Re: SOL Wells Fargo Pennsylvania Help
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by LadynRed
(199.91.33.254) on January 29, 2003 at 13:54:57:
In Reply to: Re: SOL Wells Fargo Pennsylvania Help posted by redwolfhopw on January 29, 2003 at 13:22:21:
Its still pretty old, but yeah, you're within the SOL so you need to take a different tack on this. Personally, I'd start with Debt Validation. They HAVE to prove its yours or they have to go away. By law, once you dispute, they are supposed to cease all collection activity until they can validate. MOST of the time, especially on an older debt, they CAN'T validate, at least not properly (per the FTC). This will also stall them for quite some time and in that time, IF they manage to validate properly, THEN you worry about a settlement, but not before. Its not unusual for a CA to wash their hands of your account when you start sending them certified RRR validation letters. They usually re-sell it and you'll hear from another CA -- and you start validation all over again - you could, conceivably, keep this up until the SOL DOES expire and then you're home free. At any rate, it gives you breathing room and you don't have cough up money you can't afford right now. You can read a lot of good info on how debt validation process works at CreditInfoCenter (link below). It DOES work, and that's what I'd do with this one. As WhyChat said, they CAN'T take any of your proprety unless they sue you and win a judgment and even then, unless you've got a yacht tucked away somewhere, they're not going to get anything !
Follow Ups:
Post a Followup
|