LImitations,interest and what to do next, etc
Date: Thu, 11/12/2009 - 07:18
A series of questions based on the following assumption:
assume that limitations ran 10-1-05 in a 4 year state.
What is the proper procedure now?
1. send debt validation
2. send cease and decist.
3. do what w the CB & collector now?
4. What else can you do?
It gets reported but when can they stop reporting new interest and what about limitations on the past years that have expired?
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How can they continue to accrue interest on an account that has past limitations?
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What is their duty to accurately report past due amounts past limitations?
How do you handle that in a non litigation manner?
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what is the effect of having a debtor take a tax deduction on your debt?
I dont think it matters as the debt could still be valid and collectable if w/n limitations.
Thank you all in advance.
assume that limitations ran 10-1-05 in a 4 year state.
What is the proper procedure now?
1. send debt validation
2. send cease and decist.
3. do what w the CB & collector now?
4. What else can you do?
It gets reported but when can they stop reporting new interest and what about limitations on the past years that have expired?
--
How can they continue to accrue interest on an account that has past limitations?
--
What is their duty to accurately report past due amounts past limitations?
How do you handle that in a non litigation manner?
---------------
what is the effect of having a debtor take a tax deduction on your debt?
I dont think it matters as the debt could still be valid and collectable if w/n limitations.
Thank you all in advance.
If SOL expired in 2005 then federal reporting period has expired
If SOL expired in 2005 then federal reporting period has expired as well. I'd send them a FOAD letter. If SOL started running in 2005 and expired in 2009, then you still have 3.5 years of reporting time left. In that case, you can either DV, FOAD or settle to try and get it off your reports.
As far as accruing interest, it will continue to accrue until paid. SOL has nothing to do with it.
