First off these people keep calling me at work after I assked them not too. She was rude and hung up on me several times. This debt has reached SOL I am in Illinois, my question is it illegal to resell debt? This company wants to serve me with papers and garnish my wages can they do that if the SOL is up? Now that most of my debt has reached the SOL all of the creditors are hounding me, I am worried cause I got all of them cleared off my credit reports and my scores are finally going up. I dont want them keep adding it to my credit report or hounding me anymore! Some advice would be nice. My first step toward this particular company is to send them a Cease and Desist letter ASAP.
It's not illegal to resell debt, and it's actually quite common. But if the SOL has run, they can't collect. It doesn't mean that they can't try, but if they were to sue you for the debt, you would have an absolute defense because the SOL has expired. So if the SOL has run, send them a letter explaining that and they'll likely leave you alone. Also, don't confuse the SOL we're talking about here with how long something can remain on your credit report. They're two totally different things. Depending upon what type of debt this is, it could remain on your credit reports for 7 years or longer.
