I bought a car in 1995 with a girlfriend.  I was stupid
And young.  We broke up in DEC 1996.  She kept the car and it got
Repoed and it was put on my credit as a charge off(1997).  In 1998 it fell
Off my credit.  I am sure of times because I checked my credit report
Every six months since 1997.  I had no clue why it wasn't there.  There
Wasn't even a record of the finaince company at all on my report!!  I
Figured she paid the account.  I just found out 2 days ago that the
Finiance company went bankrupt. Someone else bought the account and is
Trying to collect it from me. $12,000.  Can they report this to the credit
Bureaus?  If they do (its not on there now, just checked) will it be
There another 7 years, like it should have the first time? Does the time
That it was there get subtracted from the 7 years.  Its been about
Seven years since they reported the first time, but it was not there after
A year.  Does this mean they can't report it again?

Also I now hold a sensitive gov't job and this can hurt my security
Clearance if it shows up on my report.

As of this moment my credit is very good.

Any advice is appreciated.

Sounds like your statute of limitations may have expired.

There are two debt clocks:
Credit Report
And
Debt Owed

Credit Report started 6 months after the last day you were past due. The clock is seven years. They may try to re-age the account by listing a new date, which is illegal - and grounds for suit and deletion! Tell me what the report says.

Debt Owed started the last day you fail to pay. That clock depends on your state and contract type - 2 to 8 years. Where are you? I suspect it is expired.

The good news: Payments of repossession of collateral do NOT reset either debt clock, regardless of what they will tell you!

If your Debt Owed clock has expired, yet to be determined, you need to send them a cease and desist collection demand stating that the statute of limiations has expired, you will not pay, and that suits will be easily dismissed 'by your attrorney.'

Remind them that it was either fraud or negligence to demand payment on an expired debt, and give them the date you last missed a payment AND when the clock expired.

Need details? Buzz me.

Jon
[email protected]

The preceding is not legal advice, is not from a licensed debt counselor, and is not provided to persons from states which providing such information requires a license.

The collection is not on my report at all as of right now. I received a letter of someone trying to collect the debt about 2 months ago. Haven't heard of anything since.

My state of residence is Indiana.

BTW, Thank you for your help. Very informative.

Ask them in if:
1) They are the assignee (owner) or collection agent
2) Tell them to verify (prove) the debt is owed.

I am thinking if it is old enough to be off your report, it's expired. Most of them add it immediately if they can report it.

Indiana appears to be:
STATE: INDIANA

INTEREST RATE

Legal: 8%

Judgment: 8%

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 6

Written Contract for payment of money

(executed before 9/l/82): 10

(executed after 8/31/82): 6

Written Contract (other than payment of money): 10

Written Contract for sale of goods: 4

Domestic Judgment:

10 on real estate

20 against the person

Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
Triple check amount up to $500 over check amount, + attorney fees & interest up to 18% per annum or triple check amount + attorney fees and interest at 8% per annum.

GENERAL WAGE GARNISHMENT EXEMPTIONS
75% of disposable earnings for work week or the amount of 30 x fed. min. hourly wage, whichever is greater.

COLLECTION AGENCY BOND & LICENSE

Bond: $5000 each office

License: Yes

Fee:

$100 plus $5 per annum, each unlicenced employee

$30 branch office

$80 - Renewal

Exemption for out-of-state collectors: Out-of-state collectors are exempt from licensing if [1] collecting for a non-resident creditor; and [2] collection activities limited to interstate communications (phone, fax, mail).

Suggest it would be 6 years, unless you have a contract that is NOT based on lending money. Sounds like if the last payment was made 6 years ago + 30 days, it's all over - you should send a cease & desist/Statute Expired letter if they validate the debt. Mark all correspondence NOT AN ADMISSION OF INDEBTEDNESS OR OFFER TO PAY... They will try to stretch the law to say your reply means you want to pay, and therefore is owed again.

Sorry for prior buzzkills on your replies to other's questions. No hard feelings on your part, I hope.

Jon
[email protected]

The preceding is not legal advice, is not from a licensed debt counselor, and is not provided to persons from states which providing such information requires a license.

