FCRA $500 contract question

Discussion in 'Credit Talk' started by mglanham, Jul 16, 2001.

  1. mglanham

    mglanham Well-Known Member

    I basically took out the FDCPA quotes (since orig creditors aren't subject to it) and I put in FCRA bits and pieces. that the debt was over 500 so they'd have to have a contract on file or it violates the statute of frauds anyway... (debt doesn't exist w/out a contract over 500)....

    I read this from a post on this website, does anyone have any knowledge of the above? Specifically find info regarding debt doesn't exist w/out a contract for amounts over $500. I have a situation I am trying to clear up and this would be very useful. Any help would be greatly appreciated.

    Still rebuilding.........with success though!
  2. mglanham

    mglanham Well-Known Member

    any help? come on board, I read it here.
  3. metallicat

    metallicat Well-Known Member

    I'm quite curious about this myself. Anyone?
  4. cable666

    cable666 Well-Known Member

    Regarding if a contract is required for a debt over $500.

    I doubt it. Debts generally fall under 4 classifications:
    (a) Secured or Unsecured
    (b) Verbal or Written

    The laws are usually a little different for each type. Plus, these laws vary from state to state. I haven't seen an amount as a qualifer to the validity of a debt.

    Perhaps you are confusing this with the dollar requirements for different types of lawsuits. If you are delinquent are owe less than $500, the suit can only be filed in small claims court.
  5. MiamiBlues

    MiamiBlues Well-Known Member

    This sounds like a question for Bill Bauer...
  6. Marie

    Marie Well-Known Member


    statute of frauds

    1often cap S&F

    a: a state law modeled on the English Statute of Frauds or dealing with the enforcement and requirements of agreements in particular circumstances
    (see also Statute of Frauds in the Important Laws section)
    (compare main purpose rule part performance at performance)
    Note: There are many statutes of frauds, but use of the term often implies a single entity. This is at least partially due to the great stature of the original law, which represents the general principle that a contract must be in writing to be enforceable.

    b: a provision in the Uniform Commercial Code under which a contract for the sale of goods for $500 or more is not enforceable unless signed by the party sought to be held to it or by an authorized agent

    2: a defense employing a statute of frauds (as in the denial of an enforceable agreement)

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