How long can a creditor continue to ask for money from a deliquent account?

[amdforever2]

They cannot report the account to a credit bureau without illegally reaging it, and they cannot sue because it would be out of the statute of limitations.

There is no reason to pay, except that it would be morally right.

Tell them you'll settle for the original $300.

No doubt interest and fees have gotten you to $1150.

Don't steal any more watches.

 

[Azoth]

Originally posted by: DAGTA

Somebody still had to pay for it, whether it was the insurance company or federal piggy or a tax write off (federal piggy), etc. The point being, the burden fell on someone else's shoulders because the OP is a thief.

It would be nice if a thread could be made of names of dishonest people so the rest of us would know who to avoid in FS/FT.

Touche`

You hit the nail on the head there. I bow to you :beer:

The original argument is that he stole an item from the OC. The OC received their payment by one means or another. That is as far as I went. The OC got their payment, sold the remainder to a JDB, then they will harrass him for life, or until he forces them to follow the law.

I never got into if he defrauded insurance companies or the Federal Government in the deal. In that aspect, yes, he did. Thief is a strong word, perhaps you would consider to rephrase that he committed a fraudulent action.

 

[DAGTA]

Originally posted by: Azoth

Originally posted by: DAGTA

Somebody still had to pay for it, whether it was the insurance company or federal piggy or a tax write off (federal piggy), etc. The point being, the burden fell on someone else's shoulders because the OP is a thief.

It would be nice if a thread could be made of names of dishonest people so the rest of us would know who to avoid in FS/FT.

Touche`

You hit the nail on the head there. I bow to you :beer:

The original argument is that he stole an item from the OC. The OC received their payment by one means or another. That is as far as I went. The OC got their payment, sold the remainder to a JDB, then they will harrass him for life, or until he forces them to follow the law.

I never got into if he defrauded insurance companies or the Federal Government in the deal. In that aspect, yes, he did. Thief is a strong word, perhaps you would consider that he committed a fraudulent action.

Thievery is a form of fraud, in my understanding, so calling him a fraud is just as bad as calling him a thief, in my opinion. Yes, I agree, it was a fraudulent action.

Thanks for the beer.

 

[mugs]

Originally posted by: DAGTA
Somebody still had to pay for it, whether it was the insurance company or federal piggy or a tax write off (federal piggy), etc. The point being, the burden fell on someone else's shoulders because the OP is a thief.

Thanks, that's what I was getting at.

 

[digitalsm]

.

 

[digitalsm]

Originally posted by: mugs

Originally posted by: sharkeeper
Utter nonsense.


It's a charge off. Doesn't matter who it gets sold to. You can probably work a deal with them and pay less than half of what they want to get it free and clear. Just be sure to get a letter of proof that it has been PAID IN FULL. (write that on the check if you use that form of payment)

It's best to do this as this definitely affects your FICO score. You can never get anywhere near the best rates on a loan if this shows up on your credit score. It may not have at the time you got previous credit. If they are sending you letters, you can bet your ass it has been reported.

Anything with a 9 is very bad on your credit. Make an attempt to discharge this.

Cheers!

I hope this guy is right :thumbsup:

Originally posted by: Azoth
wow, rough forum tonight...

Theft, no theft, big deal, it is said and done.

He made a mistake as a kid and could hurt his credit profile if he makes ammends for it now.

Cut the guy a break, he asked a legitimate question and got flamed for it.

It's a debt he's had 14 YEARS to repay and has chosen not to. It's not just a mistake he made as a "kid" (over the age of 18), it's a mistake he's chosen not to correct for 14 years. And he's asking for advice on how to continue not repaying his debt - he doesn't deserve a break, he deserves to be flamed. It is a big deal because people who do this stuff make prices higher for the rest of us.

Yeah they have no legal recourse. That expired 10 years ago in most states. My question, would be is it on your credit history?

 

[Azoth]

Originally posted by: digitalsm

Yeah they have no legal recourse. That expired 10 years ago in most states. My question, would be is it on your credit history?

