7 year drop off rule is a fraud...

[dscurlock]

Ive been trying to get my credit clean for years, one collection is almost 7 years old, and ive just rec'd word that they have just sent the debt to a new collection agency, and now it starts all over again, ive paid my 7 year dues...this is not fair... the old debt company has even stated that it was paid/closed, written off and charged off! how can they do this??

Old Collection: (almost 7 years old)

Status:
Paid,Closed/Account charged off. $6,120 written off.



Date Opened:
06/1999
Type:
Installment
Credit Limit:
$11,734

Date of Status:
10/2001 Terms:
61 Months High Balance:
NA

Reported Since:
07/1999 Monthly Payment:
$0 Recent Balance:
NA

Last Reported Date:
10/2001 Responsibility:
Individual Recent Payment:
NA




New COllection (duplicate of first collection)

Status:
Collection account. $6,120 past due as of Jun 2007.


Date Opened:
04/2007
Type:
Collection
Credit Limit:
$6,120

Date of Status:
06/2007 Terms:
1 Months High Balance:
NA

Reported Since:
06/2007 Monthly Payment:
$0 Recent Balance:
$6,120

Last Reported Date:
06/2007


yes after 7 years, I can get the old collection
removed from my report, but whats the point,
the new collection just keeps going...


any comments on this?

[emoney]

What is happening to you something that occurs when the debt is sold to another company. The seven year SOL starts from the time of the first payment was late. It cannot be renewed by selling it to another company.
More information can be found on the FTC web site under the Fair Debt Collection Act.
regards,
emoney

[IvoryAngel]

You might double check or someone else on the board may know. But the same thing happened to me they sold the loan the month before it was due to "fall off" my credit report to another company and they called harassing me for monies. I told my attorney then that this was the basis for me filing. Because it went from 3500.00 to 8000.00 and it was past the 7year limit. She mentioned there was a statute of limitations and they could not do that legally and I could pursue having them remove it as opposed to filing bankruptcy. However, after reviewing my credit report and looking at my finances with a micro scope I have determined it is in my best interest to file now.

But, definitely check into that. There is something that prevents them from doing that.

[dscurlock]

What is happening to you something that occurs when the debt is sold to another company. The seven year SOL starts from the time of the first payment was late. It cannot be renewed by selling it to another company.
More information can be found on the FTC web site under the Fair Debt Collection Act.
regards,
emoney

the late payment was 2001... When the new collection agency has listed
this collection as of Jun 2007 (Making it look like its a new collection) my credit score has droped 100 points....

[lrprn]

the late payment was 2001... When the new collection agency has listed
this collection as of Jun 2007 (Making it look like its a new collection) my credit score has droped 100 points....

Check out these two online websites that tell how to deal with collectors reaging your debt (which is illegal!) -

http://www.fair-debt-collection.com/junk-debt-buyers.html

http://www.alabamaconsumerlawblog.com/2007/05/debt_collectors_reaging_accoun_1.html

Report this colllector to the FTC - they must investigate this collector if you file a complaint. Here's where you go to do it online - http://www.ftc.gov/credit/ then click the File a Complaint link on the upper left (fyi....the link page is offline today until midnight, so give the link a try tomorrow)

[CPO]

Its not that the 7 year rule is a fraud....

It's the fact that debt collectors violate the law every day and rarely pay for it.

The 7 year law is there to protect you, now what are YOU gonna do about it?

Debt collectors are deceptive liars. They are bottom feeding dirt bags that rarely pay for their illegal conduct. They do it because they get away with it.

Tell you what: I bet you could use some cash, right?

Find yourself a NACA lawyer in your area. Take your BK paperwork and your written collection notice to them.

I'm positive that the attorney will be glad to sue...it's easy money for them.

If possible, sue in the court you filed BK in, and arrange for the same judge. Judges just love to talk with those who violate their permanent injunctions....

In my experience, these scum sucking collectors won't even show up in court, and will settle for maybe 2K or so...

When your done, file a complaint with the FTC. The Fed's love to gather data on these illegal rackets called "collectors" and use multiple lawsuit decisions to bulid federal cases on these dirtbags.

I've done it, and you can too!

Go TAKE THEIR MONEY!

Regards,

CPO

[dscurlock]

re-aging accounts - update

Ive been trying to get my credit clean for years, one collection is almost 7 years old, and ive just rec'd word that they have just sent the debt to a new collection agency, and now it starts all over again, ive paid my 7 year dues...this is not fair... the old debt company has even stated that it was paid/closed, written off and charged off! how can they do this??

Old Collection: (almost 7 years old)

Status:
Paid,Closed/Account charged off. $6,120 written off.



