I have gotten 2 letters from a collection agency for a very old account. The first thing is they sent the letter to the wrong address. The second thing is the amounts that they are showing that I actually owe is 2 different amounts. Same account number. The principal balance is the same but the current total balance is different. How should I proceed?
If it is almost to the 7 year mark, then I would just dispute with the CRA's or just leave it alone and wait for it to come off. If it's past the SOL, they really cannot collect on it I don't believe.
Make sure you check the SOL for your state. Don't confuse SOL (the time the debt is legally valid) with the seven-year reporting period. If it's past the SOL, do nothing. If they sue you, go to court and assert the SOL as a defense to get it dismissed. You must, however, show up and assert the defense or they can still get a judgment. If they keep bothering you, send them a validation letter. If not, since it's off or soon to come off your reports, don't worry about it.
"Cry 'HAVOC' and let slip the dogs of war!" - William Shakespeare, Julius Caesar, Act III, Scene I, ca 1608. Almost four centuries ago, the infamous English bard William Shakespeare penned this magnificent line in his play The Tragedy of Julius Caesar. By all accounts, the drama was very popular, and had widespread critical and common acclaim soon after the ink on the pages had dried.
Well there is wierd fine line here. Follow Hedwig's advice as it is wise! Also note that there is nothing that states a CA cannot keep trying to collect if a debt is outside the SOL. They CAN collect on it if you let them. They CAN call you and write you. They CAN ask you to pay but if you do, their gain is your loss because that is what the SOL is all about. A lot of people are not aware of their rights. Unfortunately a lot of folks freak out at this point, especially if they get a letter from a lawyer. I'd tell them go F*** off! Hedwig is correct as to assert the SOL defense if it does goes to court. Until then, unless this TL is holding you from getting a good APR or loan in general, I'd leave it alone and let it fall off naturally. Let us know what happens.