Legally, no.

Seven years is the max for credit history reporting except bankruptcy. If it shows up again, then the supplier has knowingly violated the fair credit reporting act.

 

[digitalsm]

Originally posted by: sharkeeper

NOOOOO don't pay them!

Whatever you, do don't pay them, before you listen to what I have to say.

Yeah morally you should pay. But if you do it will HURT your credit. Since it has been seven years since you havent paid them, nothing is on your credit report anymore, about owing them money.

If you were to pay they can actually put on your credit report that you paid a deliquent fine. This will negatively effect your credit rating. Even paying a dime of what you owe can screw you!

If they are only sending you letters screw it and just rip them up. The company who you originally owed the money to has long ago written it off. They sold it to another company for maybe 50% value, who has sold it off again, and again. The company who has your debt now bought it for pennies on the dollar, along with 1000's of other debts. Paying them off would give the mega profits off you.

There is nothing they can do but send you letters/call you if they have your phone number. It would not be profitabke to go to court for them. Look up creditors rights to see what you can do to stop them. I for one wouldnt even aknowledge them.

Utter nonsense.


It's a charge off. Doesn't matter who it gets sold to. You can probably work a deal with them and pay less than half of what they want to get it free and clear. Just be sure to get a letter of proof that it has been PAID IN FULL. (write that on the check if you use that form of payment)

It's best to do this as this definitely affects your FICO score. You can never get anywhere near the best rates on a loan if this shows up on your credit score. It may not have at the time you got previous credit. If they are sending you letters, you can bet your ass it has been reported.

Anything with a 9 is very bad on your credit. Make an attempt to discharge this.

Cheers!

There is ALOT of misinformation in this thread.

Creditors only have legal recourse for 4 years from the date the account defaulted to sue you for money.

Creditors can ONLY report to credit agencies for SEVEN YEARS from said date. Under law the creditors are also supposed to take off the negative mark after 7 years of the default, although there are some exceptions such as Federal Student Loans, and Tax liens.

 

[sharkeeper]

There is ALOT of misinformation in this thread.

Creditors only have legal recourse for 4 years from the date the account defaulted to sue you for money.

Creditors can ONLY report to credit agencies for SEVEN YEARS from said date. Under law the creditors are also supposed to take off the negative mark after 7 years of the default, although there are some exceptions such as Federal Student Loans, and Tax liens.

[To the OP]

Good luck getting this OFF your credit report when it comes back. There may be laws to "protect" criminals such as yourself, but remember when the burden of proof is on YOU and YOU are wrong, it will take more money to straighten things out then if you would've paid your debt as agreed in the first place.

Cheers!

 

[episodic]

Originally posted by: digitalsm

Originally posted by: sharkeeper

NOOOOO don't pay them!

Whatever you, do don't pay them, before you listen to what I have to say.

Yeah morally you should pay. But if you do it will HURT your credit. Since it has been seven years since you havent paid them, nothing is on your credit report anymore, about owing them money.

If you were to pay they can actually put on your credit report that you paid a deliquent fine. This will negatively effect your credit rating. Even paying a dime of what you owe can screw you!

If they are only sending you letters screw it and just rip them up. The company who you originally owed the money to has long ago written it off. They sold it to another company for maybe 50% value, who has sold it off again, and again. The company who has your debt now bought it for pennies on the dollar, along with 1000's of other debts. Paying them off would give the mega profits off you.

There is nothing they can do but send you letters/call you if they have your phone number. It would not be profitabke to go to court for them. Look up creditors rights to see what you can do to stop them. I for one wouldnt even aknowledge them.

Utter nonsense.


It's a charge off. Doesn't matter who it gets sold to. You can probably work a deal with them and pay less than half of what they want to get it free and clear. Just be sure to get a letter of proof that it has been PAID IN FULL. (write that on the check if you use that form of payment)

It's best to do this as this definitely affects your FICO score. You can never get anywhere near the best rates on a loan if this shows up on your credit score. It may not have at the time you got previous credit. If they are sending you letters, you can bet your ass it has been reported.

