[nbanwait]

I had a debt with Wells Fargo 6 years ago in BC but now I am getting a call from Aktiv Kapital saying they own the debt and supposedly the stature of limitations restarts to day one as soon as they buy it. Is this correct

[tickle]

No that is not correct. The statutes have run out on your debt, six years is th limit. They have no business trying to collect off you because of this. Have no contact with them, do not answer mail from them.

For your information the statute starts all over again, once you arrange credit terms with them and start paying.

Forget this debit, you don't owe them anything.

Tick

[ScottGem]

Forget this debit, you dont owe them anything.

tick

That's not quite accurate. You owe a debt until it is paid. If they do legally own the debt, then you owe them the debt. What the Statute of Limitations does is prevent them from using legal means to collect the debt.

[ballengerb1]

I completely agree with Scott, the debt is still there but they can no longer get a judgement to foce payment. If you want to completely avoid paying you need to be careful and avoid talking to them or answering questions in print. They can trick you into saying something that will restart the statute

[tickle]

That's not quite accurate. You owe a debt until it is paid. If they do legally own the debt, then you owe them the debt. What the Statute of Limitations does is prevent them from using legal means to collect the debt.

Yes, I know it wasn't quite accurate. I should have said it differently but basically, you know as well as I do, they will use any means to collect a debt they probably bought for so much on the dollar from the original creditor. I don't mind telling these people what the facts are. This collection agency will use any devious means to try and collect.I have been through this on a debt that I actually did not originate myself but caught up in the middle. I had a whole year of bad mouthing, cajoling, threatening telephone calls.

Maybe this person is in the same situation as I was. Not entirely responsible for a uncontrollable situation. Or may actually owe the money. We have heard all the stories here.

Tick

[ScottGem]

I dont mind telling these people what the facts are.

Then tell them the facts. Its one thing to tell them the creditor was lying and has no legal means to collect the debt. Its quite another to tell them they don't owe anything.

[skisteeps]

You don't owe them a penny until you admit your indebtedness to them (I assume that you didn't acknowledge your indebtedness to the other institution or try to negotiate a settlement less than six years ago). Just tell them you don't owe them anything. Aktiv Kapital hires sometimes cheap lawyers to sue you. If the SOL elapsed, the only thing you have to do is to file a statement of defence stating that fact and requesting that the case be dismissed with prejudice and costs. You can recover all your documented legal expenses to the tune of $130 to $140 per hour (even if you represent yourself). After the case is dismissed they cannot sue you any more, but if you happen to do any business with them they may recover their debt if you're careless enough to give them any money.