@Anonymous wrote:
Using NY's 6 years - you are past SOL. They can't sue and win (does not mean they can't try - means you would have to show up and assert SOL defense).
Should drop by the end of the month 7 years after DOLA and on the the other 7 years after DOFD - dates appear to be 'right'. --- 2001+7=2008!!!!
read my sig.....
Just read your sig line. I was doing just that (adding to CA bottom line) for several CAs thinking I was doing 'the right thing' (making payments on outstanding debts. After talking to a credit lawyer I found out a few things (which led me here among other things);
1) The debts were out of SOL so the 'threats' were empty.
2) It was very possible the CAs were not allowed to charge interest (I had not signed any contract with them for any interest bearing loan)
3) They had probably bought the debt for pennies on the dollar.
What this meant was my $750 Cap1 debt which was already 3 years out of SOL and for which a CA was billing me $1,500 for was purchased by them for probably $10 (given the age, SOL, etc.).
I had paid them $50 a month for 6 months, meaning they made a 30-1 return on their purchase, whereas my score went DOWN because I re-aged the DOLA and my payments were hardly keeping up with the most likely illegal interest rates.
I was doing this with several CAs at once, meaning if I had kept this up for 3 years, I would have trashed my credit score more and more as time went on (while doing 'the right thing'), and paid the CAs almost 200x what their investment was.
I had in fact contacted the OCs and offered to pay them directly, they all said 'No' (law?) and I would have been happy to do it. The only OC I had success with was for a Dr.'s outstanding medical bill, I PID that CA and then called the Dr. and asked him to send me a bill for the fees he paid the Collection Agency.
As far as I'm concerned, I did the right thing, but I am in total agreement with you; I will never pay a CA unless I HAVE to, and, as I've learned my lessons and the Collections were all for 2001/02 debts, I will never be in Collections again.
