurred this debt, yet while the scientific institution is not in employer, who is going to record the declare now consisting of your coverage company? you're able to desire to have observed up in this once you first knew the bill develop into not paid. waiting this long could forestall you from any supplies the coverage company could otherwise have presented. If the sequence enterprise offered a valid debt, then the credit reporting enterprise will not do away with it out of your credit record no count what you do till you may artwork out an contract with the sequence enterprise to do away with it in attention of paying the debt. in case you do this, confirm to get the contract in writing because of the fact sequence agencies are familiar to tell a debtor any lie they are able to to get their money.
2016-11-26 01:28:16 · answer #5 · answered by ? 4 · 0⤊ 0⤋
For as long as they think you might pay. Court judgments are usually limited to ten years but can sometimes be extended. There are statutes of limitations on filing suit for collection of debt that vary somewhat from jurisdiction to jurisdiction and may be affected by contractual terms. Most negative items must be removed from a Credit Report after seven years.
2007-04-20 13:59:34 · answer #6 · answered by wcslaw1 2 · 0⤊ 0⤋
You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org
I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!
2014-09-12 00:49:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋
it depends on the delay etc......indefinately until you get proactive by hiring a credit repair service to challenge all derogatory info on report cheap and delete much based on creditors failure to verify debt within prescribed time period
2007-04-20 13:55:10 · answer #8 · answered by destinednodoubt 1 · 0⤊ 1⤋
Keep in mind that they can also sue the person and it would cost them a lot more.
2007-04-20 13:59:15 · answer #9 · answered by mom of a boy and girl 5 · 0⤊ 0⤋