if you have a debt from 1995 that hasnt showed up on your credit report say in 2006 and now debt collectors are sending you letters do you have to pay them?
Hi redsox
If you have made your last payment towards the debt in 1995, it means that the statute of limitation towards the debt has already expire. Even if the creditors now disturb you over the phone, you need not worry because as per the Fair Debt Collection Practices Act, the creditor cannot bring any judgment against you to recover the debt once the SOL has expired. However, you should not make any payment towards the debt because if you make a small payment towards the debt, the SOL wheel may restart again.
Yes, you should not make any payment. Even if they harass you and sue you to the court they cannot do anything to recover the debt. But as Mary said, any payment towards the debt will rewind the statute of limitation and if the SOL rewinds, the creditor can again sue you to the court and bring judgment against you either to garnish your wage or your bank account.
Redsox, if the debt collectors due bother you and become harassing you can send them a cease and desist letter. Once you send this letter they will have to quit contacting you. Be sure to send the letter certified mail..return reciept requested. You can find some great sample letters here at our forum. Let us know if you need any further help.
No, you should not make a payment towards the debt. Since the maximum period till which the SOL applies is 10 years for all types of debt, the SOL has expired if you had not made any payment after 1995. If they harass you over phone for repayment of the debt, you can simply file a complaint against them to the federal trade commission as well as the State AGs office.
Justin, are these collectors allowed to call cell phones? How do you block them from calling or do you simply have to send a cease and desist to get them to stop?
If you cannot make the collection agency stop from harassing you over phone, you can send a cease and desist letter, but before sending such letter you should be sure that you do not owe the debt. So before sending C and D letter, send a debt validation letter. As soon as the CA or the OC receives the Cease and desist letter usually moves your credit file to legal status and they can sue you to the court if you really owe the debt. However, since C and D letter is a legal letter, it will stop them from harassing you.
Hi redsox
If you have made your last payment towards the debt in 1995, it means that the statute of limitation towards the debt has already expire. Even if the creditors now disturb you over the phone, you need not worry because as per the Fair Debt Collection Practices Act, the creditor cannot bring any judgment against you to recover the debt once the SOL has expired. However, you should not make any payment towards the debt because if you make a small payment towards the debt, the SOL wheel may restart again.
Yes, you should not make any payment. Even if they harass you and sue you to the court they cannot do anything to recover the debt. But as Mary said, any payment towards the debt will rewind the statute of limitation and if the SOL rewinds, the creditor can again sue you to the court and bring judgment against you either to garnish your wage or your bank account.
Redsox, if the debt collectors due bother you and become harassing you can send them a cease and desist letter. Once you send this letter they will have to quit contacting you. Be sure to send the letter certified mail..return reciept requested. You can find some great sample letters here at our forum. Let us know if you need any further help.
No, you should not make a payment towards the debt. Since the maximum period till which the SOL applies is 10 years for all types of debt, the SOL has expired if you had not made any payment after 1995. If they harass you over phone for repayment of the debt, you can simply file a complaint against them to the federal trade commission as well as the State AGs office.
Justin, are these collectors allowed to call cell phones? How do you block them from calling or do you simply have to send a cease and desist to get them to stop?
If you cannot make the collection agency stop from harassing you over phone, you can send a cease and desist letter, but before sending such letter you should be sure that you do not owe the debt. So before sending C and D letter, send a debt validation letter. As soon as the CA or the OC receives the Cease and desist letter usually moves your credit file to legal status and they can sue you to the court if you really owe the debt. However, since C and D letter is a legal letter, it will stop them from harassing you.