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Can a collection agency attempt to collect a debt that's 15 years old from 1991 where the company Chase was listed in bankrupt with one account and discharged but another account from 1991 came up now?
Wiki User
∙ 18y ago
If they were two different accounts from the same creditor, the debt was discharged. In any event, the statute of limitations expired on the debt years ago. You should set the collection a letter via certified mail disputing the debt and instructing them not to contact you anymore. DO NOT under ANY circumstances admit to owing the debt, OR promise IN ANY WAY that you will pay ANYTHING. There are companies that buy old debt and try to collect it. Tell them fight from the start that you do not owe them anything and not to contact you again. Once you admit to owing the debt or agree to pay ANY amount, they may then be able re-apply the debt like it had never expired.
Wiki User
∙ 18y ago
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How do you satisfy an unsatisfied judgment after another collection agency bought the account from the first collection agency that originated the judgment?
you "satisfy" a judgment by paying balance in full or settlement. but understand that once a judgment has been issued by a court then there can be no one else that does this.
If your bank charged off your bank account and was bought out by another company do you still have to pay?
yes the debt does not go away, the bank simply sold the debt to an outside collection agency.
Who sent you to the collection agency?
I presume your question is "how did your debt wind-up at a collection agency". There are 2 methods: (1) the original creditor sold your account to an agency for a price that is a fraction of the outstanding balance on the account (so the collection agency now is your creditor legally), (2) the original creditor contracted with a collection agency to get you to make more payment on the debt than you have while interacting with the original creditor only. In either case, a collection agency is a company that makes a profit by getting debtors to make a payment of sufficiently greater amount (than they had been making to the original creditor) such that a greater return can be realized from this continued effort to collect the debt, and collection agencies usually are profitable companies. In my personal opinion, the first method (# 1 above) is used in the vast majority of delinquent debt collection situations. Any creditor organization of at least medium business size has enough staff to attempt to coax the debtor to make more payment, so there would be no reason to contract a collection agency to try again. That latter point being understood, collection agencies sometimes resell a debt account to another collection agency when they give-up on trying to get more payment from the debtor (and the account has not been settled).
When my husband tried to get a loan from the bank but was refused is it because you are bankrupt?
He may have a bad credit rating, try another bank.
What is the definition of last activity?
You can see the actual wording of the code at this site. It boils down to 7 years from the first day the account was placed for collection for the last delinquent payment. Sound confusing? Say you paid Jan 1, 1997 and didn't pay for 4 months. The account went into collection. You paid on May 1, 1997 and then never made another payment. If the account went into collection on June 1 1997, that's where the clock starts ticking. Even if the creditor sells the debt, the clock still ticks from the June 1 date. As long as you have not made a payment, the date stays the same. I still have one outstanding question. Say you made a payment on Oct 1, 1997. The account was still in collection because you were still delinquent. Does that restart the clock 180 days after Oct 1? The answer depends on whether the account achieved collection/charged off status prior to the additional payment. Once an account becomes a collection account, its' status changes. The standard amount of time for this is 180 days, but certain factors may shorten or lengthen that period. Once the account becomes a collection/charge off, the complete balance is due in full. The consumer no longer has any rights to make payments, and the original amortization terms no longer apply. The FCRA 15 USC 1681c Section 605(c)(1) states that: "The 7 year period...shall begin...upon the expiration of the 180 day period BEGINNING ON THE DATE OF THE COMMENCEMENT of the delinquency, which immediately preceeded the collection activity, charge to profit and loss, or similar action." So, once the account becomes a collection, or charge off, nothing can legally restart or change the DLA. If however, the consumer makes an additional payment prior to the account becoming a collection or charge off, then that month/year is established as the correct DLA.
Can my account be sold to another collection agency?
Yes.
Can a collection agency continue to report a collection account to the credit bureau after the account is sold to another collection agency?
No, once a collection agency relinquishes their claim to the account by selling it they must remove all negative trade lines related to that account from your credit reports. Hope this helps ST
Can a creditor or collection agency access another family member's bank account for debt collection?
Well in Canada they cannot, unless it is a joint bank account or the family member co-signed for the loan.
Can you refinance a vehicle not included in a bankruptcy but owned by a credit union that had another account discharged?
If the vehicle is owned by someone else (the credit union) then it is not yours to raise finance on.
What is another word for running a business into the ground?
bankrupt
What if you are listed on someone else's bank account and you have to file bankrupt?
What about it? If you are listed on a parent's or child's account to assure bills are paid in the even something happens to the other person, and you have contributed none of the money in the account, the trustee probably will let you claim it as property in trust for another. Otherwise, half of it counts as your asset.
If you refuse to pay a doctor referred by a 'if we do not win you do not pay' lawyer who took a car accident case will it hurt your credit?
Is the doctor going to turn the account over to a collection agency? A collection account would hurt your credit. Is the collection agency going to sell the account to another agency, thus extending the time period it shows on your credit report? If they do, it could hurt your credit for an even longer period of time.
When an old account is sold to another collection agency does the account become new again?
No. The state SOL begins approximately 6 months after the debt is defaulted upon. (Usually the last activity on the account). If any money is paid on the account, the debt is considered to be reaffirmed.
Can collection agencies sell your account to another collection agency?
yes and do all the time and the old agentcy will still show on credit report It can be bought and sold as many times as the agencys want to move it around
If a collection account was sold to another collection agency is it correct that they should both show up on your credit report as late payments?
When a collection agency sells your debt they no longer have any claim to your debt. It's like selling a car, once it is gone it is gone.
When was Union Pacific declared bankrupt?
There were actually multiple times that the Union Pacific went bankrupt! Back in the 1870's they were caught bribing senators and went bankrupt. Another time was 1893 after it was reformed in 1880.
Can a collection agency report and collect a debt that is shown as a charge off from another creditor?
Yes. When creditors charge off accounts they send them (or sell) to a collection agency. The collector can request the debtor's credit report show that the account has been turned over for collection procedures.
