topic Collection agency validated debt in General Credit Topics

Collection agency validated debt

Anonymous — Tue, 10 Jul 2007 02:28:15 GMT

I have a charged off repossesion on my credit report that is 5 years old. They must have sold the debt to a collection agency who validated the debt with me. Did I just restart the reporting clock of it being on my credit report? Or should i wait 2 more years and ignore it? The SOL in Pennsylvania is 4 years, does that mean that the collection agency cannot file a judgement against me?

Re: Collection agency validated debt

sunnyday — Tue, 10 Jul 2007 10:17:10 GMT

Hi,

Are you sure the sol is 4 years, because I live in PA, and I was just reviewing the sol yesterday, and if it's a written contract with your signature, I believe it is 6 years sol. I may be wrong, but I think I read that.

Re: Collection agency validated debt

Anonymous — Tue, 10 Jul 2007 12:42:47 GMT

The SOL in your state for writen contract is 6yrs so you have 1 more to go before you are safe. I would just be really careful and check the month and date to see how close you are to the 6yr mark so far

Re: Collection agency validated debt

Anonymous — Tue, 10 Jul 2007 13:34:27 GMT

No it does not restart any of the clocks. Reporting time cannot be reaged. You're state's SOL can be reaged if any payment is made. And like what was said earlier PA is 6 years and even if it's past the six years, that doesn't prevent them from tireing to file a judgment. Debts that are beyond the SOL is only a defense on the debtor's part if a judgment is filed against them.

Re: Collection agency validated debt

Anonymous — Tue, 10 Jul 2007 15:57:54 GMT

What site did you use to find out about Pa statue of Limitations? Everything I have read so far is 4 years in Pa for written contracts. The only thing that I came across for 6 years is negotiable instruments.

Re: Collection agency validated debt

fused — Tue, 10 Jul 2007 16:01:06 GMT

Jennifer5 wrote:
What site did you use to find out about Pa statue of Limitations? Everything I have read so far is 4 years in Pa for written contracts. The only thing that I came across for 6 years is negotiable instruments.

PA used to be six, now it's four.

http://www.fair-debt-collection.com/statue-limitations.html

Re: Collection agency validated debt

Anonymous — Tue, 10 Jul 2007 16:04:19 GMT

So other words I was right in my original post? The site that you provoded is what I was using. I wonder where the others are getting six years from? It is aw written contract with my signature on but its 5 years old . When does the SOL on the debt start from? when I was first late or 180 days after being late? Im really getting confused.

Re: Collection agency validated debt

Anonymous — Tue, 10 Jul 2007 16:28:22 GMT

Date Of First Delinquent(DOFD)

Re: Collection agency validated debt

fused — Tue, 10 Jul 2007 16:29:48 GMT

Jennifer5 wrote:
So other words I was right in my original post? The site that you provoded is what I was using. I wonder where the others are getting six years from? It is aw written contract with my signature on but its 5 years old . When does the SOL on the debt start from? when I was first late or 180 days after being late? Im really getting confused.

I have less experience than others at this forum with this problem. The thread below might answer your questions. Tuscani, Noah...please chime in.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713