Question About Statue limitations

[Rintaro]

I received a collection letter from an account that is more than 7 years old ( nearly 10, it doesn't even show up on my Credit Report.

The Letter is from a secondary Collection Agency
it appears it was sold from Asset Acceptance to this new Collection Agency.

My question is if the account is sold does the statue renew for the new Account holder or is it calculated from the date of last payment received?

I am sending a Debt Validation letter/ Cease & desist Letter Is this a good action for me to take regarding this?

Please advise.

[keepmine]

My question is if the account is sold does the statue renew for the new Account holder or is it calculated from the date of last payment received?

I am sending a Debt Validation letter/ Cease & desist Letter Is this a good action for me to take regarding this?

Please advise.

The SOL starts whenyou first went into continious default. It does not reset just because a debt was sold to another party.
I'd send the letter.

[HHM]

Absolutely not, the SOL does not reset when the account is sold.

[Rintaro]

Thank You all, I am still getting Collection letters from CA from debts that are well over 7 even 10 years old, they do not even show up on any of my Credit reports yet they are trying to collect.

So I will send the Letter Certified mail.

Thank you for your help.

I am doing everything I can to prevent BK and want to fix my credit report, i have one judgement against me from a CC company and am trying to buy time and resources for a way to come up with a satisfactory payment plan with them, but it is hard with all these other companies trying to collect old debts.

In the past 4 years I have had near perfect Credit history never miss payments and am in good standing with the accounts I have current, but these Collection agencies have things on my credit report that are more than 4 years old.

[HHM]

Why are you trying to avoid BK. So long as those old debts are out there, your credit will NOT improve. No amount of Cease and Desit letters, Credit Report Dispute, etc, is going to take care of it.

If you already have a judgment from one credit card, BK is in your future whether your ready to face that fact or not.

[Rintaro]

I have one Judgement that is for less than 4k, The rest are old debts past statue so if they attempt to sue I will present the expiration of statue in my defense.

There are no negative credit items on my Credit report from old debts ( past statue) so I am willing to fight any collections from expiured statue debts. I will do everything to avoid BK, & As soon as i have the funds available i will pay off the judgement.

Why are you trying to avoid BK. So long as those old debts are out there, your credit will NOT improve. No amount of Cease and Desit letters, Credit Report Dispute, etc, is going to take care of it.

If you already have a judgment from one credit card, BK is in your future whether you ready to face that fact or not.

[blftx]

Note from experience.... Asset acceptance does put these debts on your credit reports. I went thru it,had them taken off my credit reports as SOL. Only to have asset acceptance put them on a year later. They also raise the original amounts owed by tacking on late charges ect. I filed bankruptcy chapter 13 and asset acceptance snuck in 3 debts ranging from 10 years old to 15 years old. Im in the process now of having those debts removed. Hopefully this will work and these people wont get a penny.

[AngelinaCatHub]

So far all above have said in a 'reader's digest' form, if they are outside of SOL, bear with them and get an anwereing machine. The minute you tell them anything or send them a penney, SOL then begins over. Just ignore them unless you have other debt bringing you down to bk. Then all will be forgiven. If you can get by without bk, good, but if you cannot, DO. 'Hub

[blftx]

Two years ago I got my credit report and disputed just about everything on it. Lets see out of date,wrong amount,ect,ect. About 4 items we're taken off. If you dispute something on your credit report they contact the company. If the company doesn't respond its taken off. Funniest I ever heard is someone sending a check to a collection agency and writing in tiny letters on the bottom,"paid in full." They cashed the check,oops paid in full.