Debt collection question

GreenDoberman · Aug 28, 2005

Out of the blue I get a thing in the mail stating I owe like 7000 on some old credit card. Now, I was not fiscally responsible in my younger years and I settled many of my claims. I did some research and it looks like my best option is to write them saying I am not responsible for the debt and also claiming the statute of limitations has run out.
I keep fairly meticulous financial records, but could not locate this supposed debt and am leery of being scammed as well.

Any advice out there?

Horseshoe · Aug 28, 2005

Get a credit report printout, if it doesn't show up, I leave at your discretion to do what you feel comfortable with, but if it does, make them an offer of 20 to 25% max settlement. I am not really the one to ask on such a matter, but I'm sure some CFP or financial guru here may step forward to advise..GL GD!

Call a free local consumer debt counselor office.

viking611 · Aug 28, 2005

http://www.freecreditreport.com/

GrandMasterB · Aug 28, 2005

AnnualCreditReport.com
allows users to request a free credit report once a year from Equifax, Experian, and TransUnion. Requests can also be made by phone or mail.
Category: Consumer Credit Report Services
www.annualcreditreport.com/cra/index.jsp

ThreeUnits · Aug 28, 2005

I once obtained a copy of my credit report and gasped when I saw I supposedly owed $ on an old card. I pursued this and it turned out it was someone else's who had the same name as me and had lived in the general area as I did. My credit rating had been affected for God knows how long by this freakin' screw-up!

ppeter · Aug 28, 2005

FYI statute of limitations in most States is six years from the date the debt was incurred OR date of last payment.

RPM · Aug 28, 2005

if the debt was not included in a bankruptcy then at most it will be on your credit report for 7 years.

have they threatened court action yet? to make sure it isnt a scam, wait untill you get legal papers saying you must appear in court. if you get that, its not a scam, and probably your best bet is to go ahead and make a settlement.

GreenDoberman · Aug 28, 2005

Checked out my credit report, this debt was settled over 6 years ago. Looked on the two states I lived in AG's sites and found the statute of limitations for each. I am going to send them out a letter and let them know I am absolved of any debt and the statute of limitations has run out.

5teamparlay · Aug 28, 2005

It's good to address this though as in 'our' casino business credit checks can be used for employment purposes and you never know.

KennyB · Aug 28, 2005

Whether something affects your credit and whether a company can sue you over a debt are two different subjects. Items against your credit usually go back 7 years. The creditor can only sue you for the debt if the statute of limitations has not run out. In Florida that is 5 years.

However, if the debt affects your credit you may want to consider settling for 25 cents on the dollar. If your credit is already f-ed up and you don't care, tell the creditor to go f--k themselves that the statute of limitations has passed.

I have done this with clients. I tell the creditor, "if you think you have a valid debt sue me, otherwise go fuck yourself".

Hope this helps.