if i got a letter from progressive management systems a long long time ago, and have the letter no longer in my possession. How can I go about paying off the debt long forgot about to improve my credit score?
You should first pull out your credit report and find out whether the name of PMS is still listed in your credit report. If it is still listed there, you should send a debt validation letter by certified mail. If they can provide you with proper validation of the debt, you should come to a repayment agreement with Progressive and agree for a plan which you think you can afford to pay. However, if they cannot validate the debt, send a dispute letter to the bureaus and ask them to remove the listing from the credit report.
Yes, Mary is correct, but you should also first check the Statute of Limitation in your state. If the SOL has already expired, you need not send DV letter because you are no longer liable to pay back the debt to the collection agency. However, if the SOL in your state has expired and you still make payments towards the old debt, the SOL will rewind and you will be required to pay back the entire debt because the CA can sue you to the court and bring judgment against you to recover the debt. Can you tell us, which state are you from so that we can guide you with you debt.
Debt Laws -- Arizona
WAGE GARNISHMENT EXEMPTION: Federal law applies
MAXIMUM INTEREST RATES
Legal: 10% Judgment: 10% or contractual
STATUTE OF LIMITATIONS ON DEBT COLLECTION
Open Account (credit card): 3 years
Written Contract: 6 years (4 years if outside state)
Domestic Judgment: 5 years (can be renewed indefinitely)
Foreign Judgment: 4 years
ANTHONY...ok ( I'm confused again..) you said if the SOL has expired, we aren't obligated to re-pay the debt (or did I misunderstand you..) Ok..so, if the SOL is expired , however...the 'fall off' date is not anywhere 'in sight', we STILL aren't obligated to pay the debt off? Please inform me.
The Statute of Limitations means that they cannot rightfully sue you in court and get a judgment against you for the debt. Notice I said "can't rightfully". Doesn't mean they won't try.
Most debt collectors buy old junk debt from creditors with little hope of collecting them. However, most consumers who are sued over debts don't realize that they only had a certain length of time to legally be sued for them, so they settle with the collector, or don't show up to court out of fear, and without showing up and standing up for their rights they end up with a judgment and garnishment order simply because they didn't fight back. The judges don't like issuing the garnishment orders, but they have no choice if you don't show up. That means the collector wins by default.
I have a debt from them as well 7.16.2012 I believe from old medical E.R. visit bills. Should I just wait for it to fall off or repay?....It's over $9k:(
You should first pull out your credit report and find out whether the name of PMS is still listed in your credit report. If it is still listed there, you should send a debt validation letter by certified mail. If they can provide you with proper validation of the debt, you should come to a repayment agreement with Progressive and agree for a plan which you think you can afford to pay. However, if they cannot validate the debt, send a dispute letter to the bureaus and ask them to remove the listing from the credit report.
Yes, Mary is correct, but you should also first check the Statute of Limitation in your state. If the SOL has already expired, you need not send DV letter because you are no longer liable to pay back the debt to the collection agency. However, if the SOL in your state has expired and you still make payments towards the old debt, the SOL will rewind and you will be required to pay back the entire debt because the CA can sue you to the court and bring judgment against you to recover the debt. Can you tell us, which state are you from so that we can guide you with you debt.
Debt Laws -- Arizona
WAGE GARNISHMENT EXEMPTION: Federal law applies
MAXIMUM INTEREST RATES
Legal: 10% Judgment: 10% or contractual
STATUTE OF LIMITATIONS ON DEBT COLLECTION
Open Account (credit card): 3 years
Written Contract: 6 years (4 years if outside state)
Domestic Judgment: 5 years (can be renewed indefinitely)
Foreign Judgment: 4 years
debt
ANTHONY...ok ( I'm confused again..) you said if the SOL has expired, we aren't obligated to re-pay the debt (or did I misunderstand you..) Ok..so, if the SOL is expired , however...the 'fall off' date is not anywhere 'in sight', we STILL aren't obligated to pay the debt off? Please inform me.
reply
Hi lleroy scott,
Can you please be more clear on what you want to know?
Thanks,
Aaron
Statute of Limitations
The Statute of Limitations means that they cannot rightfully sue you in court and get a judgment against you for the debt. Notice I said "can't rightfully". Doesn't mean they won't try.
Most debt collectors buy old junk debt from creditors with little hope of collecting them. However, most consumers who are sued over debts don't realize that they only had a certain length of time to legally be sued for them, so they settle with the collector, or don't show up to court out of fear, and without showing up and standing up for their rights they end up with a judgment and garnishment order simply because they didn't fight back. The judges don't like issuing the garnishment orders, but they have no choice if you don't show up. That means the collector wins by default.
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I have a debt from them as well 7.16.2012 I believe from old medical E.R. visit bills. Should I just wait for it to fall off or repay?....It's over $9k:(