the debt was charge off by the original creditor, but I remember one collection tried to collect on it I don't know if they where hired by the original creditor or what. and than went to second collection who actually started to report on my credit report and now they trying to collect on it. I don't know witch collection is the debt with the first collection or the second who reporting on my credit report ? This month I received a settlement offer from the collection who is reporting to my credit report,but when I was reading the letter and got to the bottom it says : Because of the age of your debt , we will not sue you for it. If you don't pay the debt, we may continue to report it to the Credit Reporting Agencies as UNPAID. What this is mean ? because of the age of your debt we will not sue you. How do I know witch collection is debt with ? Do I settle this or not? I also see that the collection reporting on my credit report will fall of in 2016 is this mean they won't reported any more after 2016? Thanks for any respond.
The creditor is one of the few who (was probably forced to by the FTC) acknowledges that the debt is time-barred. http://consumers.creditnet.com/Disc...ls-false-misleading-representation-72435.html It means that they willingly bought a piece of paper which is worthless, and they can't do anything to collect the debt, other than report on your credit report, call or write... Since they've admitted that they are unable to sue, the majority of the adverse repercussions from telling them to "pound sand" are out of the way. (One is to tell you that they intend to sue, the second is to sue.) That means if you tell them to not communicate with you in any way, shape or form, they need to cease communications, the only communication that they would be allowed to send would be to say "We're slinking away." http://consumers.creditnet.com/Discussions/credit-talk/t-why-time-barred-c-d-delete-59797.html This post used to be in my signature.
It seems like you are in the situation that you damn if you do damn if you don't. Hopefully you can find a nice solution for you.
jorgelopez, not with the CA acknowledging the fact that the debt is time-barred. If you read the FTC v. A$$et Acceptance suit which is linked in the post on Time-Barred Debt equals False & Misleading Representation From the FTC's press release. The disclaimer that the debt can not be sued for is to settle the following cause of action against a$$et. The key part of that line is that depending on your state's law acknowledging the debt, or making a payment in any amount, could restart the statutes of limitations, allowing them to sue. (Hmmmmmmm... The caveat here, if they phrased it specifically saying that they will not sue you, that could make any attempt to sue at anytime in the future a false and misleading representation.) But is it something that one wants to risk. If it was me, I would send a validation letter, with a statement that "As stated in your letter dated xx/xx/xxxx, the alleged account, which is disputed in its entirety is time-barred. As such, any and all communications regarding this matter are for no other purpose than harassment. Any continued collection activity is continued collection activity on an unvalidated debt, and any further reporting on my credit report is providing information to credit reporting agencies, while knowing or having reasonable cause to believe that the information was inaccurate, in violation of the Fair Debt Collection Practices Act, and Fair Credit Reporting Act. I will vigorously initiate legal action to defend my rights under federal law."
