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 Posted: Thu Apr 24, 2008 8:24 pm Subject: Letter from a law office. |
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My boyfriend just received a letter from a law office saying that he owes an old credit card some money. This apparently happened about 10 years ago and he hasn't received anything about it in the past 6ish years. We have worked very hard to bring him out of debt (or so we thought). He's been paying off his credit cards in full for a year now... $0 balance on them. All of sudden, this letter comes in saying he owes $2100 from an old credit card from when he was 20 years old (he's 30 now). He had totally forgotten about this since they haven't tried contacting him since his early 20s. This is fine, but we're not sure what the best thing to do is. We would like to have this deleted from his credit history. Is this possible if we agree to pay the amount quickly (like a few months) and have it gone? We checked his credit report and there was nothing on there regarding this...
I have excellent credit and I know nothing about this stuff.
If this cannot be deleted from his report, what other steps can he take to repair his credit quickly?
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cochy115
Joined: 24 Apr 2008
Posts: 5
Debtcc Points: 95
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| Posted: Thu Apr 24, 2008 8:31 pm Subject: Check Statue of Limitations |
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I am no expert, and there will be others that will be able to address your issue, but one thing I would check on would be the statute of Limitations on debt collections in your state . If it is over 8 yrs. old, he may not have to pay on it
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meircats
Joined: 07 Apr 2008
Posts: 53
Debtcc Points: 965
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| Posted: Thu Apr 24, 2008 8:45 pm Subject: |
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I definetly would dispute this..this has to be past the statute of limitations, what state do you live in someone from here should be able to check that for you if you are unsure how to go about doing it.
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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| Posted: Thu Apr 24, 2008 9:10 pm Subject: |
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We live in Iowa. My boyfriend used to live in California at the time this account was opened.
Here is another issue. He sent them $200.00 in a check. Will this reactivate the account on his credit report? That was the wrong thing to do.
Tomorrow he's contacting a lawyer... I hope it won't be too expensive. Ugh.
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cochy115
Joined: 24 Apr 2008
Posts: 5
Debtcc Points: 95
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| Posted: Thu Apr 24, 2008 9:26 pm Subject: |
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Yes I believe it will reactivate it, that is a good question to ask that attorney...I think that restarts the statute of limitations.
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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| Posted: Thu Apr 24, 2008 9:38 pm Subject: |
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One thing I have been finding out is that these law firms have no power to report to the credit folks. They are not the actual credit card company or even a collections agency. Not sure if this is the case.
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cochy115
Joined: 24 Apr 2008
Posts: 5
Debtcc Points: 95
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| Posted: Fri May 02, 2008 12:57 am Subject: |
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If he made even a $2 payment, it resets the SOL, so I'd say he is now stuck paying the full amount. The law firm probably bought his debt for $20 from a broker, and now they will make a profit of 10,000% on that investment. Don't ya just love lawyers???!
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