New Member
Posts: 8
Registered: ‎08-18-2008
Defaulted amount and PG
[ Edited ]



I acted as a PG for a company that closed 8 years ago.  An outstanding amount defaulted 7 years ago October.  When the default occurred, it was placed on my personal credit report.  Since then, the amount due has been sold to two different organizations, with the last now threatening to begin civil action if I do not pay by the beginning of September.  I previously requested documentation (from the first company) showing I signed an agreement owing them, which they could not produce.  What I'm trying to determine...once the default is on my account, does it follow the laws of personal credit?  Meaning...if they have no signed paperwork saying I owed them money, or that I was ok with the amount being sold to another vendor, they have no claim?  Also, does the seven year rule apply?


Thanks much for your assistance.