Re: Gulf State Credit - What's the worst they can do?

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Posted by Bob on June 07, 2001 at 18:03:01:

In Reply to: Re: Gulf State Credit - What's the worst they can do? posted by Zeus on June 07, 2001 at 14:52:17:

: The issue of a possible "re-set" is rather vague, but yes, I have heard that it is possible for a creditor or collector to argue that payments (or agreements to pay) can cause the statute of limitations to roll back to the beginning. I suppose the logic is that the debtor would have agreed to a "new" contract, and acknowledged the legitimacy of the debt, and agreed to "new" payment terms.

: The main danger is apparantly in making either an actual payment or a written promise to pay (especially specific promises, like a certain amount per month.)

: So don't do it! Just don't encourage the collectors in any way. Don't negotiate, don't tell them that you will consider it, don't talk to them at all. Don't act worried, or afraid, or terrribly concerned about it. The chances of a lawsuit are quite low at this point, but you don't want them to "smell blood" and keep hassling you.

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: : The issue of a possible "re-set" is rather vague, but yes, I have heard that it is possible for a creditor or collector to argue that payments (or agreements to pay) can cause the statute of limitations to roll back to the beginning. I suppose the logic is that the debtor would have agreed to a "new" contract, and acknowledged the legitimacy of the debt, and agreed to "new" payment terms. : : The main danger is apparantly in making either an actual payment or a written promise to pay (especially specific promises, like a certain amount per month.) : : So don't do it! Just don't encourage the collectors in any way. Don't negotiate, don't tell them that you will consider it, don't talk to them at all. Don't act worried, or afraid, or terrribly concerned about it. The chances of a lawsuit are quite low at this point, but you don't want them to "smell blood" and keep hassling you.

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