[steveosteve]

TD Visa is trying to collect on an account I haven't had in 8 years. The collection agency they are using is CRM. I thought after 7 years my credit is cleared?

[tickle]

No its isn't cleared. After seven years, some other collection agency has probably bought the contract for so many cents on the dollar, and that is why they are collecting. You are probably thinking about the statute of limitations wherever you happen to be. The account was activiated again, now the SOL starts all over again. CRM means nothing, there are many of them out their trying to make a buck.

Tick

[steveosteve]

No its isnt cleared. After seven years, some other collection agency has probably bought the contract for so many cents on the dollar, and that is why they are collecting. You are probably thinking about the statute of limitations wherever you happen to be. The account was activiated again, now the SOL starts all over again. CRM means nothing, there are many of them out their trying to make a buck.

tick

So am I safe under statute of limtations?

[tickle]

You are okay as long as you don't contact them. The last time this happened to me (it wasn't my debt but my husband's through a bankruptcy) I had my lawyer send them a letter, and I never heard from them again. Until of course, they (meaning that particular collection agency) sells it again to some other collection agency.

Tick

[this8384]

So am i safe under statute of limtations?

That's impossible to know without you telling us where you're located.

You say you haven't had the account in 8 years; does that mean you stopped using the card 8 years ago? Are you absolutely positive that you haven't made any sort of payment, regardless of how small, in the last 8 years? Have you acknowledged the debt in any fashion?

[this8384]

No its isnt cleared. After seven years, some other collection agency has probably bought the contract for so many cents on the dollar, and that is why they are collecting. You are probably thinking about the statute of limitations wherever you happen to be. The account was activiated again, now the SOL starts all over again. CRM means nothing, there are many of them out their trying to make a buck.

tick

SOL doesn't renew just because the debt changed hands. It can only be renewed by the debtor acknowledging the account.

Also:

You are okay as long as you dont contact them. The last time this happened to me (it wasnt my debt but my husband's through a bankruptcy) I had my lawyer send them a letter, and I never heard from them again. Until of course, they (meaning that particular collection agency) sells it again to some other collection agency.

This is completely different. When a debt is discharged in a bankruptcy, it is no longer collectible. The OP didn't state that he had filed for bankruptcy, just that he thought the SOL had expired.

[Iknowalotofstuff]

A limitation period established under a SOL or Limitations Act doe not mean that you do not owe the money. It means that you cannot sue after the limitation period has expired. It is an affirmative defence to being sued not a waiving of the debt.

[nini75]

I am a collection specialist and It is true after a certain amount of time the credit ding has cleared. However, the debt has not. Depending the state you can have a judgement against you up to 15 years. Judgements will appear on your credit and definitely will be shown when applying for a loan or buying a new car. If you choose to ignore the calls as someone suggested a court will see this as fraud your intent to neglect the debt. A judgement can be placed against you with and without your being present.

[stevetcg]

A judgment will not be issued against you if you are present and it is past the statute of limitations.