Re: SOL and collection agency
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Posted by Bob on August 02, 2001 at 02:54:59:
In Reply to: SOL and collection agency posted by Ralph Wortman on August 01, 2001 at 22:07:30:
If the collector said that, they were lying. It certainly wouldn't be the first time. And if they are going to blantantly lie, I wouldn't even bother to argue with them about the statute of limitations issue. Although, as I understand it, the statute of limitations might be re-set if the debtor makes a specific promise to pay, (especially in writing) on the logic that doing so starts a new agreement. So don't promise them anything. Another legal point is that the time limit for reporting a debt to the credit bureaus is based on the date of the original delinquency with the original creditor. Thus, this debt is to old to appear on your credit reports. But be careful, because sometimes collectors try to report expired accounts anyway, with misleading dates. Even if a collection agency has purchased an old bad debt, the Federal Trade Commission still designates them as a "third-party debt collector," subject to the federal Fair Debt Collection Practices Act. And the FDCPA requires them to stop bothering you if you notify them that you don't wish to hear from them anymore. Here is an article on dealing with third-party collection agencies, including your legal rights...
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