Anything with a 9 is very bad on your credit. Make an attempt to discharge this.

Cheers!

There is ALOT of misinformation in this thread.

Creditors only have legal recourse for 4 years from the date the account defaulted to sue you for money.

Creditors can ONLY report to credit agencies for SEVEN YEARS from said date. Under law the creditors are also supposed to take off the negative mark after 7 years of the default, although there are some exceptions such as Federal Student Loans, and Tax liens.

It is dependent on the state. Some states are longer than others. . .

 

[digitalsm]

And for all of you bashing him.

CCs and other companies PREY on college students. IMHO alot of them act unethical by giving the vast majority of college students CCs hoping their parents pay off their debts. Thats what CCs do, and typically the risks of giving college students CCs does pay off because parents usually bail their kids out.

 

[Azoth]

Originally posted by: digitalsm

There is ALOT of misinformation in this thread.

Creditors only have legal recourse for 4 years from the date the account defaulted to sue you for money.

Creditors can ONLY report to credit agencies for SEVEN YEARS from said date. Under law the creditors are also supposed to take off the negative mark after 7 years of the default, although there are some exceptions such as Federal Student Loans, and Tax liens.

Actually the alloted time of recourse to sue by a creditor vaires per state.

Most credit accounts fall under open accounts. Open Accounts vary per state ranging from three to ten years, with Rhode Island being ten.

 

[jtusa]

Originally posted by: digitalsm
And for all of you bashing him.

CCs and other companies PREY on college students. IMHO alot of them act unethical by giving the vast majority of college students CCs hoping their parents pay off their debts. Thats what CCs do, and typically the risks of giving college students CCs does pay off because parents usually bail their kids out.

So that gives college kids an excuse to be irresponsible?

 

[digitalsm]

Originally posted by: episodic

Originally posted by: digitalsm

Originally posted by: sharkeeper

NOOOOO don't pay them!

Whatever you, do don't pay them, before you listen to what I have to say.

Yeah morally you should pay. But if you do it will HURT your credit. Since it has been seven years since you havent paid them, nothing is on your credit report anymore, about owing them money.

If you were to pay they can actually put on your credit report that you paid a deliquent fine. This will negatively effect your credit rating. Even paying a dime of what you owe can screw you!

If they are only sending you letters screw it and just rip them up. The company who you originally owed the money to has long ago written it off. They sold it to another company for maybe 50% value, who has sold it off again, and again. The company who has your debt now bought it for pennies on the dollar, along with 1000's of other debts. Paying them off would give the mega profits off you.

There is nothing they can do but send you letters/call you if they have your phone number. It would not be profitabke to go to court for them. Look up creditors rights to see what you can do to stop them. I for one wouldnt even aknowledge them.

Utter nonsense.


It's a charge off. Doesn't matter who it gets sold to. You can probably work a deal with them and pay less than half of what they want to get it free and clear. Just be sure to get a letter of proof that it has been PAID IN FULL. (write that on the check if you use that form of payment)

It's best to do this as this definitely affects your FICO score. You can never get anywhere near the best rates on a loan if this shows up on your credit score. It may not have at the time you got previous credit. If they are sending you letters, you can bet your ass it has been reported.

Anything with a 9 is very bad on your credit. Make an attempt to discharge this.

Cheers!

There is ALOT of misinformation in this thread.

Creditors only have legal recourse for 4 years from the date the account defaulted to sue you for money.

Creditors can ONLY report to credit agencies for SEVEN YEARS from said date. Under law the creditors are also supposed to take off the negative mark after 7 years of the default, although there are some exceptions such as Federal Student Loans, and Tax liens.

It is dependent on the state. Some states are longer than others. . .

Credit Collection Laws

 

[digitalsm]

Originally posted by: jtusa4

Originally posted by: digitalsm
And for all of you bashing him.