Date Opened:
06/1999
Type:
Installment
Credit Limit:
$11,734

Date of Status:
10/2001 Terms:
61 Months High Balance:
NA

Reported Since:
07/1999 Monthly Payment:
$0 Recent Balance:
NA

Last Reported Date:
10/2001 Responsibility:
Individual Recent Payment:
NA




New COllection (duplicate of first collection)

Status:
Collection account. $6,120 past due as of Jun 2007.


Date Opened:
04/2007
Type:
Collection
Credit Limit:
$6,120

Date of Status:
06/2007 Terms:
1 Months High Balance:
NA

Reported Since:
06/2007 Monthly Payment:
$0 Recent Balance:
$6,120

Last Reported Date:
06/2007


yes after 7 years, I can get the old collection
removed from my report, but whats the point,
the new collection just keeps going...


any comments on this?

this company that is re-aging my account is going to ruin
my chances of refin. my home. The re-age problem did not
come until after I bought my house, now in a few months, I will be expected to refinance...and I was just turned down by a finance company, crediters are thinking this account that was re-aged is a new fresh debt when in fact its most 6 years old.

Im afraid, when it comes time to refin, I will be unable too, or it will be at a very high price, what this crediter done is a disaster, they could not get what they wanted from me, so they send my old debt off to a company that re-ages it?? making it like new again....???

If i cant refin or im stuck with much higher payments, then
more then likely I will have a very new debt called losing my house debt because of high payments....

Can these companies be held liable for this? They are ruining
my chances to get refin, or getting refin at all, not only that,
other credters were getting to the point of giving me credit, now that is a dead stop, no crediter will look at me now.


1: Triad is the orginal crediter, they sell the old debt.
2: too another company that re-ages the debt to be new.


Thank-You for your comments/suggestions.

PS

I currently have a renter paying $800/mo for rent in the house, which is no big
deal, but the refin company that i talked too before they turned me down said
that this payment could go has high as $1500/mo if i was unable to re-finance.

somone has to be held liable for this, before this new re-aged account, my credit
was getting much better, now it back in the crapper because of unethical practices.

I find it very interesting that the original crediter shows....

Paid,Closed/Account charged off. $6,120 written off

then to find out, they send another crediter after me, which
inself is stupid, they could not collect from me, what makes
them think another crediter can?

[dscurlock]

Its not that the 7 year rule is a fraud....

It's the fact that debt collectors violate the law every day and rarely pay for it.

The 7 year law is there to protect you, now what are YOU gonna do about it?

Debt collectors are deceptive liars. They are bottom feeding dirt bags that rarely pay for their illegal conduct. They do it because they get away with it.

Tell you what: I bet you could use some cash, right?

Find yourself a NACA lawyer in your area. Take your BK paperwork and your written collection notice to them.

I'm positive that the attorney will be glad to sue...it's easy money for them.

If possible, sue in the court you filed BK in, and arrange for the same judge. Judges just love to talk with those who violate their permanent injunctions....

In my experience, these scum sucking collectors won't even show up in court, and will settle for maybe 2K or so...

When your done, file a complaint with the FTC. The Fed's love to gather data on these illegal rackets called "collectors" and use multiple lawsuit decisions to bulid federal cases on these dirtbags.

I've done it, and you can too!

Go TAKE THEIR MONEY!

Regards,

CPO

open for futher debate...

would it not be better to find an attorney and take them in their own area? an attorney in their area would probably know them best, and could gather info a lot easier then if i hired an attorney in my area...?

any comments on this?

[JollyGG]

Here is a onother forum that many or our members visit for help with the cleaning up processes. www.creditboards.com/forums.
They have some good sample letters that you can use to try and get this straightened out ASAP so that you can get your refinance.
The people here are great and so helpful. However, you may find you answers quicker over there. This board is focused on bankruptcy and creditboards is more focused on your credit report.

[CPO]

open for futher debate...

would it not be better to find an attorney and take them in their own area? an attorney in their area would probably know them best, and could gather info a lot easier then if i hired an attorney in my area...?

any comments on this?

That's in FEDERAL court...

What "area" would be better for you?

*Nevermind...I just found your other posts attacking my settlement....*

I have no patience for whinners...

I'm done with you.

CPO

[HHM]

open for futher debate...

would it not be better to find an attorney and take them in their own area? an attorney in their area would probably know them best, and could gather info a lot easier then if i hired an attorney in my area...?

any comments on this?

OMG, are you crazy. Why would you want to GO to the creditors jurisdiction to fight them when you can bring them to your jurisdiction and win 70% of the time because they decide not to show up. Jurisdiction typically lies where the offense was committed, in this case, it is usually where you reside because that is where the letter or phone call was made to.