Can debt collectors try to collect on old accounts?
Date: Sat, 01/27/2007 - 10:16
Back in 1992, I co-signed (still in college) on a Citibank Visa with my sister being the primary account holder in the State of Texas. The credit line on that account was $1,500.00 and ofcourse she used it all up with my approval under the condition that she would make all monthly payments in a timely manner. I left out of state (now reside in the State of Georgia) and assumed everything was paid off.
Just recently I got a debt collector's letter in the mail stating that I am liable for this past due balance which is now $3,372.64 and naturally, I confronted my sister with this letter and she claims that she did infact stopped making payments but failed to inform me of this.
Needless to say, she is willing to make small monthly payments on this account but not for the whole outstanding balance. I too would like to make monthly payments as well to close this account as soon as possible.
What are my options and how much should I pay on this 1992 credit card account?
Thank you so very much for your guidance!
:shock: That is old debt you have there. It is out of statute of
:shock: That is old debt you have there. It is out of statute of limitation for credit bureau reporting and for civil action. Collectors can still collect on it.You may pay if you wish. I would send them a full cease and desist letter stating sol is up and go away!
There is no time limit on collecting debts. There *are* time li
There is no time limit on collecting debts. There *are* time limits on when they can sue you, but as long as the debt exists, they can collect it.
The first thing you need to do is ask them to validate the debt. You need to confirm how much money, if any, is still outstanding before you have any idea of what you need to do. Send them a letter, certified mail, with return receipt requested, asking them to provide you with debt validation as per the fdcpa.
At this point, paying this debt will only open up new can of wor
At this point, paying this debt will only open up new can of worms. This debt should not appear in your credit file unless a payment is done recently.
Confirm with your sister when she did the last payment? There are laws on statutes in every state. After the expiry of SOL, no company can sue you. The SOL gets renewed every time there is some activity on the account. Negative items remain in the credit report for seven years only. If the account remained untouched in the last seven years, you and your sister are safe.
However, the debt still remains valid and if you decide to pay without worrying about the SOL and the reporting time, it will come back in your credit file and will be shown as paid.
