just when i thought i was getting my credit back in order. purchase was 8 years ago, never paid the bill. never was on my credit report and they never came after me. now 8 years later i get a letter from a law office that i owe 1900$. dammit i do not want to pay this, looks like ill be heading to court very soon. what are my options? i feel bad i never paid but this is such messed up timing. im not totally sure when the purchase took place but im pretty sure it was at least 7 years ago. im in indiana
slimeball? you dont even know me! (jerry springer quote) ive paid off over 7,000$ in collections in the last few years from mistakes in my past. i thought i paid every dime ive ever owed. but i forgot about this one. yes i do want to get out of this debt. should i start off with validation to the debt collector(law office). then get proof of sol. still not sure if its sol yet.
sol is 6 years for a promissory 10 years for a written i bought furniture it was like 70$ a month, cant recall if there was interest. dont remember much about the contract. i dont understand the difference between wriiten and promissory contract
would that be something like: promissory = open end written = closed end ??? I'm asking here, not telling.....
Oral Contract - You agree to pay money loaned to you by someone, but this contract or agreement is verbal; i.e. no written contract ("handshake agreement"). Remember, a verbal contract is legal, if tougher to prove in court. Written Contract - You agree to pay on a loan under terms written in a document, which you and your debtor have signed. Promissory Note - You have agreed to pay on a loan via a written contract, just like the written contract. The big difference between a promissory note and a regular written contract is that the payments are scheduled and interest on the loan is also spelled out in the promissory note. An example of a promissory note is a mortgage. Open Ended Accounts - These are revolving lines of credit with varying balances. The best example is a credit card account. this is what i found
Would this follow under the UCC (uniform commercial code)? If so the statute is 4 years. http://www.kentlaw.edu/7circuit/1999/may/98-2120.html
whychats site has this: looks like u in the 4 year sol STATE: INDIANA INTEREST RATE Legal: 8% Judgment: 8% STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6 Written Contract for payment of money (executed before 9/l/82): 10 (executed after 8/31/82): 6 Written Contract (other than payment of money): 10 Written Contract for sale of goods: 4 Domestic Judgment: 10 on real estate 20 against the person Foreign Judgment: 10
I'm not trying to flame anyone or start a war here, but isn't this baord about credit repair? Not about how to get out of paying a debt one legitimately owes? I for one see the difference between the two. CRAs, CAs and the like can really mess up your credit because of bad reporting, erroneous information, etc., and this board helps people figure out how to deal with those situations. (YAY CREDITNETTERS!) But I didn't think the board members here actually were interested in helping people get out of bona fide debts. Before the validation process, how about agreeing to pay your debt in exchange for not reporting to the CRAs? (or deleting the negative information if they have) That way, you protect your credit (which is what this board is about) and honor your obligation. Wichita
<bump> I think Witchita deserves and answer to her question. I too would like to see how some of the regulars respond to her point. Hawg Hanner
For me, I have disputed coll accts to get them off my bureau, not to avoid paying them. I just know that I have to get them off before payment or it will stay forever. I have yet to have a CA ever agree to delete for payment! Kinda STUPID for them because the amounts are old, small, past SOL and I will pay them ONCE IT IS OFF MY BUREAU. By leaving on my bureau, they cost me more in interest rates et al. Essentially, I have "paid" for it over and over. These guys just want to be jerks. If you pay first, you lose your leverage. Now a matter of semantics::::: Debt to dentist whos work was poor and teeth ultimately has to be extracted. Turns debt to CA who purchased the debt. They paid pennies on the dollar. Do I feel I owe them(the CA) the original amount? Absolutely not.
You and Witchita should read the FAQ and threads pinned to the top of the message board before making such assumptions. Sassy
Sassyinaz, Which frequently asked question would you like to direct my attention to? Opie clearly stated in his previous posts that he did "not want to pay this" and he added, "i do want to get out of this debt." While members of this forum go through great pains to warn participants to avoid legal pitfalls on the way to credit repair, I don't see to many people reminding others of their obligations. There are a lot of honest, hard working people who are trying to repair their credit and I wonder out loud whether we should be helping those who are trying to avoid their responsibility. By doing so, we merely end up lumping everyone into that same category. I also appreciate the reason why one would want to validate a credit report entry before taking care of this debt, however, I have an honest question as a result. If Opie is able to have this item removed from his credit file, doesn't it make it more difficult for the creditor to get their money back? Doesn't that remove a good bit of leverage they have to collect? I for one made some serious mistakes with regard to my own personal credit, but in the end I paid each and every one of my debts. As such, and as a consumer, I hope we don't assist those who do not intend to make good on their obligations. In doing so, we're merely increasing the cost of goods and services for everyone else. Hawg Hanner
