more than interest
Date: Sat, 04/11/2009 - 10:20
We all know they pay pennies on the dollar for the debt, is this legal?
I'm in the process of trying to restructure his debts and repair his credit. HELP!!!
Is there a cap on amount and when restructuring should I ask for the assignmentvalidation papers. How do you go about enforcing the SOL on debts?
When a junk debt buyer buys a portfolio from a creditor, they ar
When a junk debt buyer buys a portfolio from a creditor, they are also purchasing the right to continue to add interest to the account if the original agreeement allowed for it. Legal- yes. Right -no. There is no max interest that can accrue.
As far as "enforcing SOL", SOL varies from state to state. Are you in WI? If so, that is a good thing because not only is there a SOL there is also a Statute of Repose which extinguishes the debt upon expiration of SOL. If you are at the 5 year mark, you're getting close. WI SOL is 6 years.
Light is drawing nearer
Thanks Nascar Devil.
I am glad to see that unfortunately my husband's debt is driving me insane but I found this forum in time because I was going to begin settlement offers with them all ($50,000) even a 60% negotiation that's a new car or college for my son.
Most of his debt is past the SOL for WI but he incurred it in CA which do I use? I think CA is 4 years from what I have read.
Let me guess they will use WI because longer SOL.
My understanding that is if he incurred it in CA, then it would
My understanding that is if he incurred it in CA, then it would go by CA SOL. SOL just means if it's past SOL CA/Collection Lawyers can't sue on it, it will still remain on your credit for the full 7 years. Now, that doesn't necessarily mean that the CA/Collection lawyers won't try and sue for it, just means that you have a better chance of not getting a Judgment.