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collection account sold

Date: Mon, 03/20/2006 - 17:06

Submitted by anonymous
on Mon, 03/20/2006 - 17:06

Posts: 202330 Credits: [Donate]

Total Replies: 4


PostPosted: Mon Mar 20, 2006 5:02 pm Post subject: collection account sold
It has been six and a half years on a car that was repossed and sold. My husband tried to get it back and pay it off but they had already sold it. Anyways, it has been on his credit report this whole time. He had another debt with Palisades which was paid off about 4 months back. Now palisades bought this charged off collection after all this time.

Does it still come off the credit report after the seven years is up?

Once it is off the credit report do we still need to pay it or is it done?

Thanks for any help


Check the statute of limitations in your state (or the state in which the contract was originally made) - buy a half an hour of a local attorney's time to get some advice on that point - it'd be worth 35 or 50 bucks to get some reasonably certain information before you make a decision.

Here's the big risk: Making a payment or acknowledging the debt in any way can start the clock ticking on the debt all over again, and it sounds to me like it's probably already dead. So, yes, it should come off after 7 years, as long as you don't do anything. but please get some advice from a local attorney on that point and don't talk to the collection agency at all unless and until you know your rights. If the send you a collection letter, deny the debt and demand verification within 30 days in writing.


lrhall41

Submitted by Virginia-Legal-Defense on Tue, 03/21/2006 - 06:34

( Posts: 260 | Credits: )


Virginia LD is right, do NOT make a payment or acknowledge the debt! Some collection agencies are willing to buy older debts like this because they get them for pennies on the dollar! They know that the chances of them collecting are very slim, but it is worth it for them because all they need is a couple of unsuspecting customers to send in a payment or two and they make a profit on these debts.


lrhall41

Submitted by dmj210 on Tue, 03/21/2006 - 08:40

( Posts: 123 | Credits: )


Definitely speak with your lawyer. Its like a catch-22. You don't want to get sued so you panic and make a move but making a move, the least little move will start the clock all over again. so you have to decide if you want to sit and wait for it to fall off or do you panic and do something that will start the clock all over again. I am in this same boat with an account of mine. Its no where near SOL yet though---but collection agency won't validate after three letters. I almost want to say hey, lets get payments started cause I'm afraid of getting sued but then again, since they haven't produced validation, they might not have a leg to stand on. The debt is mine.
Virgina, what is your take on the collection agency OXFORD management services?? heard anything about them one way or the other? thanks, shirley


lrhall41

Submitted by imkimssister on Tue, 03/21/2006 - 09:39

( Posts: 1301 | Credits: )


I, personally know nothing about them other than what I found on the NYS Department of State Division of Corporations Entity Information website:

--------------------------------------------------------------------------------

Selected Entity Name: OXFORD MANAGEMENT SERVICES, INC.

Selected Entity Status Information Current Entity Name: OXFORD MANAGEMENT SERVICES, INC.
Initial DOS Filing Date: MAY 20, 2004
County: SUFFOLK
Jurisdiction: NEW YORK
Entity Type: DOMESTIC BUSINESS CORPORATION
Current Entity Status: ACTIVE

Selected Entity Address Information DOS Process (Address to which DOS will mail process if accepted on behalf of the entity)
SALVATORE SPINELLI, ESQ.
135 MAXESS ROAD
MELVILLE, NEW YORK, 11747
Registered Agent
NONE

NOTE: New York State does not issue organizational identification numbers.


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Division of Corporations, State Records and UCC Home Page NYS Department of State Home Page


lrhall41

Submitted by Virginia-Legal-Defense on Tue, 03/21/2006 - 09:51

( Posts: 260 | Credits: )