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Here is some info I found on a website, some of this stuff I did not know.....like about not giving a check by phone, I am guilty of doing that.

The website I found this on is: budhibbs.com

ATTENTION CONSUMERS!


If you are CONTACTED by a Debt Collector:

NEVER give them your banking or credit card information. They will take much more than you authorize.

NEVER do 'checks by phone' as debt collectors could empty your bank account, you have no recourse.

NEVER send them money via Western Union.

REMEMBER: Debt Collectors have NO power and NO authority and should NEVER be trusted. They will lie and cheat you to get at your money. If it's NOT in writing, it's NOT a deal.

BEWARE: Paying a debt collector will NOT get an account removed from your credit. They do NOT have that ability.

RECORD conversations with debt collectors (where legal) so they can be held accountable for breaking the law. Make sure taping is legal in your state first.

Collection Attorney Complaints can be handled by filing complaints with the various states bar ethics committees.

Is the debt still within your state's statute for collection? Statute of Limitations:

State
(in years) Oral
Agreements Written
Contracts Promissory
Notes Open
Accounts
Alabama 6 6 6 3
Alaska 6 6 6 6
Arizona 3 6 5 3
Arkansas 3 5 6 3
California 2 4 4 4
Colorado 6 6 6 6
Connecticut 3 6 6 6
Delaware 3 3 6 3
D.C. 3 3 3 3
Florida 4 5 5 4
Georgia 4 6 6 4
Hawaii 6 6 6 6
Idaho 4 5 10 4
Illinois 5 10 6 5
Indiana 6 10 10 6
Iowa 5 10 5 5
Kansas 3 5 5 3
Kentucky 5 15 15 5
Louisiana 10 10 10 3
Maine 6 6 6 6
Maryland 3 3 6 3
Massachusetts 6 6 6 6
Michigan 6 6 6 6
Minnesota 6 6 6 6
Mississippi 3 3 3 3
Missouri 5 10 10 5
Montana 5 8 8 5
Nebraska 4 5 6 4
Nevada 4 6 3 4
New Hampshire 3 3 6 3
New Jersey 6 6 6 6
New Mexico 4 6 6 4
New York 6 6 6 6
North Carolina 3 3 5 3
North Dakota 6 6 6 6
Ohio 6 15 15 -
Oklahoma 3 5 5 3
Oregon 6 6 6 6
Pennsylvania 4 4 4 4
Rhode Island 15 15 10 10
South Carolina 10 10 3 3
South Dakota 6 6 6 6
Tennessee 6 6 6 6
Texas 4 4 4 4
Utah 4 6 6 4
Vermont 6 6 5 6
Virginia 3 5 6 3
Washington 3 6 6 3
West Virginia 5 10 6 5
Wisconsin 6 6 10 6
Wyoming 8 10 10 8

I hope this is helpful info.




Great TMD, thanks for posting that!

~Mary :)

Sub: #1 posted on Sat, 02/11/2006 - 13:05

Mary Mary

(Posts: 1344 | Credits: )

Great, this is very helpful information. Most of the people are not aware about the duration of statutes in a state. Unknowingly, they start paying the debt and come under legal collection period. Now, they can't skip it until the statutes expires again. The companies want people to make such mistakes.

People should not be stopped from taking their debt responsibility if they want to pay it. But, before they do so, they should know all aspects related with it. Sometimes, after making a payment, they are unable to continue it. Since the SOL has been renewed, they can end up in problems. Awareness on the SOL period is a must before making any payment decision.

Sub: #2 posted on Sun, 02/12/2006 - 08:26

ben ben

(Posts: 2034 | Credits: )

I do have a question though, which has been probably answered numerous times here, but I do want to get clarification: let's say, for example, that I have a medical bill that is reported on my credit as being 5 years old (I live in California, so that puts it out of the statue of limitations). If I was to pay it, in one payment, would it be reported as "paid collection" or what have you, and also, would it come off at the 7 year mark, or would that 7 year reporting period begin again because I made a payment? Thanks guys in advance :)

~Mary

Sub: #3 posted on Sun, 02/12/2006 - 19:53

Mary Mary

(Posts: 1344 | Credits: )

From what I've read, one of the worst things you can do is pay because this gives the OC an opportunity to start the 7 year clock on you again. As a matter of fact, (someone correct me if I'm wrong), just contacting the OC can start the 7 year clock up again. I may be wrong, but unless you can get them to give you a favorable notation on your credit report, you just might do best to leave well enough alone. You've have the SOL on your side, it's a medical debt and it's 5 years old. If this were baseball, you'd have 3 balls and no strikes. The rule in baseball is to not swing on a 3-0 pitch unless you're sure that the pitch is gonna' be one that you can drive. LOL! Baseball analogy, but it works. You're ahead in the count. I know you wanna' hit, but sometimes a walk is as good as a hit.

