14 Year old debt

[Anonymous]

I'm kinda floored right now. So my husband and I are set to close on April 19th. We were approved with conditions, but conditions were pretty minimal. Provide updated bank statements, home owners insurance in place and prove some credit credit cards are at a zero balance.

So yesterday I recieved a collections notice for original ceditor for Capital One. I vaguely remember this credit card, but believe it's from around 2005/2006. Since this time I was married, divorced and then remarried again.

Our 10 year anniversary is coming up in May! It came in my maiden name. Currently, I have a Capital One card and have had it for about 3 years now. I'm assuming this is legal, but came at the worse time.

As i was reading the letter it does say "The law limits how long you can be sued on a debt. Because of the age of your debt, Pinnacle Credit Services, LLC cannot sue you for it and Pinnacle Credit Sevices, LLC will not report it to any credit reporting agency."

So I'm i safe? I really want our closing date pushed to 4/12, but it's a no go with our seller. O just dont want things to fall through last minute.

Any advice would be great. Thank you.

[Anonymous]

If the debt is 7+ years old then it cannot be reported to your credit legally most likely they are just trying to scare you into paying it cause they saw you applied for a mortgage a collection agency sent me a letter last month about an 11 year old tmobile bill for the very same reason I still closed on my home last week 

[Anonymous]

+1 I will have to agree with realestone. They are just trying to scare you into paying because you applied for a mortgage. Under no circumstances do you pay them because you might end up re-aging the debt and that’s the last thing you need. You will be ok to close since it’s past the 7 year time frame.

[CreditInspired]

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@Anonymous wrote:
I'm kinda floored right now. So my husband and I are set to close on April 19th. We were approved with conditions, but conditions were pretty minimal. Provide updated bank statements, home owners insurance in place and prove some credit credit cards are at a zero balance.

So yesterday I recieved a collections notice for original ceditor for Capital One. I vaguely remember this credit card, but believe it's from around 2005/2006. Since this time I was married, divorced and then remarried again.

Our 10 year anniversary is coming up in May! It came in my maiden name. Currently, I have a Capital One card and have had it for about 3 years now. I'm assuming this is legal, but came at the worse time.

As i was reading the letter it does say "The law limits how long you can be sued on a debt. Because of the age of your debt, Pinnacle Credit Services, LLC cannot sue you for it and Pinnacle Credit Sevices, LLC will not report it to any credit reporting agency."

So I'm i safe? I really want our closing date pushed to 4/12, but it's a no go with our seller. O just dont want things to fall through last minute.

Any advice would be great. Thank you.

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You’re safe and good to go. 

[VALoanMaster]

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@Anonymous wrote:


As i was reading the letter it does say "The law limits how long you can be sued on a debt. Because of the age of your debt, Pinnacle Credit Services, LLC cannot sue you for it and Pinnacle Credit Sevices, LLC will not report it to any credit reporting agency."

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Hi Thexmashooker,

The CA is telling you that this debt is past the statute of limitations so you are good. You can send them a cease & desist letter to keep them from every contacting you again.

[Anonymous]

Thank you everyone who responded. 

As most people I'm a nervous wreck through this process and just wanted to make sure I was understanding the simple writing I was reading lol

[Revelate]

Pinnacle is a JDB; they pulled this stunt with me too after buying my place with a debt from nearly 20 years earlier.

I ignored them and after I think two letters or so they gave up. They know they don’t any legal standing in terms of collecting on the old debt, they are just hoping heh.

[Lucifer]

I have an old debt out there like you.  

It is not actionable.   You can request the cease and desist.  I remember them catching me on the phone 15 years post debt and I let them know it was outside the time period and that I was aware of the legal defenses available to me.

It's been years since I ever heard about it since then.