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Is a debt purchased by a CA considered a new debt?

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valley_man0505
Established Contributor

Is a debt purchased by a CA considered a new debt?

This question is in regards to the SOL and the timeframe for debts to drop off my CRs.  If I have a debt that was last active in 2002 and it is purchased by a CA in 2008, what happens?  I assume that the OC will still drop off my CR in 2009 and will be unable to collect after 2008 (SOL=6 years by me).  What happens with the CA, however.  Can they still legally try to collect after the SOL is up with the OC (in other words, does the SOL on the purchased debt start over when the debt was purchased)?  Same for when the CA will drop off the report--will it take 7 years from the date the CA bought the debt, or will it drop off at the same time as the OC?
Message 1 of 4
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Anonymous
Not applicable

Re: Is a debt purchased by a CA considered a new debt?

The OC and the CA can only report for 7 - 7 1/2 yrs. If DOLA was in 2002, both have to stop reportng in 2009. The CA cannot re-age. The CA can try to collect forever, but cannot sue after SOL. Well they can, but you show and dispute SOL  and you'd win. SOL does not start over when a CA purchases the debt.
Message 2 of 4
Anonymous
Not applicable

Re: Is a debt purchased by a CA considered a new debt?

There is not timeframe for anyone to collect...they can TRY to collect...FOREVER...but they can only report the account to the CRAs...within 7 years....and can only sue you within SOL...if the account was purchased by a new CA...I would assume...and may be wrong...they there will be a new DOLA...which means...the SOL is restarted...but the drop off date....can NEVER change....and if it does...that's re-aging....and it is ILLEGAL!!!...still 7-7.5 years...from the DOFD...with the OC...so both accounts...the OC...and the CA...should have the same drop off date...
Message 3 of 4
Anonymous
Not applicable

Re: Is a debt purchased by a CA considered a new debt?

Okay....so...the DOLA...WILL NOT change...so...the only way it changes is if...a payment was made...good to know...
Message 4 of 4
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