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Household Bank Credit Card sold to a CA

Date: Thu, 05/10/2007 - 18:37

Submitted by anonymous
on Thu, 05/10/2007 - 18:37

Posts: 202330 Credits: [Donate]

Total Replies: 11


My husband had a Household CC I know definately that we have not paid on it for at least 3 years due to financial difficulties. We are aware that they sold the debt to a collection agency, Im not sure which one, we've learned to ignore their harassing calls & any mail I receive I dump it, but after seeing on the board that people are actually being served to go to court I am now a little worried. I've read this, but still unclear of what it means. Any input would be greatly appreciated.


Louisiana Statutes of Limitation

Contracts: 10 years.

Open accounts: 3 years.

Lawsuits, which are filed but not pursued, become null three years after the last action taken.

Judgment: 10 years, and if not renewed within the ten years become a nullity.


If they sold it then I believe that if you pull your credit report it should state on there who has it now. It should aslo have the contact info on the report. You could call them if you wish or just wait until another notice comes in the mail. I usually open them but then toss them also.

I really don't know about the SOL and how it works but I know that there are some in here that can help you on that part. So keep checking back they will reply.

If you register someone can contact you and they may be able to help you settle your account with them or at least help you repay them at a reduced payment.


lrhall41

Submitted by puddlejmpr on Thu, 05/10/2007 - 21:32

( Posts: 1634 | Credits: )


When I was having credit card problems, I saved every letter they ever sent. It actually helped me in the end, here's why:

I had a $700 balance with Chase when I opened the card on 7/2002. I ran into problems in 2004 and by the time they charged it off in Jan 2005 my balance was $1373. At least 3 different collection agencies had the account, and every notice I ever received between 1/05 and 2/06 showed that same $1373 balance.

Resurgence Financial finally bought my account in 3/2006 and they wanted to sue me for about $1900 - they had gone "back in time" and charged interest from Jan 05 forward. Since I kept all my previous notices with the real balance on it, I had proof that they tacked on a bunch of illegal interest. When I threatened to sue them back over it, they quickly settled for about $900. Moral of my story, sometimes it can be good evidence to hold onto the letters they send you.

Regarding SOL, a credit card is an open account. So if LA law says SOL is 3 years and it has been longer than that since you made a payment, you should be safe. Keep in mind they can still bring a lawsuit, it would just be up to you to assert SOL as a defense.


lrhall41

Submitted by DebtCruncher on Fri, 05/11/2007 - 05:14

( Posts: 2293 | Credits: )