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sidney

my spouse rec'd mail from collection agency about a debt. since we both did not know anything about it, he asked me to call the collection agency. found out that they're collecting a deficiency on a car that was repossesed in 1999. collectors also sent us proof of the debt. according to the credit report, the debt was written off in 2000. we don't know anything about statue of limitations. does this mean that we still have to pay this old debt? he had this debt long before we met. we recently just got married and i'm afraid of how it's going to affect our credit. it's giving me nightmares. any advice will be helpful. we live in FLoroda.

Posted: Wed May 31, 2006 8:58 pm Subject:

Hi Sidney, welcome to this forum. Sign up as a member on this site (it's free) and a debt counselor will give you a call. When they do you can ask some questions about your situation. In the meantime, some of our members might have an answer about this old debt. It's not really my area of expertise.

Posted: Thu Jun 01, 2006 2:45 am Subject:

Posted: Thu Jun 01, 2006 12:12 pm Subject:

Hi Sidney

The account became an unsecured debt after the car got repossessed. At present, you are not liable to pay this unsecured debt because it is past the SOL period. Check the date of last activity when you paid on this account. The SOL period will begin from that period. If you have not done any payment within this period, you can legally refuse to pay anything further.

Be aware that if you make any payment or commitment, the SOL will be renewed and you will come under legal obligation to pay the account. The collectors will insist you to make a small payment for renewing the SOL.

Check the date of first delinquency of this account. The date of reporting will begin from that period and it stays for seven years in your file. Perhaps, this negative marking is likely to get removed within the next year. If it's not removed automatically, dispute with the bureau and request them to update your file.

Be very tactful while dealing with the collection agencies. Do not get intimidated. Be aware of your legal consumer rights mentioned in the FDCPA Once you are sure about the expiry of the SOL, send a letter to the company notifying it. The letter will serve as a record that you have taken care of this matter. Send the letter through certified mail with return receipt requested.

Posted: Thu Jun 01, 2006 12:17 pm Subject: ABC Collection Agency - American

Anybody heard of ABC collection agency - I think they represent Pay Check Now - I sent them a letter and they have not sent anything back for validation - I am still waiting

Posted: Thu Jun 01, 2006 1:28 pm Subject:

If they don't respond with validation you can dispute it with the CRA's where it shows up as well. If they can't validate the debt it has to be removed and they cannot collect.

sidney · Posted: Sat Jun 03, 2006 11:28 am Subject:

thanks much to everyone who replied!!!!

J. · Posted: Sat Jun 03, 2006 9:26 pm Subject: Statute of Limitations

Please see the following link from bankrate.com
I found it on budhibbs.com and he has a consumer hotline as well
here is the link:

Florida has limitation of 5 for written contracts, 4 for oral contracts, and 5 for promissary notes/

Bud Hibbs' website has an excellent article in the news section. Try this link and scroll down to the article about old debts:

Link deleted as per forum rules - Mike

sidney · Posted: Thu Jun 29, 2006 5:29 pm Subject: proof

thanks john for your reply. the date of last activity on the acct was is 1999, & it's been on his credit report since then.
question: what should the "verification" or "proof of debt" from the collection agency include?
the only thing they sent us was a copy of the contract (which somehow looks fishy). we know that the car was resold (we don't know by how much $$) by the creditor after it got repo'd, because when my spouse asked to buy it back, he was told it was "too Late". he was never really given any other info after that. it took a while for the CA to send us the copy of the contract so we don't know what else to expect.

Posted: Thu Jun 29, 2006 5:46 pm Subject:

The date of last activity is 1999. This surely proves the debt to be out of the SOL period. At this stage, it should not appear in your credit file also. Dispute with the CRA and get the item removed from your file. Don't make any payment agreement to the CA otherwise they might record your statement and hold it against you.

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