SOL and collection

Hi Guest,

You are right with your approach. As you don't have idea about this debt for which the CA is calling you, ask for a debt validation in writing. The company must send you the details within 5 days after placing the first call to you. If you have not received anything in the mail, send a debt validation0 letter through certified mail. This will be your proof that you were trying to take care of the account. The company must send the details in writing before they attempt further collections.

If the company does not send you anything in writing, you can explain the situation to the bureaus. Check your credit file if they have hit with any negative remarks. You will have the rights to dispute the item with the bureaus. They will conduct an investigation on the company and get the accurate picture.

The collection agency should not call you without legitimate purpose. You can put control on their actions by sending a cease and desist letter or by recording their phone calls. Make sure that you are aware of the state laws before recording. Some states require permission of both the parties before recording the conversation.

The CA has to put the complete details of the account mentioning about the creditor as well as the principal amount along with interest calculations. You must also check the SOL of your state before making any commitment. If you have not paid anything towards the account within the SOL period, the CA can't force to make the payment. You will have to send a letter in writing mentioning about the expiry of the SOL. Be sure of your legal rights before making the final decisions. If you have queries, join us on the board and everyone here will guide you in the right direction.