Does the collection agency have the legal right to pursue the %26#039;bad debt%26#039;?
Can a credit card company sell my %26#039;bad debt%26#039; to a collection agency after more than 15 years?
yes!This is huge money making business.In florida the bad year debt is suppose to be six years.A friend of ours was just taken to court by one for that he went ahead and paid it off before it arrived in court.But how do they take you to court when he hadnt done(i mean as in making any payments for it for yrs..not even one) anything ?i dont get it..
Can a credit card company sell my %26#039;bad debt%26#039; to a collection agency after more than 15 years?
Yes they have the right. They have the legal right to sue you to for a judgment. But all you have to do is show up in court, if they do sue, and hand the judge a copy of your credit report showing the default where it has passed Statute of Limitations. If they are suing you then you need to get them to provide validation of the debt. That%26#039;s why good record keeping is critical to avoid getting sued and having no proof that it%26#039;s beyond SOL.
Can a credit card company sell my %26#039;bad debt%26#039; to a collection agency after more than 15 years?
Yes they can, but it isn%26#039;t enough to take one to court for a judgement. Debt that is beyond a states statute of limitations (the time frame one is allowed to pursue legal recourse) is not permitted.
Most %26quot;junk debt%26quot; collection agencies buy the debt for pennies of the dollar and will try and collect something. They will use deceptive practices to scare the party into making some form of payment, if that person does do this, then it resets the time clock on the debt.
Courts will throw out a case if the defendant provides proof that the debt is beyond the statute of limitations.
The only type of debt that has no statute of limitations is a Student Loan.The statute of limitations on defaulted student loans was eliminated by the Higher Education Act. Section 484A removes all limitations and gives the Department of Education or the guaranty agency (bank or lender) the ability to file suit, enforce judgments, initiate offsets, or other actions, to collect a defaulted student loan regardless of the age of the debt. Statutes of limitation are no longer valid defenses against repayment of a student loan.
Here are some links on how to fight back
http://www.fair-debt-collection.com/inde...
I invite you to join the following Yahoo group %26quot;DontGetRippedOff%26quot; dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies.
http://finance.groups.yahoo.com/group/do...
Can a credit card company sell my %26#039;bad debt%26#039; to a collection agency after more than 15 years?
Yes. The Financial Services Industry (banks, credit card companies, mortgage companies) write off %26#039;humongous%26#039; (obscene) amounts of papermonies (the %26#039;debt%26#039; - as alleged) by means of an appropriate accounting entry. Part of this %26#039;ugly little game%26#039; is to sell (for a %26#039;peppercorn%26#039; amount) their (the FSI%26#039;s) %26#039;bad debts%26#039;, to; %26#039;Debt Collection%26#039; Agencies. These so-called %26#039;collectors%26#039; shall then proceed to %26#039;hound%26#039; you (and your family) to the limit of your/their endurance. Only a Court of Law can protect you, by granting (upon application) interim relief, since, there are in place; rules for harrassment. The Statute of Limitations may, or may not apply, it would be up to the Court (on the day) to make a ruling.
Can a credit card company sell my %26#039;bad debt%26#039; to a collection agency after more than 15 years?
If a collector wants to pay the credit card company one cent per dollar, that%26#039;s between them. The credit card company will say %26quot;sure%26quot; because that gives them more than they had before. The collector can ask you to pay, but can%26#039;t go to court and sue you. Sometimes they send a bill hoping that you are in better shape than you were before and pay it, either because you want to pay your bills and feel it%26#039;s the right thing to do, or (more likely) you think it%26#039;s a current bill and pay it by mistake. Sometimes they go into the area of illegal activity to coerce you to pay.
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