Well, I have to get a point in here. LVNV bought my Sears debt, which was opened in 1984 an has had no charges for 15+ years. We stupidly made payments all those years up until our last payment was 12/05-LVNV got it in January. By my calculations, I figure we have paid on that debt in the neighborhood of 13,000.00+ on a 780.00 credit limit. Now the bottom feeders want over 3 thousand dollars. Do I have a moral obligation to them-I don't know. I tried, before coming to this site, to pay them payments, and a year and a half later,when they could have had payments, we are still going around and around. I feel my debt to Sears and any others have more than been paid-in fact I think they owe me about 10,000.

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As long as you are alive, there's always hope

FYI I understand your point, but it seems to me that there's a bit of a moral breakdown when it comes to debt purchasers. Is it moral for them to puchase a, say, $2000 debt for perhaps $10 or less and then try to extort the full amount from the consumer? The same with PDLs. The mafia have been doing what these two entities are doing for years. Only difference is that when organized crime does it, it's called loansharking and extortion.

Bossy, I'd say you are being robbed.

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He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949)

The science is in knowing, the art is in perceiving - Robert Fripp (1946-)

Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)

Maybe I could purchase my own debt for $10? They it would be paid? Maybe the collector will put a note on the file stating I will buy the debt when they are ready to sell it. That would be cool

Then I could pay myself and feel good about it.

You know, that's an interesting take on this, guest! That is really food for thought.....

There is nothing moral or inmoral about purchasing a debt from another company. It's buisness. It's not personal.

I'll go back to the Chase and Citi Bank thing. Citi Bank will be aquiring your credit contract for less than what you actualy owe on it. It doesn't mean you don't owe the full amount if it is called due. You intrest rates usualy change, late fee's are different in some cases. The whole user agreement could change. But you still owe it.

No offense FYI, I understand your point. But, to my liking it still amounts to organized crime. 1st, a contractual obligation must be proved to the debt buyer, 2nd, morally speaking, yes the debt in full might be owed to the original creditor, but not to some second entity only seeking to enrich themselves. And what about so many of those junk debt buyers who are nowadays trying to collect on debt on which the SOL has long ago run? Capitalism run amuk?

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He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949)

The science is in knowing, the art is in perceiving - Robert Fripp (1946-)

Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)

I can understand your point and the point of others but I am still of mind that a debt is a debt until it is paid. Reguardless if the SOL is still in play or not.

Now I don't think that making payment arrangements on something that is out of the SoL a smart move. You should be able to pay it off or settle it off within 3 months. But that is another debate.

Texas thanks for the info I had no idea this was the case. Where can I find out information about SOL in my state of Florida.

Question...how long is the statute of limitation?

The SoL varies in each state.

I still hold my same opinion unpopular as it is. Creditors and the sort should be treated as a business relationship. When you allow feelings to get in the way of sound business practices,you will get hurt!

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Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.