Several questions
Date: Sun, 10/09/2011 - 08:23
Quote: On September 4th, 2011 i sent a letter to Pinnacle Finan
Quote:
On September 4th, 2011 i sent a letter to Pinnacle Financial, asking what the debt was for,amt,acct history,etc... I have not received a response... What is the time period that they have to respond by? Also the state laws for being sued in court, is that the state i currently reside in? Or the state the debts were incurred in? I just relocated to another state this past summer... One more question... I know things stay on my credit report for 7 yrs... Well if i don't pay them, will they automatically be removed after 7 yrs, regardless if they are paid or unpaid? Or can the debt company renew the debt somehow, and keep it on there???? |
I have a few answers but not all.
1. I don't think there is a time limit for them to respond.
2. Yes after 7 years they disappear paid or not. If you are close to that 7 year mark you may want to consider not paying them because it will "reage" the debt. (if its been 6 years since your last payment, and you make a payment now it will show on your credit report 7 years from now. If you waint another year its just gone)
3. They cant legally reage the debt unless you pay on it or agree to pay on it.
The federal FDCPA sets no time period for response to a debt val
The federal FDCPA sets no time period for response to a debt validation letter. Failure to respond just continues their bar under FDCPA 809(b) from continuing collection of the debt until such time as they do provide debt validation.
If you live in Texas, their state code does provide a period for response to a DV letter. If not, then you only have the federal FDCPA to rely upon, which imposes no date.
Regarding the applicable statue of limitations, the law in the jurisdiction where the civil action is brought will control the law used by the judge. FDCPA 811 provides the statutory choice for a debt collector to bring legal action in either the jurisdiction "in which such consumer signed the contract being sued upon; or in which the consumer resides at the commencement of the action."
It is their choice. However, from a practical point of view, action is usually brought in the jurisdiction of residence of the consumer, simplifying issues of proper service of notice. So the SOL of you current state of residence will most likely apply.
As to continued inclusion in your credit report, the one date-certain of importance is your date of first default with the OC (i.e., the date that you first went delinquent, and never returned the account to good standing prior to any charge-off or collection). That is a factual date fixed in stone that cannot be updated by any action of the debt collector. Credit report exclusion is the responsibility of the CRA to ensure upon expiration of 7 years plus 180 days from the DOFD. The statment that any payment on the debt will reset the exclusion period is just flat out incorrect. The DOFD is the ONLY date that governs CR exclusion. FCRA 605(c).
The debt collector is not involved in ensuring that CR exlcusion occurs after that date. If your exclusion period has passed and it still appears in your CR, then a complaint (not a dispute) to the CRA is the remedy, asserting their violation of FCRA 605(a)(4).
Quote:What is the time period that they have to respond by? Ther
Quote:
What is the time period that they have to respond by? |
Quote:
Also the state laws for being sued in court, is that the state i currently reside in? Or the state the debts were incurred in? |
Quote:
I know things stay on my credit report for 7 yrs... Well if i don't pay them, will they automatically be removed after 7 yrs, regardless if they are paid or unpaid? Or can the debt company renew the debt somehow, and keep it on there???? |
