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porboy
Joined: 22 Nov 2008
porboy's page
Posts: 17
939 Magic Points
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Subject: What to do everytime a new CA buys your debt??
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Mon Nov 24, 2008 8:42 pm
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| This question looms in my head -when your old debt is sold to another bottom feeding CA and you get that 1st letter from them looking like a debt validation letter saying you have 30 days to confirm or deny it`s valid or they`ll assume it`s valid what should ya do? Answer please in 2 phazes -one before your debt is SOL and two after you know your debt should be SOL. tHANKS |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Mon Nov 24, 2008 11:08 pm
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1. If it is a valid debt validation letter then it should have a copy of the original contract that you sigened with the original creditor and something in writing that shows they are now legally able to collect on that debt.
You have to recieve a summons from a court to dent or admit...something coming from them doesn't sound real.
2. if the debt is past the SOL I would still ask for debt validation (like above) but unless you get a registered letter from the sherriff or courts I can not see how anything else would be legal.. You have to remember that these collection places will send all kinds of phony documants to collect on a debt becasue once you make one payment you renew the SOL and they got ya. |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Tue Nov 25, 2008 11:05 am
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Whenever, a creditor or a collection agency calls you up for a debt, or sends you a letter claiming the debt, you should always send a debt validation letter whether or not the debt is past SOL or not. If they can properly validate the debt, it means that they will be providing you with details about the debt including the proof that the CA has purchased the debt from the OC, the coopy of the original signed loan document and the details about the outstanding debt which would include the date of your last payment.
Now, from the debt validation you can be sure of the date of your last payment towards the debt and can easily calculate the SOL expiry. Now if you find that the SOL has already expired, there is no need to repay back the debt, else you should come to a settlement plan to repay it back.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Tue Nov 25, 2008 11:17 am
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I too agree with the fact that even if you know that the Statute of limitation on the debt has expired, you should send a debt validation letter to find out the exact date of your last payment towards the debt. If you do not agree with the date of the last payment, you can always dispute it with the creditor and ask them to give you details of your last payment including your check number through which you have made the payment against the debt. You can also check your credit report to find out whether the debt is listed there or not. If it is listed there, you can find out the month when you have made your last payment from there.
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Where there's a will, there's a way !! |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Tue Nov 25, 2008 12:15 pm
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Thats probaly the best known avenue to finding out the date of your last payment..credit report.
Thats what most people will go by and if you have it there in black and white from one of the credit reporting agencies or all three it could be your best defense. The three credit bureaus are highly thought of and a judge would not easily dismiss a report by them. |
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porboy
Joined: 22 Nov 2008
porboy's page
Posts: 17
939 Magic Points
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Subject: Ok
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Tue Nov 25, 2008 2:14 pm
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| Good points all, have one problem -the validation letter example in the sticky is cut in half by the browser bar going down the page as seen above on the right -but it`s good on this page? If I try and copy it the stuff on the right meshes into it. Can someone send me a straight copy of the DV letter as it would pertain to PA residents or are they ok from anywhere? Thanks |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: credit
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Thu Nov 27, 2008 6:49 am
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| ANTHONY......I have a question. If the SOL, of the debt is ALREADY expired, why would you want to make furthur arrangements to pay it off? That would 're-start' the debt, wouldn't it? |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Tue Dec 02, 2008 6:37 am
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Hi Chargers
I meant to say that from the debt validation you can be sure of the date you have made the last payment towards the debt. Now if you add the SOL period of your state from the date of your last payment you can be sure whether the SOL has expired or not. If the SOL has expired, you need not repay the debt, but if it has not expired, you should take steps to come to a settlement plan to repay the debt to avoid judgment.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Mon Dec 08, 2008 11:21 pm
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| What happens if say a debt collector picks up the debt for a few dollars and when you ask for validation they put somehow put in a date that will keep the debt in SOL. I have heard a few comments like that around here. I think the best way to find out your true SOL would be to check your credit report for the original lender and see what the first missed payment was (30 days as of...) and then add on the statute of limitation amount to it. It may be quicker and a lot easier than dealing with the collector. This way you could be a little more sure. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Tue Dec 09, 2008 9:15 am
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Hi Fireyone
You are right. You can find out the date of your first missed payment from your credit report itself. Now if the creditor or the collection agency do gives you another date of the last payment as validation, you can always dispute it with the creditor if you have the proof. Now if the creditor sue you to the court to recover the debt, on the basis of the false date of your last payment towards the debt claiming that your SOL has not expired, they will not be able to bring judgment against you if they cannot prove the date of your last payment.
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All the Best 
Justin |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: credit
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Thu Dec 11, 2008 9:54 am
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| Can the CA, somehow, 'CHANGE' the date of your SOL..legally, I mean? What if you DO check your CR and the date wsa already changes by the CA? What do you do then? I'm wondering if you can send a letter to the OC for the 'REAL' 'last payment date..ya know? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Dec 12, 2008 11:49 am
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| No Sd chargers they can not legally change the date to make your debt within the statute of limitations. some though will try to do this. One of the reasons I have said to others "go get your free credit reports". You should use all three pulls but always print them for your records. For exaple say your SOL has passed and a collection agency decides to sue you for that debt and changes they last payment so it makes your account look more recent than it is. If you have a copy of an older credit report that has the original creditor listing the date of last payment as a different date than the collecotr this could serve as proof that they changed or updated the accoutn to show mroe current so they could sue you and win. Some may claim a payemnt to them afterwards but they would then have to prove that payment was made beyond a shadow of a doubt..which is unlikely unless you actually made a payment. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: credit
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Sat Dec 13, 2008 3:38 am
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| I just ran mine, last night, in fact. Annual Credit Report (dot) com. Got ALL of them. A few debts 'fell-off' my CR...thank goodness. Let me ask someone. If you keep having different CA's 'buy' your debts, does your Credit score drop for every 'new' CA? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sat Dec 13, 2008 3:45 am
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| Now I am not 100% sure on this but I do not believe it will actually effect your score. The older a debt is the less damage it does to your score. Just because a new collection agency purchases your debt does not mean your score will be effected. I believe the main mark that is against your credit is the original creditor itself and as long as they have not changes the date of the debt you are not going to see your score drop. Usually you do not have to worry about an original creditor playing with the date on a debt. Onece they sell it they are pretty much done with it at that point. Remember they do get a tax write-off on this so it would do no good to them to change any debts. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: credit
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Sat Dec 13, 2008 3:48 am
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| OIC!! Good explanation, FIREYONE. Good......now I know my score won't be TOO effected by that. |
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