Sub: #4 posted on Sun, 02/12/2006 - 22:49

notell39 notell39

(Posts: 30 | Credits: )

Damn....that is a bummer! I want to pay them, now that I am coming to the point where I will be able to, but if I am going to get screwed like that, it makes me not want to touch it. Gonna have to think on this one....thanks for the info, notell :)

~Mary :)

Sub: #5 posted on Sun, 02/12/2006 - 23:57

Mary Mary

(Posts: 1344 | Credits: )

Your medical bill is reported in your credit report as 5 years old. As per the state laws, it is out of the SOL period. This means that you can't be legally forced to pay the account. In other words, you can escape this debt without paying it. But, if you pay it in one single payment, you will have an improved file as this account will be marked as 'paid collection'. Anyone viewing your file will understand that you had an account in collections, but you took the responsibility and paid off the account.

There are two situations for an account to remain in your credit report. One is when you pay the debt completely and the other is when you have not. In case you have paid the account, the information can remain in your file as long as it can. This won't hurt your ratings because it is reflecting your actual credit history and your payment made to the account.

In the other case when you fail to pay the debt, the negative information is legally required to stay for 7 years from the original date of delinquency. In case, you pay the account somewhere after the expiry of the SOL, the account will still be calculated for that 7 years only. In your case after you have paid the medical bill, this account will be shown as 'paid collection' for 2 years and then will be removed from your file permanently. FCRA laws say that accurate negative information must stay in the file for 7 years only. Since this account took a negative turn from the beginning, 7 years stay applies on it. So, combining everything, your account will be giving 2 years of positive view after 5 years of negative view and after 7 years term, it will be removed from your file.

Sub: #6 posted on Mon, 02/13/2006 - 10:48

john john

(Posts: 1231 | Credits: )

Hi John,

Thank you so much for that post. It cleared up every question that I had regarding this! Looks like I will be sending validation letters and paying these debts! Once again, thanks, your posts are always very helpful!!

~Mary :)

Sub: #7 posted on Mon, 02/13/2006 - 11:15

Mary Mary

(Posts: 1344 | Credits: )

Thanks Mary for the appreciation. If you have any queries that will help you in decision making, just put it in the relevant section of the forum. We will stand together and get to the base of that problem and then solve it.

Sub: #8 posted on Mon, 02/13/2006 - 12:27

john john

(Posts: 1231 | Credits: )

Quote:
In the other case when you fail to pay the debt, the negative information is legally required to stay for 7 years from the original date of delinquency. In case, you pay the account somewhere after the expiry of the SOL, the account will still be calculated for that 7 years only. In your case after you have paid the medical bill, this account will be shown as 'paid collection' for 2 years and then will be removed from your file permanently. FCRA laws say that accurate negative information must stay in the file for 7 years only. Since this account took a negative turn from the beginning, 7 years stay applies on it. So, combining everything, your account will be giving 2 years of positive view after 5 years of negative view and after 7 years term, it will be removed from your file.


So using this example would the best bet be to wait till the account is 6 years and 11 months then pay it and have it show only for another month?? Can the status be changed to "Paid Cahrge Off when the payment is received, and THAT show for an additional 7 years, as the date of payment would become the date of last activity. I previously paid a charge off, and was told the "PAID CHARGE OFF" status would remain for 7 years from the date of the update to the new status (paid charge off as opposed to open charge off)

Sub: #9 posted on Mon, 02/13/2006 - 12:55

LCW LCW
Moderators
(Posts: 1151 | Credits: )

Hi Clay,

I am sorry but I didn't clearly understand your situation regarding charge off. Can you please clarify it once again so that I can shape up the exact answer?

Sub: #10 posted on Mon, 02/13/2006 - 14:31

john john

(Posts: 1231 | Credits: )


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