Holstead Collection Agency **SOL DEBT**

[creditstalker]

Just received a phone call from Holdstead CA, about a debt from 2004 Cash America Advance (Payday Loan).   The debt is not currently on my credit report,  but she wants for me to make a payment.   I told her that I will not agree to any payments until I am certain the account belongs to me.

Wouldn't this debt be to old to place on my credit report anyways?

[Anonymous]

Yes, its too old to place on your reports, and its almost certainly past SOL as well - what state are you in?

[creditstalker]

I'm in Texas

[Anonymous]

Oh yeah, Zombie Debt, big time. Time for a FOAD letter.

[creditstalker]

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NormanFH wrote:

Oh yeah, Zombie Debt, big time. Time for a FOAD letter.

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Yep, she called me out of the blue...What type of letter should I send?  I also received a letter for Sears...I had a credit card with them back in 1999!  They wrote a letter asking for money....I'm like "ummm NOOOO"

[Anonymous]

You can send them a DV since this is first contact, that will impose a cease collection bar, and if they happen to validate it, then send them a cease communication (FOAD) letter.

[creditstalker]

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@Anonymous wrote:

You can send them a DV since this is first contact, that will impose a cease collection bar, and if they happen to validate it, then send them a cease communication (FOAD) letter.

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 oh okay, that is what I will do.  What is  (FOAD) letter?

[RobertEG]

Since you reside in Texas, you can send a request for debt validation under the TX Financial Code, which requires the debt collector to reply within 30 days of your request.

If their reply informs you that they are not yet prepared to send validation, they must immediately delete their collection from your credit report, but may reinsert if and when they do provide debt validation.

Sending the request under the TX Financial Code also imposes a cease collection bar on the debt collector, which remains in effect until such time as they provide validation.

I would not send a cease communication letter until such time as you have definately decided not to pay the debt.

While you no longer can legally be required to pay once SOL has expired, you may still wish to clear your history of unpaid, delinquent debt, and thus negotiate a settlemetn with them after they validate.  If you have sent a cease communication letter to them, they cannot communicate with you regarding any settlement terms.

You may thus wish to forgo a cease communication bar unless they are pestering you to the point that you wish all communication to cease.

[creditstalker]

That is exactly what I will do   I don't want any more collections!!