An old apartment lease has come back to haunt me. I can't sign another lease until I get this sorted out. It is from 2000 and has been turned over for collection. Correct me if I'm wrong: If my debt was "sold" to the CA, I'm forced to negotiate with the CA, though they may be more flexible because they are at liberty to do what they wish, instead of having to work within a certain percentage range imposed on them by the creditor. If my debt was assigned to the CA, the CA may be less flexible, though I may be able to deal directly with the creditor. Does that sound right? I'm contacting the creditor tomorrow to determine who I should try to deal with and how much leverage I have. I need to know what my advantages are in either case. Many, many thanks in advance.
Before you do anything, you need to find out a few things... First, what is the SOL for your state. If the SOL is only four years, and the lease was breached in 2000, if the lease was breached on or before July, you're already outside of the SOL, if it was breached later in the year, you still have a few months to go before the account is outside of the SOL. It doesn't matter if the CA was assigned, or purchased the account for as little as 1%, they will want to collect 100% + any fee that they think they may be able to get away with trying to charge. If the account was sold, it is a myth that the creditor CAN NOT buy back the account from the CA. I've had it happen before. So you may still be able to work with the creditor, on the condition that they buy back the account from the collection agency as "SUBMITTED IN ERROR". This is providing of course, that your states SOL is more than four years, or you absolutely positively can't wait until the SOL has tolled completely.
Have you checked the sol on this? You could send the CA a Val. Letter. Welcome to CN *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ***************** >
i put this situation off today (thur) until I speak with the creditor. they are supposed to contact me tomorrow. The SOL is 5 years in the state I acquired the debt (IA) for promissory notes, and 10 years for written contracts (which is an apt lease?). Either way, even if the SOL is up, that doesn't mean it will be removed from my credit report, that just means they cannot sue me. What I need is to have this removed from my credit report so I can lease another apt.
Re: Re: debt "sold" vs. debt "assigned" (CA Click here: CREDITNET | Straight Talk | | debt "sold" vs. debt "assigned" (CA *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ***************** Either way, even if the SOL is up, that doesn't mean it will be removed from my credit report, that just means they cannot sue me. social ================ Are you sure? Have you read this? >Why Time Barred C&D = Delete http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=59797
Re: Re: Re: debt "sold" vs. debt "assigned" (CA Thanks for the plug... Basically what you'll find in that post, is a consumer oriented interpretation of the statute itself, and some discussion to hone the subject out even better. The key to remember is that when they communicate to the CRA, they are using the CRA to pass a message to you, just as if you would give them the name of your attorney, and ask that they only speak to you through your attorney. There is a specific reason why CRA's are placed directly after your attorney, and CRA communications are limited to whenever not prohibited by law.
