Life after 7 years
Date: Thu, 04/26/2007 - 09:30
I am new to this and have been reading all about the collection agencies and how they call even when the debt is over 7 years. 10 Years in my case.
That said I have a question.
Since this last collection took over the debt after 7 years, if I send a cease and desist letter to them, will ALL activity stop forever?
I read on here that after 7 years if a collection agency takes over a debt, it cannot be resold.
Thanks,
Here is a link for the SOL in Texas at http://www.fair-debt-coll
Here is a link for the SOL in Texas at http://www.fair-debt-collection.com/SOL-by-State.html#T I don't know about re-selling after 7 years though. I had a debt that was paid off, and 12 years later, a CA was trying to collect. I had the woman from the collection agnency "whisper" to me to send them a cease and desist letter, and that it was out of the SOL. So far,knock on wood, they haven't called back!! Send them a debt validation letter, and cease and desist letter making them prove this is not out of the SOL period.Keep us posted!!..KAren
The only thing that happens to debt as it ages is as follows: I
The only thing that happens to debt as it ages is as follows:
If the reporting sol has expired,it cannot be legally placed back on a credit report(7- 7 1/2 years).
If the sol for civil action has expired,you cannot be taken to court over it. If they filed,your expired sol would be your absolute defense.
Besides that,a debt can be bought and sold as often as foolish companies wish to do so.It can also be collected on until paid in full or settled.Be very careful paying on old debts as you could reset the sol and end up getting sued for the full balance.If you receive a dunning letter from a collector and you know for a fact it is sol,send them a full cease and desist letter.
Sending the cease and desist letter will probably only stop the
Sending the cease and desist letter will probably only stop the current owner of the debt. Most likely, they will sell it to another CA so they can get some money for the account.
If you do send the cease and desist letter, include some language that they are on notice to notify any assignee or buyer of the debt of the c & d. Also state, if you are contacted by a new CA, you will provide a copy of the letter sent to the current owner of the account.
This may jam them up because they usually make representations regarding the account to potential buyers.
