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7 year old debts being sold to another lender

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peggars
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Subject: 7 year old debts being sold to another lender

Fri Oct 23, 2009 3:25 pm

can a credit card company sell a debt older than 7 years to another lender, and that lender post it on your credit report for an additional 7 years?

debranewell2008

Joined: 10 Oct 2009
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Posts: 591

105 Magic Points

Fri Oct 23, 2009 3:49 pm

Hi peggars,

Do you know the SOL for you state if it is a debt that is past the SOL you need to send them a letter stating that it is past the SOL. Do not make any payments to them because if you do the SOL will start all over again.

SIA

Joined: 18 Oct 2009
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Posts: 62

2513 Magic Points

Fri Oct 23, 2009 5:59 pm

What is SOL?

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 591

105 Magic Points

Sat Oct 24, 2009 2:27 am

It is the time frame in which a creditor can still collect on a debt. If it is up than they no longer can. Each states SOL is different. So it's best to check you state.

Justin

Justin

Joined: 17 Jul 2006
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Posts: 1239

28944 Magic Points

Sat Oct 24, 2009 6:57 am

Hi Peggars,

The lender can sell but reporting it to the credit reporting agency is not possible because most probably it has past the SOL. Which country do you reside in? If you can tell me that, then I can let you know about the SOL or the Statute of Limitations. Moreover, a negative report is supposed to stay on your credit report for 7 years and then fall off. So it cannot reappear on your report. If it does then you have to ask for debt validation and then dispute it.

Statute of Limitations is the time period within which a creditor can take legal action against the debtor to collect the debt. Different states have different time frames for SOL. Once, the debt is past SOL, then the creditor can no longer sue the debtor to collect the debt.
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Justin

soutry
Guest

Subject: SOL and debt consolidation

Fri Mar 05, 2010 1:22 am

My spouse does not know that her debts was already past SOL. She did the debt consolidation and stop the payment to debt consolidation before it completed due to un-employment. Suddenly the debt was purchased or sold to another lender and being reported in credit report by the new creditor. This is like starting all over again. Is this legal? what can she do because it appear twices on her credit report with the same problem.

NightStar

Joined: 10 Mar 2010
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Posts: 142
Location: Illinois

3129 Magic Points

Sun Mar 14, 2010 7:18 am

The only time a debt can be picked up and reported again after 7 years is if you have a judgment renewed, or if you have an unpaid student loan.
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goodnatured

Joined: 03 Nov 2007
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Posts: 3931

307 Magic Points

Wed Mar 17, 2010 2:41 am

Once you pay on a debt it starts the statute of limitations over again, it don't matter if you pay a dime or a hundred bucks. At least that was always my understanding. I have had collectors try to get just a few bucks from me to set up a payment plan, that is exactly how they get the old clock ticking again.

NightStar

Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois

3129 Magic Points

Wed Mar 17, 2010 3:02 am

You are so right, my rule is if you can't pay in full and be done with it, then don't bite off more than you can chew, it might just be that you efforts to make a payment plan goes by the way side if you loose a job or something. Than you would be stuck with a debt following you longer then it would of it you just avoided paying and waited out the original expiration on the SOL.
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