debt collector calls - debt is 10 years old - WTF?

[GambleGamble]

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Heres some advice from someone actually in the business..

..A $27 delinquency dont mean [censored]....and paying it can bring it back up as a paid negative score, and not only legally will they not be able to do anything because it is outside the statue of limitations

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Is your business freemasonry?

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...nope it aint be gramma/spellin either...simple typo

[blinden84]

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Heres some advice from someone actually in the business..

..A $27 delinquency dont mean [censored]....and paying it can bring it back up as a paid negative score, and not only legally will they not be able to do anything because it is outside the statue of limitations

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Is your business masonry?

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http://en.wikipedia.org/wiki/Freemasonry

http://en.wikipedia.org/wiki/Masonry

[tuq]

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statue of limitations

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[Dale Dough]

So if I run up several tens of K's of credit card debts (not that hard to do for a US citizen right?) and move out of the country, then back in seven years, I'm untouchable?

That is, if they send a collection agency, I can tell/write them to go [censored] themselves. If they take money/stuff/break my legs, it's just like they did that out of the blue for no reason and I can sue them?

That sounds like one [censored] up system to me...

[punkass]

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So if I run up several tens of K's of credit card debts (not that hard to do for a US citizen right?) and move out of the country, then back in seven years, I'm untouchable?

That is, if they send a collection agency, I can tell/write them to go [censored] themselves. If they take money/stuff/break my legs, it's just like they did that out of the blue for no reason and I can sue them?

That sounds like one [censored] up system to me...

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Yes. Keep in mind that moving somewhere else and living for 7 years is not just a "I can do that" thing. And you'll have a hard time getting loans for mortgage, car, credit cards, whatever.

[bobman0330]

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So if I run up several tens of K's of credit card debts (not that hard to do for a US citizen right?) and move out of the country, then back in seven years, I'm untouchable?

That is, if they send a collection agency, I can tell/write them to go [censored] themselves. If they take money/stuff/break my legs, it's just like they did that out of the blue for no reason and I can sue them?

That sounds like one [censored] up system to me...

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Why couldn't the creditor just sue you while you are out of the country?

[Mike Gallo]

Hey everyone,

I have worked in the credit and collection industry for close to 20 years.

Debt does not go away. Yes, certain states have different statute of limitations, however the debt does not go away.
The statute simply means that the account can no longer get reported to the credit bureau or for legal action. It does not mean the debt goes away.

In OP's case, $27 is an insignificant amount to try and collect. However imagine if hero incurred $27,000 worth of credit card debt six years ago.

Two more years go by and its now eight years total and hero has gotten his life together. He wants to do the right thing.

Company A bought the $27,000 for .75 on the dollar for a total of $202.50. Company A contacts hero and offers to settle for $2700. Hero wanting to relieve guilt counters with $2000. Company A agrees hero pays and they both part ways.

If hero does not settle the account, but somehow makes a payment on the account, the statute has restarted.

[RunDownHouse]

Mike,

Is it true that you can tell them no payment unless you have it in writing that they won't pursue further action, such as reporting to a credit agency or filing a lawsuit, and (if they sign), they have to follow through?

[Mike Gallo]

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Mike,

Is it true that you can tell them no payment unless you have it in writing that they won't pursue further action, such as reporting to a credit agency or filing a lawsuit, and (if they sign), they have to follow through?

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Yes, ask the agency for a settlement letter. This will stipulate the amount of the settlement and the date the settlement is due. A collection agency cannot coerce a consumer to pay by offering to delete/expunge the account from the consumers credit report. This violates the contractual agreement between the collection agency and the credit reporting agency ie Experian, Equifax, Transunion.



This will protect both parties.

[kipin]

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Company A bought the $27,000 for .75 on the dollar for a total of $202.50. Company A contacts hero and offers to settle for $2700. Hero wanting to relieve guilt counters with $2000. Company A agrees hero pays and they both part ways.


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I'm not following your math.