Re: Linda please help!

Posted by Linda on July 20, 2001 at 02:42:17:

In Reply to: Linda please help! posted by Robert on July 19, 2001 at 22:57:56:

Robert,

sorry to hear about your trouble. From my very recent research, I understand it is customary to sue for a debt in the state where the debt was incurred. In Texas, they cannot garnish your wages, except under certain circumstances. I don't know the laws in Puerto Rico. but I can probably look the stuff up. The source I use most - because it's simple (and free) LOL, is http://www.lawdog.com.

If this debt went delinquesnt over four years ago, you are in the same situation Ed is in - the debt is past the statute of limitations. I would make the same suggestions to you. There are letters you can send a collection agency, and the law (Fair Debt Collection Practices Act) requires them to honor those letters. The effect of these letters is that they make the collection agency tuck their tails and go away. Once the SOL is up, they cannot legally get a judgment against you. But if they did take you to court you have to show up and defend yourself by showing that the debt is past the SOL, or else you waive your right to the SOL (tricky, huh?). Then the judge would throw it out. They count on the fact that you don't know the law, or your rights, and intimidate you, scare you to death, trying to get you to pay this old debt. I would suggest that you send a "cease communications" letter - you cna find that (along with a lot of good information) here:
http://mix6.com/credit

If they don't have your current address, don't give it to them. Send your parents the letter and get them to mail it so it has a postmark from Texas.

They are probably not getting any information aboutyour investments. There are all kinds of databases available now (but not investment information), and they traced you to that address through one of those - most likely the credit bureau as the accounts are updated showing paid. They have probably been peeking at your credit report if they have enough info to get it. You might want to clean that up soon, but for now let sleeping dogs lie, and just chase these parasites off.

If you pay anything at all on this you will waive your right to the statute of limitations defense.
If you really want to pay it, then send a letter negotitating a settlement. I can find one for you if that is what you want to do. Don't try this yourself, you will get yourself in trouble, LOL. There is a certain way to do it that doesn't waive your rights. They are tricky and you can't trust what they say to you. They buy these debts for pennies on the dollar, and they are in it purely for the profit. Your obligation to the original creditor has long wince been written off the profit and loss, and you are not repaying the original creditor (like your conscience is telling you to do) - that can't be done now - you are feeding parasites when you pay them IMHO.

Hope this helps.

Linda

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