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 Posted: Mon Feb 19, 2007 1:02 pm Subject: What shall I do? |
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An old neighbor passed on a phone number to me from "lawyers" requesting a call back. I called the toll free # from work & gave only my name. The person said they had a account from a store opened in 1995 & last paid on in 1999. I do have a paper at home with an account number from this store; however it is not on my credit report & is probably past the SOL. The man said the account was about $300 & with interest was $500. He also said the account had gone to "3 collectiom agencies" & wanted to set up payments "in case we go to court we can show the account is paid". I said nothing except "I'll consult my own lawyer first". I did not admit to anything over the phone or agree to anything; I did not give any personal info at all. Now what shall I do?
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gundek
Joined: 11 Jan 2007
Posts: 34
Debtcc Points: 999
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| Posted: Mon Feb 19, 2007 1:06 pm Subject: |
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I would check to find out for sure what your SOL is in your state for this type of account. You were right not to admit to anything or do anything to get the ball rolling again until you check to see what your SOL is. If it's past the SOL, I would do nothing. If it's not, then I would set up payment arrangements. Good luck.
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dbaker6
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Joined: 25 Aug 2006
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Debtcc Points: 13841
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| Posted: Mon Feb 19, 2007 1:43 pm Subject: |
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Know the date when you first defaulted on the account. The negative remark stays for seven years in the credit report from that date. If it's not showing in your credit report now, probably it's already gone out of the reporting time. Any payment during this time will renew the SOL and the reporting time. However, if you decide to pay it in full, your credit scores will go up slightly because of the account shown as "paid"
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ricjil
Joined: 04 Nov 2005
Posts: 225
Debtcc Points: 3537
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| Posted: Tue Feb 20, 2007 6:25 am Subject: |
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 Thanks for your replies. The SOL is 6 years in my state so I do not wish to begin all over again. Also, the debt is three times removed from the original creditor by now.
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gundek
Joined: 11 Jan 2007
Posts: 34
Debtcc Points: 999
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