When my 7 years came around, three negative items have been removed from my credit report. The debtors are still trying to contact me for payment. What are my rights? Should I still pay?
2007-07-14 07:34:22 · 6 answers · asked by prettyredgal 1 in Business & Finance ➔ Credit
no they can not ask for money after the statute of limitation has passed.
2007-07-14 07:57:08 · answer #1 · answered by Gengis 6 · 0⤊ 0⤋
Ace is barely right.....
You have two timeframes to deal with.
The credit reporting time is 7 years, from the date of the DELINQUENCY, not last activy.. At that time any negative items must be deleted from your report.
The Statute of Limitations is the LEGAL time a creditor has to file a lawsuit to collect the debt. Each state is diferant, but averages around 6 years. They can still file a lawsuit, but all you have to do is point out the SOL has expired and the suit gets dropped immediately.
The problem is that the collection agents can still contact you and harass you. They are counting on the fact that you do not understand the above rights, and they will threaten and harrass you into paying. All you have to do is send them a "cease and desist" letter which basically say don't call or right me ever again. If they do, then you have a very easy small claims suit that you will win $1000 with.
Once collection agencies find you you understand your rights you will be amazed at how fast they send the debt back to the creditor, or pass it off to another collection agency.
Learn your rights, read the Fair Debt Collections Act and the Fair Credit Reporting Act.
2007-07-15 19:50:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Items stay on your credit report for 7 years after the date of last activity. They can contact you forever but once the statute expires they can take no legal action against you. If the sell your account to another collection agency the 7 years DOES NOT restart ( Acer you got it wrong ). However if you affirm the debt, make a payment then they can start the statute all over again.
2007-07-14 16:49:51 · answer #3 · answered by Mark K 2 · 1⤊ 0⤋
Hehehe.....another incorrect myth out there. A creditor can attempt to collect a debt until the day you die. The statute of limitations ONLY means they cannot seek legal redress to effect collection (judgment).
If you do not pay, chances are good that these creditors will sell your debt to a collection agency for pennies on the dollar. Once that happens, your seven year love affair starts ALL over again, as if it were day one.
2007-07-14 15:39:15 · answer #4 · answered by acermill 7 · 1⤊ 2⤋
In Australia the staute of limitations is 7 years. If they haven't recovered it within that type they must write it off as no court will take action against you.
2007-07-15 08:52:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
was it discharged in bankruptcy? If so then its NOT legal (and they know this) if not then better seek a qualified eggplant (attorney) to discuss it further.
2007-07-14 14:38:48 · answer #6 · answered by Anonymous · 1⤊ 0⤋