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If the collection account keeps being sold to another collector at what point does the statutes of limitation start?
Wiki User
∙ 16y ago
An SOL for debt begins from the time the original creditor charges off the debt. It does not begin over when a debt is sold to a third party collector. It can restart if the debtor pays or in some cases agrees to pay any amount on the debt owed.
Wiki User
∙ 16y ago
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Can a collection agency or collector seize a checking account for a medical bill?
== == no they can not do so for a medical bill.
How long can a collection agency try to collect a debt in CA?
California Statutes of Limitation on Debt Collection:Written agreements: 4 years, calculated from the date of breach.Oral agreements: 2 years.The statute of limitation clock is stopped if the debtor makes a payment on the account after the expiration of the applicable limitations period. In some cases, the clock can also stop if you acknowledge ownership of a debt.
Can a collection agency report an account from the year the account was handed over to them?
No, this is called "re-aging" the debt, so that it stays within the statutes for collection and legal action within your state. Dispute this with the credit bureau, and of course, keep all account records for proof.
At what point does a creditor decide to charge off an account?
The original creditor is required by law to charge off an account after a 180 day deliquency. In most instances the account is sold to a third party collector. The collection agency will continue collection procedures. If an equitable arrangement cannot be made with the debtor, the collector may refer the account to an attorney who may decide to file a lawsuit.
When does the statute of limitation start on a credit card?
The SOL begins when an account is considered in default. SOL's only apply to lawsuits, they do not halt collection procedures by the OC or an assigned collection agency.
When collection companies sell the debt to a different collection company does the seven years on credit report automatically restart?
Legally the date of last activity is not suppose to re-start. But, I have been noticing that the date of last activity renews itself once the account is sold to another third party collection agency. Here's the thing - the seven year clock is a "Myth". I know this is shocking when it comes to debts, but it's true. What you should be concerned about is the "Statue of Limitation" for your state or the state that you opened that account. The date of last payment is the date you should calculate the number of years from the Statue of Limitation. Example: If an account/credit card was openend in the state of North Carolina, they have a four year "Statue of Limitation" for "Open Accounts". This means that there was a written or verbal contract. The date of last payment was 12/2004, which means that the statue of limitation expires on 12/2008. This means that the collector or creditor can no longer try to collect on this debt. On the credit report, the bureaus usually have something that potrays this: This account will remain until 11/2011. This means that by 11/2011, you as the consumer, can dispute this account and ask for a permenant removal. Good Luck!!
Scope and limitation of account receivable system?
scope and limitation of accounts receivable
Is there some kind of agreement letter with a collector that would allow the removal of a collection if paid?
There is the kind of letter that you write insisting on this condition prior to paying a collection account. There is also the collection agencys' written agreement stating this. There is no standard form letter.
Can you pay an original creditor after the debt is sold to a collector?
No, the collection agency is now the rightful owner of the debt in question and the original creditor has removed the account from their books.
When a credit card company sells your debt to a collection agency do they have to show proof of the debt to you if you ask for it?
No, the collector is not legally obligated to present such information. Under the FDCPA the collector must inform the debtor that account information will be forwarded if the debtor sends a written request within 30 days of receiving the collection notice.
What does a collection agency have to do to take money from your private bank account?
Assuming the debtor does not voluntarily release the information for collection to the collector due civil process is required before such action can occur. The general steps are: The collector/creditor will file a civil suit against the debtor, win the suit (which is almost certain to happen); be awarded a judgment then execute the judgment as a levy against the judgment debtor's bank account.
How long can a collection agency try to collect on a debt in the state of California?
7 yrs.Not sure when this was answered, but the answer appears to be inaccurate.California Statutes of Limitation on Debt Collection:Written agreements: 4 years, calculated from the date of breach.Promissorynotes: 4 yearsOpen accounts [including credit cards]: 4 yearsOral agreements: 2 years.The statute of limitation clock is stopped if the debtor makes a payment on the account after the expiration of the applicable limitations period. In some cases, the clock can also stop if you acknowledge ownership of a debt.
