A collection co. keeps calling me on an acct. over 10 yrs old, what can I do to stop the calls?

Question

I bought a car back in 95 and it was repo'ed later that year and marked on my credit as a paid profit and lost. Calvary Portfolio bought the account and has been harrassing me since then. 12 years! and they are still messing up my credit. I thought after 7 years it came off your credit but they still call me and report late payment on my credit beaural. What can I do?

Answer 1

You need to pay whatever balance remains on the account...usually this is the balance after auction of your repo'ed vehicle. These things never go away on their own. I suggest contacting the collections company and getting copies of all three of your credit reports, and talking to a credit counselor to see what needs to be done to fix it. It might involve paying...but I suppose you wouldn't be in this mess if you had done that in the first place.

Answer 2

NEVER ADMIT TO THE DEBT!

There is a statute of limitations on debt. Typically 3 to 5 years depending on your state. Their goal is to get you to admit that you owe them money. If you do, the statute of limitations starts fresh.

Also, look up the "Fair debt collection practices act". If the collection agency is not following the rules, seek assistance from an attorney under the FDCA and sue them. (This is especially true if you are called by a creditor that is not giving you the mini-miranda)

If you are smart, do your homework, and put in a little effort, you can turn the tables on them....

Answer 3

Next time they call, tell them you are recording this call

Next ask them what the date of last activity is on the account, after they give you that then say that the statute of limitations has expired, you have no legal right to collect on this debt and that if they don't stop calling you are going to file a lawsuit under FRCA for $1,000 for each and every call they make to you after this and for any attempt they make to collect on this debt. I would also tell them that you are filing a complaint with the attorney general of your state.

Answer 4

File a complaint with the credit breaus and explain the problems and how it was resolved.
You can tell them to stop calling you and never call again. They have to stop by law.

Answer 5

Tell them that the statute of limitations has run out, and there is nothing they can do about it. Then tell them yes you can keep calling me, we might actually become friends, I might send you a Christmas card, but you will never see any money out of me.

Answer 6

You can always settle for what you owe.