Unifund Problem and S.o.L.

Submitted by Erik on Wed, 03/24/2010 - 21:01

Forums

Debt management

Hello. There are so many helpful people here I just had to add my experience.

I was applying for a job that did a credit check and they turned me down because of an outstanding issue with Unifund.

The details:
-I opened a Citi Visa card in NJ in the year 2000 or 2001 (not exactly sure)

-I moved to Florida the end of 2001

-Stopped paying the Visa bill in January of 2005

-I have never taken a phone call or responded to any correspondence from a debt collector.

Unifund is on my credit report saying that I have a factoring company loan with them that was opened September of 2007. They have the high credit as $8123 and the Balance and Amount Past Due as $26,204.

My questions are:
1. From which state does the statute of limitations apply?
2. Why is Citi no longer listed on my credit report?
3. With an upcoming marriage and new baby how can I protect the only source of household income and my bank account (against possible garnishment)?
4. Should I ask for a debt validation?

Thanks in advance for all your help.

Aaron

sttaute of limitations and unifund problem

Hi Erik,

Welcome to this community :)

The Statute of Limitations (SOL) should be considered according to the state from where your card was issued. That is New Jersey. The SOL in NJ is 6 years for all kinds of debts. Can you tell me if the account under Citi is getting reported under any other collection company?

As for the factoring loan, you can ask for debt validation. You will get a sample debt validation letter at http://www.creditmagic.org/repair/sampleletter-debtvalidation.html . Factoring Loan is the one where the factoring companies primarily consider a company's customers. So, if you can't remember any dealings with the Unifund, you can definitely ask for debt validation.

Hope this helps.

Regards,

Aaron

Thu, 03/25/2010 - 06:59 Permalink

Erik4444 (not verified)