What can I expect to happen and what should I do?
Date: Sat, 12/30/2006 - 09:00
I have credit card debts that were sold to collection agencies. The amount of debt has risen way beyond the original amount due to penalties, high interest rates, etc. All of the debt was incurred between 1996 and 2000. I own property and have a significant mortgage. I recently received a brochure from Credigy about their "Privacy Notice". What can I expect to happen and what should I do? Thanks.
Welcome to the Community :D First, have a look at this link at
Welcome to the Community :D First, have a look at this link at http://www.fair-debt-collection.com/SOL-by-State.html#T find out if your debt is out of the Statutes of Limitations. You can send debt validation letters to your CA and have them validate the debt. If they are out of the SOL period, and you make a payment, it starts the clock back up again, so make sure. If you have any questions, please ask. A debt counselor will contact you soon and explain what options you may have .Keep us posted!..Karen
Hi Karen. Thanks so much for responding. Here is what I found
Hi Karen. Thanks so much for responding.
Here is what I found on the website you gave me:
Generally all civil actions must be commenced within 6 years after the cause of action accrues. (14 M.R.S.A. 752)
The primary exception is for liabilities under seal, promissory notes signed in the presence of an attesting witness, or on the bills, notes or other evidences of debt issued by a bank, in which case, the limitation is twenty (20) years after the cause of action accrues. (14 M.R.S.A. 751)
Judgments are presumed paid after twenty (20) years. (14 M.R.S.A. 864)
I'm not sure when "cause of action accrues" is in my case. It seems that I will need to talk with the councelors and probably a lawyer.
Also - I want to see what is out there on me. In other words what the credit reports are saying about me. What reports should I pay for?
By the way, I love the pic of the cat and the lime-helmet. :-)
Itzy - Everyone gets a free copy of their credit report from eac
Itzy - Everyone gets a free copy of their credit report from each of the three agencies once a year. Just go to www.annualcreditreport.com. Do NOT use freecreditreport.com. They charge, so it's not really free. The web site I gave you is a good one. The only draw back is that it doesn't give you your FICO scores.
