enforceability of old debt repayment
Date: Wed, 08/29/2007 - 16:31
During that same year, a bad mark was placed on my credit report and showing the terms of the agreement. As of several years ago it showed another remark that the loan was settled for less than owed. In approximately 2000, it was given to a collection agency. It is no longer on my credit report and I have continued to pay 150.00 a month for the last 8 years to the collection agency. Each time I request a loan pay off amount, I am sent the same letter that shows an ever increasing past due balance with no indication of receving any payments. I have sent the amount that was agreed to and yet I still get calls from them stating to continue paying or they will contact the credit reporting agencies. They have never sent me a copy of the payments received or the orginal debt.
I recently told them that the loan is paid off and that I payed my last payment to them in July. I asked them to send me a copy of the debt purchased by their company. They tell me that they are not a debt collection agency but the actual creditor (name change) however their letters always state "debt collector".
I am confused. I paid them more than 50% of what was originally owed which was the amount they requested that I pay(ex never paid a dime). I have been told by well meaning friends that since it is no longer on my credit report (the orignal mortgage company wrote it off as a bad debt or some similar term) and since it has been so long that it is no longer an enforceable debt.
Must I continue to pay them? Can they put another bad mark on my credit (now back to 787 score) on something that I was already dinged for? What are the time limits on collecting an old debt in California?
Thanks for the help.
P
I am not sure, somone will be along here that knows more than I
I am not sure, somone will be along here that knows more than I do. I don't know anything about california's statue of limitations or mortgages.
Have you searched the statute of limiations for California? I would start there.
Just out of curiosity I pulled up California's sol and I found the following: for written contracts it's 4 years ( I don't know if a real estate contract/mortgage is considered a written contract, could be or not). This is the website I went to: cardreport.com/laws/statute-of-limitations.html.
Read up on that information and someone will come along and help. Just wanted to let you know that we are here for you.
ladybug
So, I am confused! Did they put a mark as settled for less than
So, I am confused! Did they put a mark as settled for less than full balance on your credit report? It sounds like after they did that, they sold it to a collection agency. The reason it isn't on your credit report now, is probably beacuse you have been making payment, if you stop, they will probably hit your report.
Who is this agency, and do you still have all the proof of your payments? I would send them a certified, return receipt letter stating you believe this to be paid in full, and copies of your payments.
If you owe a debt, there is no time limit as to how long they can collect, unless it is out of the SOL, which starts when it becomes deliquent, I believe.
If I have confused you too much, feel free to ask questions..KAren :D
By making payments you are most likely resetting the sol for cou
By making payments you are most likely resetting the sol for court action. This debt can only be reported on reports in accordance with federal law which is 7 years from date of first delinquency. I would send a debt validation letter to them certified mail return receipt.In this letter I would demand a complete pay history on this account.
