YES, but there may be statutes of limitation in your state of residence when you incurred the debt, regarding a particular type/category of debt -- you would have to check further along that line. If the debt is not of a category having statutes of limitations, then the creditors can continue collection effort or resell the debt to a collection agency (that can then continue the collection effort) pretty much until they decide to quit spending time and resources on the effort. Even your death won't prohibit creditors from pursuing your estate. This is a primary reason for the existence of personal bankruptcy -- to legally terminate some or all debt that you are not capable of paying.
Collection agencies can only charge interest if you agreed to it in your original contract. If they actually bought the debt they shouldn't be able to charge any additional interest on it since you did not sign a contract with them allowing them to do so. Please keep in mind that not all collection agencies buy debt. Some are still collecting on behalf of the original creditor which means interest and fees could continue to accrue.
I am assuming you are referring to the debtors CR. In which case the answer is No! The time limit for a debt to be removed from a CR, generally begins six months after the date of last activity on the account.
Absolutely not, and keep your settled in full letters. Make sure you get one too!! The exception to what I just said though, is most agencies will (legally) 1099-C you for the unpaid amount. This means you need to pay taxes like you would on earned income, on the remaining amount. Experience: I own a collection agency.
Make sure that you leave a couple of cards open with small balances so that they will keep reporting to the credit agencies. IF you pay everything off, you will not have anything reporting to the credit agencies.
If your trying to avoid paying your credit card debt, please keep in mind that there may be negative consequences. Creditors are multi-billion corporations. They are staffed with 100's of attorneys, and most likely they won't sit back and do nothing. First, they will send you letters reminding you of the delinquent amount that you owe. If you ignore the letters, your creditors will eventually sell your accounts to a debt collector. And then the harassing calls will begin. If you ignore the debt collectors, or don't make arrangements to pay your unpaid debt, they may sue you. If the collection agencies or your creditors obtain a judgment in their favor and you still refuse to pay, they may garnish your wages or freeze your bank account(s). There are more viable methods of eliminating your debt than simply ignoring them.
When a consumer receives a notice from a collection agency requesting payment of a debt, the consumer should always present to the agency a written request for confirmation of the debt owed.
YES, but your question is not well thought-out. There may be statutes of limitation in your state of residence when you incurred the debt, regarding a particular type/category of debt -- you would have to check further along that line. If the debt is not of a category having statutes of limitations, then the creditors can continue collection effort or resell the debt to a collection agency (that can then continue the collection effort) pretty much until they decide to quit spending time and resources on the effort. Even your death won't prohibit creditors from pursuing your estate. This is a primary reason for the existence of personal bankruptcy -- to legally terminate some or all debt that you are not capable of paying.
Assuming you mean "pay" instead of "pat," the answer is no. However, if the debt is yours - you can be sued for it. And if the collection agency wins, you can have your wages garnished or your checking account. Keep in mind that each state has a different statute of limitations (SOL) for debt, and collection agencies often try to collect on debt that is past the SOL. Once it is past the SOL, you cannot be sued for it.
Yes. Agencies can be sued for like $1000.00 per violation of collection laws.
No, the original crditor was removed because the account was sold to a third party collector. The entry will remain on the report for the required 7 years from the DLA. You can dispute the collection agency entries as well. Often times if you have paid the debt, the collection agency will no longer keep records, thus be unable to prove the debt when you dispute it. They more than likely won't even respond, as they got their money and don't care anymore.
Collection agencies can only charge interest if you agreed to it in your original contract. If they actually bought the debt they shouldn't be able to charge any additional interest on it since you did not sign a contract with them allowing them to do so. Please keep in mind that not all collection agencies buy debt. Some are still collecting on behalf of the original creditor which means interest and fees could continue to accrue.
I am assuming you are referring to the debtors CR. In which case the answer is No! The time limit for a debt to be removed from a CR, generally begins six months after the date of last activity on the account.
Absolutely, but there are steps you should take first, like documentation through letter writing and filing a complaint with the Federal Trade Commision, which regulates collection agencies. Check out the Privacy Rights Clearinghouse (see Web Links on the right) or search Federal Debt Collection Practices Act and you can find what your rights are and what to do to keep them intact. Good luck.
Pay off your debt.Pay off your debt.Pay off your debt.Pay off your debt.
== Forever ! That sounds extreme, but given the current boom in zombie debt collection, a 20 year old debt included in a bankruptcy could come back to haunt you down the road and you would have to produce proof that the debt WAS included in your bankruptcy to make the collection agencies back off and go away. Keep copies of your complete bankruptcy petition, all schedules, the list of creditors and your discharge letter in a safe deposit box (or similar) and never lose it. If storage is a problem, at the very least scan the entire petition and burn it to a CD and keep IT in a safe and fireproof location.
likely another 10 yrs. or until the SOL tolls.
At one point or another most people run into a situation in which they have to deal with a collection agency for a past debt. Whether this is due to an inability to pay, forgetting about the debt or a misunderstanding on a debt that was paid, this can be a very sensitive issue for some people. Most collection agencies can help you set up arrangements to pay your debt or are willing to investigate a paid debt that was overlooked for you. A set of rules called the Fair Debt Collections Practices Act has been set up by the federal government to set guidelines on tactics and legal abilities collection agencies have when collecting a debt for another party. Some collection agencies go outside of these guidelines to try to put pressure on the debtor just to earn credit for their company. This is an illegal act and there are ways to report these collection agencies.1. If you feel that you have been a victim of an illegal collection agency action, visit http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf. Read through the rules and regulations of the Fair Debt Collections Practices Act to see if the company acted illegally.2. Make sure that you have a solid written log record of every call that the agency made to you, your action and any other correspondence that was made concerning this company. Keep in mind that it is important to keep accurate records in the event that your case must go to court. The collection agency will also have solid proof to try to prove you wrong.3. Make sure that you make it clear to a collection agency that you wish for their calls to stop. They must note this and respect your wishes. It is also very pertinent for you to document any event in which a collection agency makes an attempt to contact you and discusses your case with anyone other then yourself, spouse or other responsible party to this case.4. Contact an attorney that specializes in collection agency harassment cases. They will be able to advise you on any of the laws and practices that were both legal and illegal. Many attorneys will ask you what your desired outcome is. This includes just having the agency stop harassing you or do you wish to collect monetary damages that you feel this has caused you.5. You should contact the Federal Trades Commission to file a formal complaint against the collection agency. Their address is Trade Commission:Consumer Response Center600 Pennsylvania Avenue, NWWashington, DC 20580The Federal Trades Commission cannot file a case on your behalf, but they do make complaints and keep a running record of all illegal acts against specific companies. A company that is repeatedly reported is formally investigated and the investigation can result in either criminal or civil punishments.