Does the clock start over on the statue of limitations for the debt or does the original date stay with the debt?
2007-08-20 10:55:30 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Studly is correct and never listen to an ex-collector. Their employers feed them so much bad information that the rest of their lives they can never seem to be right about anything.
The tactic of the creditor possibly implicating to you that this so called account is going to re-age and start over is false. However here is the catch.... Studly commented on this topic a few days ago so i am sure you can find the thread..... common practice is for the collection agency to pay a $1.00 payment to your account for you in order to stretch the SOL. If this is done its very hard to prove and you may wind up being sued if the debt is now valid after their payment on your account. Once again Studly wrote a short thesis the other day about this if you look back.
Years ago one of my kids ran up a cell phone bill and during hard times I could not pay this 2,000 bill. It to collections and they did the $1.00 scam to the wrong guy. Being a debt negotiator I saw what they did and sued. Not only did they clear my account but they were forced to pay $1,925.00 for the violations. Me $1,925.00 them - $3,925.00.
2007-08-20 12:58:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
When I worked at a collection agency, we were told that the 7 years starts over with every contact. When you apply for a mortgage, you will be required to prove that you paid the debt. You can dispute the debt and the collecting company will have to prove that the debt is valid. It is better to try to get rid of the debt now and let your credit score have a chance to recover than to wait until you are ready to buy a house.
I know that you did not mention this specifically, but if there are two people on the debt, both persons are 100% responsible for the money. In other words, if the collection agency can find only you, they can collect all of the debt from you.
2007-08-20 11:08:23 · answer #2 · answered by Ma Dukes 3 · 0⤊ 2⤋
roxledford is wrong. Not for fault Rox....but collection agencies tend to teach their collectors what they want to teach...even if they know it's wrong.
The Statute of Limitations begins from the date of the last charge or payment to an account. Making any contact to the debtor does not reset it at all. Take the time and look up your state statutes on this if ;you don't believe me. Not from the last transaction. NOT from the write off date. And sending them to another collection agency does NOT reset it either.
All of those practices are called "re-aging" the debt, and are illegal. If caught, you can sue them for $1000 for a Fair Credit Reporting Act violation.
Been there...done that...
Also, Queen is wrong. Credit reporting period is 7 years, beginning from the date of the discrepency.
2007-08-20 11:58:40 · answer #3 · answered by Anonymous · 3⤊ 1⤋
Accounts are not really "sold" to collection agencies.
They are written off the books of the credit card company and if the collection agency collects the money they get a percentage of the total amount.
The time it will stay on your credit history is seven years from the date it was written off or turned over to the collection agency.
2007-08-20 11:02:47 · answer #4 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 3⤋
No the only thing that restarts that SOL is by making a payment on the debt.
Remember that the SOL only says how long a creditor has to sue...they can make collections efforst until the day you die and after depending on how much you owe.
2007-08-20 11:00:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
sure they could sell the debt to who ever they choose. Disputing the account shouldn't do any stable. First you have an benefit by ability of having it listed two times. call the two sequence companies and attempt to get them to settle the account. in the event that they don't choose tell them the different sequence additionally has it listed and is offering you a million/2 the fee. opportunities are high they are going to counter a miles better supply. One you have your paid in finished receipt then despatched that to the different employer and that they by ability of regulation could desire to eliminate it from the credit bureaus
2016-10-16 06:36:39 · answer #6 · answered by ? 4 · 0⤊ 0⤋
the clocks starts the first time you became delinquent.Not when the collection agencie bought it.
2007-08-20 11:05:09 · answer #7 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 0⤋
If you combine the second and fourth answers you have the complete correct answer.
2007-08-20 11:17:08 · answer #8 · answered by ? 7 · 1⤊ 0⤋
i don't know. i think it stays the same
2007-08-20 11:00:37 · answer #9 · answered by shelleighgirl 3 · 0⤊ 2⤋