Very old account under collection

Date: Fri, 04/14/2006 - 17:23

Submitted by anonymous
on Fri, 04/14/2006 - 17:23

Posts: 202330 Credits: [Donate]

Total Replies: 6

I got a letter in the mail stating that I owed a creditor $4000 and they would accept settlement of $1500. I didn't know what this was about so I called the phone #. The guy I spoke with said that it was an old charged off account from 1995-6. He didn't have any more info and told me that he would research it. He gave me his # and asked me to call him back next week. Now, I'm not sure about this debt, its not even on my credit report. What should I do to verify/pay?

Carolynn, which company called you? Seems to be junk debt buyer.

Carolynn, which company called you? Seems to be junk debt buyer. Anyway, I'm quite sure that the account is past SOL if it was charged-off in 1995/96. However, it would be better if you check SOL of your state too.

Now, no legal action is enforceable on a past SOL debt. So you can clearly write to them that you are not going to pay it. Remember, if you pay a single dime or agree to pay, the SOL clock will start ticking.

Moreover, the account is not on your credit book, hence it is not hurting you anyway. Browse this forum and read other posts. You can understand how to deal these situations.

Also consider joining this board. This forum is the heaven on the earth :D

lrhall41

Submitted by stella on Fri, 04/14/2006 - 17:43

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Check your state laws, but if the account was charged off in 199

Check your state laws, but if the account was charged off in 1995 or 1996 and nothing has been done, or no payments made on it since then, then this debt is out side the statute of limitation, and you are no longer legally required to pay. If this is the case, don't pay. Paying could actually do damage to your credit report, as it renews the Statue of Limitations, and the 7 year reporting period as allowed under the FCRA. Be very careful, your actions could inadvertently restart the clock on the statute of limitations ticking. Right now if it is SOL they have no legal recourse to make you pay. all they can do is call and write and ask you to pay. You may want to consult an attorney to see your best options. What ever you do if you are discussing this with them DO NOT accept responsibility for the account,and ask for validation that it is your debt and not time barred.

lrhall41

Submitted by LCW on Fri, 04/14/2006 - 17:46

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Thanks for your reply. The company is FBCS. I am in NJ and will

Thanks for your reply. The company is FBCS. I am in NJ and will have the check the SOL.

lrhall41

Submitted by on Fri, 04/14/2006 - 17:46

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Also try and find out what actions, if any beside making a payme

Also try and find out what actions, if any beside making a payment will re start the SOL clock. In some states the mere act of discussing a time barred account can restart the clock.

lrhall41

Submitted by LCW on Fri, 04/14/2006 - 19:39

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Clay-where would I find out about the other actions that could a

Clay-where would I find out about the other actions that could activate the sol clock?

lrhall41

Submitted by on Sat, 04/15/2006 - 06:33

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You will get useful

You will get useful information in this link below.

Making a small payment towards the account will activate the SOL in anyway. Also, this will give a chance to your account to stay back in your credit report for a longer duration.

lrhall41

Submitted by john on Sat, 04/15/2006 - 12:38

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