Bad Credit For Life ?? Sol Debt

[nhcredit]

What is the name of your state? NH

I have a couple of outstanding debts that have hurt my credit report real bad. One of these debts will hit the NH SOL as of tomorrow, April 9th. The last payment I made to MBNA before the sold the account was March 8th, 2002. Therefore (per my understanding) the debt can never be collected on.

However, I know these evil credit companies will keep coming after me. How long must I avoid them, for my life?? Would bankruptcy clear my credit file and have me oweing nothing, if all the accounts were SOL?

I admit I made past mistakes a few years back, however I want to clear things up and make it right. Any thoughts or suggestions? Also, the last credit company trying to collect on this debt never got back to me in reference to my request for validation and verification of the debt. It has been 7 months and I have sent them 6 certified letters. I also refuse arbitration, even though they pushed it. I am waiting to see if they send me a 'decision' and say I owe them regardless. SOL should cover me, right?

THANKS!!

 

[dlbennett620]

If they haven't sent you satisfactory proof, send a copy of your receipt for your registered mail, a copy of all 6 letters you sent and a statement that they have not complied with the FDCPA and are now in violation of the Act. Tell them they need to immediately remove the collection listing from your credit report or you are going to file a lawsuit because they are in violation of the FDCPA, section 809 (b). Wait 15-20 days to hear back after this letter to the collection agency. They will either remove it or not respond. (The above paragraph was taken from www.creditinfocenter.com. This step may not be needed as you have already sent 6 previous letters to the CO.)

Once you have requested validation, the CO has 30 days to reply to your validation request. If you have sent 6 certified letters in 7 months, they are way beyond the 30 days allowed by law and they are violating the FDCPA.

I would send a letter (certified, return receipt requested) to all 3 credit bureaus including a copy of each of your validation letters sent to the CO along with a copies of your receipts for registered mail and request the credit bureaus to remove the debt from your credit report as the debt has never been validated.

This website is a great reference tool:

www.creditinfocenter.com

Make sure to keep copies of all correspondences for your records. You may never know when you may need them.

Good luck to you!

Diane

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I am not an attorney. My advice is based on research and experience.

 

[cmorris]

Collection agencies NEVER have to validate. It is not a violation. Have you sent in dispute letters to the credit bureaus yet? That puts the CA's on a 30 day timeline. IF they verify with the credit bureaus before providing proper validation, THEN it is a violation. If they don't verify, the tradeline comes off. Send the letter to the credit bureaus certified mail return receipt.

If the debts are beyond the statute of limitations, you don't have to pay. Don't file BK over this--that will be on your credit report for 10 years. If they sue you, you will have an affirmative defense.

 

[Ladynred]

Therefore (per my understanding) the debt can never be collected on.

That's not what the expiration of the SOL does. It doesn't stop them from attempting to COLLECT, they can do that until hell freezes over, but it DOES take away their ability to judicially enforce collection of the debt. As long as you use the expired SOL as your affirmative defense, you can prevail and have any lawsuit thrown out.

As CMORRIS stated, 3rd party debt collectors NEVER have to validate, that's not what the FDCPA says, it says they must CEASE COLLECTION ACTIVITIES until they DO validate. So, if you sent a collector a DV letter and they've left you alone for all this time, then they have probably dropped it and another CA will be along at some point.

If the debt is beyond the legal SOL, send the collection agency a cease and desist letter telling them to never bother you about the alleged debt again as the debt is time-barred per NH statute, then list the statute. Send your letter CRRR, just like your DV letters.

 

[JETX]

The last payment I made to MBNA before the sold the account was March 8th, 2002. Therefore (per my understanding) the debt can never be collected on.

That statement is kind of interesting... did you make any payments on this debt AFTER the debt was sold?? If so, you very likely reset the SOL clock.

However, I know these evil credit companies will keep coming after me. How long must I avoid them, for my life??

Pretty much. Though the SOL has expired making the debt legally unenforceable, it is possible that the owner (or their agent) could send you demand letters at any time.

Would bankruptcy clear my credit file and have me oweing nothing, if all the accounts were SOL?

It will not 'clear your credit file' of any accurate reports (nothing will), however, the 'stay' of the bankruptcy will effectively pretty much kill any future demands.

I admit I made past mistakes a few years back, however I want to clear things up and make it right.

If that is an honest statement, it is pretty easy. Simply contact each creditor and make arrangements to pay the debt. However, your intent on allowing the SOL to expire clearly shows that is NOT your desire.

 

[foolsmission]

nhcredit
How long did you take to request validfation/verification after first contact by CA?
If more than thirty days, no violation of 809(b) likely occurred.

 

[nhcredit]

Reply - SOL not reset

Thanks for all the feedback!

The only payment and last payment to my knowledge was to MBNA on the date listed in my original post. I was working with MBNA, however due to financial problems I was unable to continue our relationship and they would no longer 'work with me'.

Every letter from a CA and even National Abritration Board was answered within their timeframes (30days, 5days, etc). Certified mail too. I never received further communication from the orginal CA who 'sicked' the National Arbitration Board on me.

At this point, if the SOL is solid, then I really don't want to repay the debit, as MBNA was the original problem. I tried working with them and playing by their rules but they screwed me in the end.

I'm really interested to see what happens next. I'd like to have this bad debt and situation removed now, so I can move on with my life. However it feels like it will be a 'monkey on my back' until the end of time.

More suggestions are welcome!