Hello guys, I have been on this board in the past....I need help! New Century Financial Services has purchased a couple of old debts in the past. Now they have purchased another one. The law firm of Pressler and Pressler represents this firm in the state of NJ. I reside in NJ. The SOL is 6 yrs. I opened a retail account in the Best Buy Store in 07/1999. My credit reports also reflect that the account was opened in 07/1999. I have not touched the account since then. My credit reports reflect that the account has been charged off since 03/2001. I don't know if it was charged off a bit before then because I do not have documentation that reflects that. In April 2005, Pressler and Pressler began sending correspondence to collect the debt. I asked for validation. They sent a letter stating that the client does not have an original signed contract, but that they have an attached electronic statement representing verification of the date. They sent a computer generated report of financial information. They have continued to send correspondence requesting payment arrangements....close to demanding payment arrangements. I am getting scared that they may sue. Should I wait for the ball to drop or make arrangements? Does the SOL begin after the date of last activity or charge off date? I know that I have not done anything with the account since I opened it in 07/1999....unfortunately I never made one payment...it was a debt acquired for my ex-boyfriend in my name (stupid!!!). If the SOL ran out, how else do I prove it besides the old and current credit reports that reflect the open dates? Thank you and God Bless
The SOL would apply to the date of the last activity - which was 7/1999. Add six years to that and that comes to 7/2005 which means it is past SOL so that you are not bound to make payment arrangements. That may explain their persistence in trying to get you to make arrangements because the SOL was looming and the CA knew this and was hoping that you didn't. As for your other questions, more experienced people on the board could probably answer them with more authority than I. Good luck!
"They sent a letter stating that the client does not have an original signed contract, but that they have an attached electronic statement representing verification of the date." Verification of what date? The charge-off date, or the date of first delinquency, from which the date the debt passed SOL would be determined? The only statement that would matter is one from the original creditor showing the last payment you made, or if you made none, showing the last charge you made. Later statements showing fees being added with no payments do not extend the SOL.
Hello ontrack, Thank you all for your reply(s)....I meant verification of the debt..."verification of the date" was a typo. New Century Financial did provide the name and address of the original creditor. I think that I am going to contact them myself in hopes that they can provide the date of last activity in writing. Thank you again. I will check back for any more advice! -ksha1
If the "electronic statement" was just something they generated, and not from the original creditor, it is not verification of anything. The information must be obtained from the original creditor, and forwarded by the CA, as per FDCPA. If the "electronic statement" does not go back to the last payment made, it also verifies nothing. It does not account for how they arrived at the balance they claim is due, specifically that payments sent have been correctly applied, and whether fees added are as allowed by the contract.
