I am new to this forum, but am having a great time shuffling through all the wonderful information. Though I am looking for help as it is a bit overwhelming to understand it all at first. I have a cc debt from 1999 that was sold to Arrow financial. I believe I paid it to Arrow many years ago but haven't found proof. It's been and gone from my credit report. I've just recently started building my credit again (since August 2006) and in the beginning of January 2007 received a collection notice for this cc debt from Asset Acceptance LLC. The letter did not come CRRR or anything with proof of acceptance. Last week I received a settlement offer for 50% with payment due today. I have not contacted Asset nor have I sent a VOD letter. I am wondering if it is too late to request proof now? Can I say I never received the first letter? I live in NYC...defaulted on the debt in 1999...Arrow took it over in 2000...and now these guys...What can I do? It is past the SOL for them to sue. Should I tell them that. I am confused. Please help! Also, they have yet to report anything to the credit bureaus but they did pull one credit report back in december 2006. Any help would be greatly appreciated! Thanks!
Is it now? In most states it isn't illegal for them to sue no matter how long ago the SOL ran out on the debt. All that it really means is that IF they sue and IF you file motion to have it dismissed for that reason they won't get a judgment. If you don't defend the sol won't mean a thing. You can but why educate them? Yes, I can understand that if you tell them it is out of stat it might mean they won't sue but they can still continue to attempt collection anyway. What is it that you are confused about?
I guess I am confused about how to proceed. I believe I paid this to the original collection agency back in 2000 but can't find proof. I was considering settling for the 50% offer but am nervous that they will come back at me for the full amount if I don't proceed correctly. In addition, they haven't placed it on my credit file yet and I would hate to pay it and then have them put it on my credit report. I worked so hard to get my report cleaned up to where it is now.
It is not your job to produce their defense, nor is it your job to fail to protect your own interests because they might, or might not, do something in the future. They can claim you didn't request validation timely, but they can also not get paid what they are not owed. In fact, why would you pay something you already paid, and don't owe, knowing that paying, or even repaying a second time, will not stop some new CA demanding payment again, and might even get you sued for a debt you don't owe if, for example, they claim a recent payment resets SOL? Don't go there. If it went delinquent in 1999, they can't legally report it. It appears it is not being reported. If it is past SOL, they can't legally sue, or if they do, you raise that as a defense. If you paid it, you don't owe it. Dispute and request validation. If they continue collection without providing validation, you can sue. If they report the "debt", you can dispute thru the CRAs and sue if "verified". If they continue to harass you, you can send them a cease and desist letter, and sue if they don't stop. In the mean time, if they violate any laws, send complaints to your state AG and FTC.
ontrack, thanks for your help. I am seeing a bit more clearly now. I will proceed with requesting validation and see where it goes from there.