I bought a car in 1995 with a girlfriend. *I was stupid
and young. *We broke up in DEC 1996. *She kept the car and it got
repoed and it was put on my credit as a charge off(1997). *In 1998 it fell
off my credit. *I am sure of times because i checked my credit report
every six months since 1997. *I had no clue why it wasn't there. *There
wasn't even a record of the finaince company at all on my report!!! *I
figured she paid the account. *I just found out 2 days ago that the
finiance company went bankrupt. Someone else bought the account and is
trying to collect it from me. $12,000. *Can they report this to the credit
bureaus? *If they do (its not on there now, just checked) will it be
there another 7 years, like it should have the first time? Does the time
that it was there get subtracted from the 7 years. *Its been about
seven years since they reported the first time, but it was not there after
a year. *Does this mean they can't report it again?

Also I now hold a sensitive gov't job and this can hurt my security
clearance if it shows up on my report.

As of this moment my credit is very good.

Any advice is appreciated.++

Do not offer to re-contract with them.

Do everything in writing only, no phones calls, do not speak to them on the phone.

IMPORTANT!! Do not speak to them on the phone, everything is writing only..


I hereby demand that the verification of this alleged account. Provide the original contract certified with all the proper signatures of the alleged debtor.

This is my request for verification of this alleged account.

Black’s Law Dictionary defines “Verification” as follows:

“Confirmation of correctness, truth, or authenticity, by affidavit, oath or deposition. Affidavit of truth of matter stated and object of verification is to assure good faith in averments or statements of party. . .” (emphasis added)

1. furnish a copy of the original contract, and state under penalty of perjury that your client is the bona fide party in interest of the contract and will produce the original for my own and a judge's inspection should there be a trial to contest these matters

2.- produce the account and general ledger statement showing the full accounting of the alleged obligation that you are now attempting to collect

3.- identify by name and address all persons, corporations associations or any other parties having an interest in legal proceedings regarding the alleged debt

4.- Verify, under penalty of perjury, that as a debt collector, you have not purchased evidence of debt and are proceeding with collection activities in the name of the original contracting party

5.- verify under penalty of perjury that you know and understand that certain clauses in a contract of adhesion are unenforceable unless the party to whom the contract is extended could have rejected the clause without impunity

6.- provide verification from the stated creditor that you are authorized to act for them.

7.- verify that you know and understand that contacting me again after receipt of this notice without providing procedurally proper validation of the alleged debt constitutes the use of interstate communications in a scheme of fraud by advancing a writing that you know is false with the intention that others rely on the written communication to the detriment of Your Name here

8.Is this alleged debt beyond the Statute of Limitations (y/n)


§ 809. Validation of debts [15 USC 1692g]

a statement that if the consumer notifies the debt collector in writing within the thirty-day period that the debt, or any portion thereof, is disputed, the debt collector will obtain verification of the debt or a copy of a judgment against the consumer and a copy of such verification or judgment will be mailed to the consumer by the debt collector; and

a statement that, upon the consumer's written request within the thirty-day period, the debt collector will provide the consumer with the name and address of the original creditor, if different from the current creditor


If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector.

As, stated the alleged account listed above is in dispute and any information obtained will be used to enforce the:

§ 813. Civil liability [15 USC 1692k]

a) Except as otherwise provided by this section, any debt collector who fails to comply with any provision of this title with respect to any person is liable to such person in an amount equal to the sum of --
(1) any actual damage sustained by such person as a result of such failure;
(2) (A) in the case of any action by an individual, such additional damages as the court may allow, but not exceeding $1,000; or
(B) in the case of a class action, (I) such amount for each named plaintiff as could be recovered under subparagraph (A), and (ii) such amount as the court may allow for all other class members, without regard to a minimum individual recovery, not to exceed the lesser of $500,000 or 1 per centum of the net worth of the debt collector; and
(3) in the case of any successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorney's fee as determined by the court. On a finding by the court that an action under this section was brought in bad faith and for the purpose of harassment, the court may award to the defendant attorney's fees reasonable in relation to the work expended and costs.


This letter is to obtain verification of the alleged debt, If you do not notify me with verification within 30 days of this letter, as to the validity of the alleged debt, I, hereby consider and noted that the alleged debt is Fraudulent and void. “Qui jure suo utitur, nemini facit injuries”


This Affidavit and all attached documents have been made a part of the Public Record and will be used for evidence in administrative and judicial proceeding at law, or equity regarding this case. All of these documents must be maintained in Claimant’s administrative file.



I affirm under the penalty of perjury under the laws of the united state of America that the foregoing is true and correct to the best of my belief and informed knowledge, And Further deponent said not.


All reserved explicitly without reservation or prejudice UCC 1-103, 1-105 and 1-308

__________________________________________________ ____
Citizen Principal, By Special Appearance, Propia Persona proceeding Sui Juris.