Original Creditors

It was likely never "sold" to a CA, rather assigned. If the OC is contacting you, they still own the debt and are looking for payment. Do you owe the debt? Are you disputing the amount they say you owe? Have you tried to settle for a lesser amount? SOL in Iowa is 5 years from date of last activity.

I at the time when it went into default tried to work with them and then they no longer have the account. Now I get this letter, just a little confused on this after all of this time of trying to get debt validated with the collection agency.

The creditor was probably not happy with the lack of production on the account and pulled it back from the CA. After this amount of time, you can probably get a pretty good deal on a settlement.

Thank you for the information. Can they still collect even after the SOL?

I believe that the SOL only removes any chance for civil suit.

Correct. They cannot litigate after SOL has expired but they can still try to collect. Are you disputing that you owe it? It may be right around the time SOL is about to expire. When was the date of your missed payment / last payment?

Back in early 2004.

So are you disputing the amount? Technically, it's likely past SOL but, if you owe it, you should pay it.

Agree, just seeking confirmation how this works. Thank you.