Re: SOL and paying off debt

Posted by Linda on November 03, 2001 at 23:21:17:

In Reply to: Re: SOL and paying off debt posted by fearful on November 03, 2001 at 22:49:42:

Well, treat yourself to a nice evening out, or whatever you do to celebrate. You are fine - the statute of limitations was up this past July. No complications or exceptions.

Do not respond to any collection agency except to send a certified, return receipt requested, letter telling them not to contact you anymore AT ALL. Then, after that, legally, they can only send you a letter acknowledging your request. If they do anything else, you can sue them in small claims court (include your legal cost in your suit if this happens). Keep everything relating to this - all letters, etc. You may need them.

It will be July 2003 when these come off your credit reports for good. This does not mean that you will not have any problems with them. Chances are they will reappear over and over as collection agencies try to collect this money. Do not pay them to soothe your conscience. It will damage your credit even more, and then they will all come after you with a vengeance. If one of them calls, you tell yourself that these people are parasites. They bought these charged off debts for less than pennies on the dollar, and they are only attempting to make a profit off of your misfortune and your feelings of guilt. This money will not go to the original creditor. There is no reason for you to give a collection agency money.

You will probably be dealing with them, and if you have any need for credit, you should start to work on it right away, because it will take a while. You might as well get it over with now. If you want to start working on your credit, let me know, I'll tell you where to start. Just don't ever talk to any collector about these debts NO MATTER WHAT THEY SAY. What I am telling you is true. No one can make you pay these now. Paying them will hurt you.

If a collection agency does sue you (not likely but they might), all you have to do is show up, and tell the judge the statute of limitations on the debt is up, and it will be dismissed. BUT you must show up or they will get a judgment by default.

So, realx, enjoy your freedom. Pick a good charity, and take care of your conscience, so you can get your head clear and take care of yourself. :)

Linda

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