CCs and other companies PREY on college students. IMHO alot of them act unethical by giving the vast majority of college students CCs hoping their parents pay off their debts. Thats what CCs do, and typically the risks of giving college students CCs does pay off because parents usually bail their kids out.

So that gives college kids an excuse to be irresponsible?

No, but the CC companies are acting just as irresponsible AND unethical by preying on college students and others who can not afford CCs. Its quite well known CCs prey on college students and people they KNOW who cant pay them, because they are taking a risking on someone actually bailing said people out.

 

[stnicralisk]

Originally posted by: BentValve
Nope I aint gonna pay because its a greddy creditor that probably paid $2 for the account NOT the original company. I though you guys knew better.

GREEDY!?!?! You are the greedy prick who got a watch and never paid for it. At least they PAID SOMETHING to pick up your debt - you DIDNT thats for sure.

Suicide is the best answer.

 

[mwtgg]

Originally posted by: digitalsm

Originally posted by: jtusa4

Originally posted by: digitalsm
And for all of you bashing him.

CCs and other companies PREY on college students. IMHO alot of them act unethical by giving the vast majority of college students CCs hoping their parents pay off their debts. Thats what CCs do, and typically the risks of giving college students CCs does pay off because parents usually bail their kids out.

So that gives college kids an excuse to be irresponsible?

No, but the CC companies are acting just as irresponsible AND unethical by preying on college students and others who can not afford CCs. Its quite well known CCs prey on college students and people they KNOW who cant pay them, because they are taking a risking on someone actually bailing said people out.

I'm a firm believer in personal responsibility. If you can't handle having a credit card, maybe you should rip up the offers sent to you in the mail. Simple as that.

 

[benliong]

Businesses rarely want to resort to debt collector to settle accounts. They know it's burning the bridge between them and the customer, evene if it's a bad one at that. In my company, there a guy who got 1k worth of Gauges and the credit is bad. I kept calling him everyday, giving him all the chance he need to pay and being extremely patient with him. Nothing.

Businesses need these money to turn around to survive, and we couldn't wait for the money to come in years later. It's often the only option left to contact debt collection agent.

If you can't afford it, don't freaking buy and not pay for it. That's just low, and it's really just putting the pain on someone else. Who knows that someone would get fired at that business because of the debt.

--Ben

 

[digitalsm]

Originally posted by: Azoth

Originally posted by: digitalsm

There is ALOT of misinformation in this thread.

Creditors only have legal recourse for 4 years from the date the account defaulted to sue you for money.

Creditors can ONLY report to credit agencies for SEVEN YEARS from said date. Under law the creditors are also supposed to take off the negative mark after 7 years of the default, although there are some exceptions such as Federal Student Loans, and Tax liens.

Actually the alloted time of recourse to sue by a creditor vaires per state.

Most credit accounts fall under open accounts. Open Accounts vary per state ranging from three to ten years, with Rhode Island being ten.

And hes from Washington, and Washington is 3 years. Irregardless unless you are sued before 7 years, in states where its 7-10, they can NOT report negative comments after 7 years and negative comments cant stay on your credit after 7 years, as these are FEDERAL LAWS. If you are sued within the statute of limitations is a whole other ballgame.

 

[digitalsm]

Originally posted by: mwtgg

Originally posted by: digitalsm

Originally posted by: jtusa4

Originally posted by: digitalsm
And for all of you bashing him.

CCs and other companies PREY on college students. IMHO alot of them act unethical by giving the vast majority of college students CCs hoping their parents pay off their debts. Thats what CCs do, and typically the risks of giving college students CCs does pay off because parents usually bail their kids out.

So that gives college kids an excuse to be irresponsible?

No, but the CC companies are acting just as irresponsible AND unethical by preying on college students and others who can not afford CCs. Its quite well known CCs prey on college students and people they KNOW who cant pay them, because they are taking a risking on someone actually bailing said people out.

