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Jowagn
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Subject: help with wifes debt collectors
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Fri Jan 23, 2009 5:33 am
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Hi my wife was in a bad relatiionship with a dirtball back in 1995 he was abusive and made her open credit card and get a loan for a car whiel they were together. long story short all that debt we thought fell off since we got a house togethere and it didnt show up on her credit report back in 2004. We live in ny and one bank guy said that after 7 years it is gone. Now she is getting collectors calling her and sending letters saying she ows thousands of dollars since intrest accrued over the years but she hasnt heard anything for years. Can anyone help?
Does she have to pay the collectors?
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Fri Jan 23, 2009 9:40 am
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If you get calls from creditors, you need not worry until and unless they report the debt to the credit bureaus or they send you a debt validation notice within 5 days from the date of initial correspondence over phone. If you find the debt listed in the credit report, you should send a debt validation letter and they should validate it within 30 days in order to proceed further towards collecting the debt. You should not pay to any creditor or collection agency till you get the debt validated.
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All the Best 
Justin |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Fri Jan 23, 2009 9:55 am
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Even if the creditor validates the debt, you need to check whether the statute of limitation on the debt has expired or not. If the SOL has expired, you need not pay off the debt. The SOL starts after 6 months from the date you have made your last payment towards the credit card. Now, SOL is 6 years in NY for all types of debt and so if the listing has gone out of your report, it is most probable that the SOL has expired. But if you can tell us the last payment made towards the credit card debt, we can help you out in the forum.
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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: 4124
1011 Magic Points
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Fri Jan 23, 2009 11:27 am
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| I would not pay this debt. This debt is 13 years old and almost double the SOL as long as your wife has not made any payments after 2001/2002 then she is not legally entitled to pay. As Anthony said if you can provide us with the date of last payment it would be easier to tell. Has she ever made any payment to any debt collectors. Once a payment is made the SOL begins all over again from the date of last payment. |
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guest
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Subject: last payment
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Fri Jan 23, 2009 1:46 pm
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| last payment was payed in 1995. the credit collectors portfolio recovery ass. recieved the debt in 2000 from hsbc that is what they told my wife |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Sat Jan 24, 2009 6:37 am
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If the last payment was made in 1995, your statute of limitation on the debt has expired since the SOL varies from 3 years to 10 years depending upon the state where you have signed the loan agreement. Hence you are not required to pay off the outstanding debt amount. If the creditors disturb you over phone, you can simply send a cease and desist letter which will stop them for harassing you.
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Keep in touch
Carol |
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Surrey Events
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Subject: Wedding Fireworks
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Tue Jan 27, 2009 5:38 am
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| Hi everyone, We have just posted a video clip of our James Bond themed fireworks display which maybe of interested should anyone be requiring to book a firework display. |
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