Junk Debt Question

[Anonymous]

Does the junk debt buying and selling of an old account ever stop? Or can this continue the rest of my life? CMRRR costs add up.

[Anonymous]

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gidget wrote:
Does the junk debt buying and selling of an old account ever stop? Or can this continue the rest of my life? CMRRR costs add up.

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Do you mean reselling colection accounts over an over?  No that doesn't stop until you past the 7 year DOLD with the original creditor or you pay them whichever comes first..  If it has been longer than 7 years you have a legal case.

[Anonymous]

Thank you I appreciate your reply.  I need to do some more research to check the  dates.  The companies seem to keep changing them.

[Anonymous]

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Brammy wrote:

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gidget wrote:
Does the junk debt buying and selling of an old account ever stop? Or can this continue the rest of my life? CMRRR costs add up.

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Do you mean reselling colection accounts over an over?  No that doesn't stop until you past the 7 year DOLD with the original creditor or you pay them whichever comes first..  If it has been longer than 7 years you have a legal case.

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Hey Brammy,

If its beyond 7 years what sort of legal case do you have?

[Anonymous]

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Rockjock wrote:

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Brammy wrote:

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gidget wrote:
Does the junk debt buying and selling of an old account ever stop? Or can this continue the rest of my life? CMRRR costs add up.

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Do you mean reselling colection accounts over an over?  No that doesn't stop until you past the 7 year DOLD with the original creditor or you pay them whichever comes first..  If it has been longer than 7 years you have a legal case.

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Hey Brammy,

If its beyond 7 years what sort of legal case do you have?

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federal case

[Anonymous]

Federal case? On what grounds? Its not that I don't belive you, but it seems like the debt could be sold after the SOL and a buyer could ask you to pay the old debt. I know there are alot of things they can't do to try and collect, but I thought it could be sold and collected????

[Anonymous]

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Rockjock wrote:

Federal case? On what grounds? Its not that I don't belive you, but it seems like the debt could be sold after the SOL and a buyer could ask you to pay the old debt. I know there are alot of things they can't do to try and collect, but I thought it could be sold and collected????

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SOL is different from SOL

SOL

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

CRTP

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17466

In order to be on your CR after CRTP (7-7.5 yrs) it is against federal law. It is called reaging.

It can be reaged under SOL though.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2175

[Anonymous]

The OP never asked about it being on the CRA Reports. The question asked was will the debt ever stop being sold. I assume the short answer is no and the JDB that buys it can try and collect the debt. If it is beyond its reporting age it can no longer be reported to CRA and if it is they are breaking the law. If it is beyond your states SOL then they can't sue or even threaten to sue.

[Anonymous]

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Rockjock wrote:

The OP never asked about it being on the CRA Reports. The question asked was will the debt ever stop being sold. I assume the short answer is no and the JDB that buys it can try and collect the debt. If it is beyond its reporting age it can no longer be reported to CRA and if it is they are breaking the law. If it is beyond your states SOL then they can't sue or even threaten to sue.

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You are absolutely right RockJock, they can sell it until infinity, zombie debt.  BUT the collectors cannot harrass you about it, one warning and they should stop or you have a federal case.  Federal in my case being a valid case to bring before the FTC.

[Anonymous]

Hi gidget -

Short answer to your question - yes, a JDB can sell your account to another JDB over and over again.

More explanation:

Even though the statute of limitations to sue may be expired in your state, and even though the DOLA is 7 - 7.5 years old and the entry has fallen off your report, the CA still has the right to attempt to collect the debt.  

If you don't want to keep sending DVs, you will need to do the following:

• You will have to constantly monitor your credit report to make sure that any unscrupulous CAs don't re-age the debt or report the debt on the credit report if it's old.  You will need to do this whether you pay the debt or not.
• If the SOL has expired on the debt, and the debt is really old, you can send a cease and desist letter CMRRR.  However, be aware that one of two things can happen:
• The CA attempts to sue you.  In that case, when you're served the summons, you can immediately file an answer/defense to the courts that you dispute the debt and that the "statute of limitations" has expired (also get an attorney to help you fight this). 
• The CA will leave you alone.  However, they are allowed to sell your debt to someone else, and they probably will.
• If you want to pay the debt, do a debt negotiation.   JDBs purchase old debts for about 1-2 cents on the dollar.  If the debt is really old (over 7 years old), they may have paid less than a penny on the dollar for the portfolio.  For example, if the debt was for $1000, they paid about $10 - $20 for the portfolio.   If the debt is really old (it's off your credit report, the SOL has expired), you can negotiate a deal IN WRITING where you will pay 20% of the debt IF they will consider the debt as paid AND they agree to NOT sell the remaining balance of the debt to another CA.  You won't pay the debt unless you get a letter on their company letterhead agreeing to your deal.  When you negotiate with the CA, note that you still dispute the validity of the debt, you are aware of the SOL in your state, and you are negotiating a deal "in the spirit of compromise".  Yes, you will have to send the negotiation letter CMRRR so they can't claim that they "didn't get your letter".