I'm a firm believer in personal responsibility. If you can't handle having a credit card, maybe you should rip up the offers sent to you in the mail. Simple as that.

Im a firm beliver in both personal responsibility and corporate responsibility. Both are in the wrong, but the credit industry doesnt care if people never pay, because thats always out numbered by those who get bailed out. Thats the reason they stay in business.

 

[stnicralisk]

Originally posted by: Phocas

Originally posted by: jadinolf

Originally posted by: Yossarian
so basically you're a thief.

Well said.

:thumbsup:

/me marks down not to trade or buy from you in the FS&T forums.

Good point add him to my DNT list.

 

[stnicralisk]

Originally posted by: Dulanic

Originally posted by: SpunkyJones

Originally posted by: Yossarian
so basically you're a thief.

And so are collection agencys. They break the law hundreds of times daily to get their money. Now morally yes he owes the money, but guess what, even IF he pays it... the original creditor will never see a penny of that money.

The original creditor already has seen some of that money idiot! Because the collection agency paid them to buy the debt. If no one ever paid a collection agency THEN and only then would the original agency have never seen a penny. So basically if everyone was like this prick then collection agencies wouldnt exist and the original creditor would not have seen any of the money for the watch they sold him.

 

[stnicralisk]

Originally posted by: Azoth

Originally posted by: DAGTA
A man with any sense of honor would pay the debt regardless of what paying it does to his credit score.

A man with any sense would know that the debt was paid years ago when the original creditor wrote the debt off as a bad debt.

Okay, I loan you an insured vase worth $1,000 dollars, which I paid $600 for. You break my vase, and my insurance company pays me $900.00 for the vase, so I ask you to pay me the $100.00.

You refuse, so I sue. The judge grants me a judgement for $100.00 plus interest. I wait a few months and can not collect, so I, in turn sell it to a collector for $50.00. The debt collector says you now owe them $250.00. As time progresses, the original $100.00 debt goes through many exhanges such as that until it ends up being sold off with a junk debt lot for about $2.50 and with a stated worth of about $2,500.00

So, should you now pay the last guy in the chain their $2500.00 so that they can put a negative "paid collection" on your credit report? Perhaps that would be the honorable thing to do, eh?

Yeah.. it would be the morally correct thing to do. Of course you could just offer them 100 and they would likely accept it as payment in full or maybe you shouldnt have been an a$$hole and just paid the 100 to begin with.

 

[mwtgg]

Originally posted by: digitalsm

Originally posted by: mwtgg

Originally posted by: digitalsm

Originally posted by: jtusa4

Originally posted by: digitalsm
And for all of you bashing him.

CCs and other companies PREY on college students. IMHO alot of them act unethical by giving the vast majority of college students CCs hoping their parents pay off their debts. Thats what CCs do, and typically the risks of giving college students CCs does pay off because parents usually bail their kids out.

So that gives college kids an excuse to be irresponsible?

No, but the CC companies are acting just as irresponsible AND unethical by preying on college students and others who can not afford CCs. Its quite well known CCs prey on college students and people they KNOW who cant pay them, because they are taking a risking on someone actually bailing said people out.

I'm a firm believer in personal responsibility. If you can't handle having a credit card, maybe you should rip up the offers sent to you in the mail. Simple as that.

Im a firm beliver in both personal responsibility and corporate responsibility. Both are in the wrong, but the credit industry doesnt care if people never pay, because thats always out numbered by those who get bailed out. Thats the reason they stay in business.

I place the blame solely on the person's back. Like I said, if you can't handle a credit card, tear up the application, and move on.

 

[mitchafi]

Originally posted by: BentValve
Nope I aint gonna pay because its a greddy creditor that probably paid $2 for the account NOT the original company. I though you guys knew better.

That is the most ridiculous logic I have ever heard, but if you actually aren't legally required to pay it any more then I guess your in luck. Personally I think you should be required to pay it just for saying something that dumb.