Ask Experts Questions for FREE Help !
Ask
    donnanyc123's Avatar
    donnanyc123 Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 20, 2007, 09:20 AM
    Getting sued for a 10 year old debt
    I received a letter from a lawyer saying I had a 10 year old mastercard with $5000 outstanding. I called the credit card company and they know nothing about it. I vagley remember something about it but thought it was all taken care of. The law firm is very aggressive and have a million horrible postings about them when you Google them. I called them straight away as I do not want to be sued and I checked on my credit report and sure enough here is the old outstand cc bill. We came to an agreement that I send them $3200 right away and that would be the end of it. They would send me a letter stating everything was paid in full and would send a letter to the 3 credit card agencys. However I just received a letter from the lawyer and it says Upon receipt of your settelment this office will execute a satifaction judgement of discountinuance if applicable ** I called the laywers and they just tell me to send the money and not to worry. What do I need to know and what should I have them put on my credit report. And what dos that mean?

    Many thanks Donna
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Feb 20, 2007, 09:23 AM
    Before you pay anything, you need to get documentation of this debt. Its possible that the Statute of Limitations has expired and they can no longer sue to collect.

    Send them a letter stating that all future correspondence be only by mail. Tell them to send you a copy of the original contract and an accounting of the amount of the debt. Also documentation of any court action that might have been taken.

    From there you can decide whether to offer a settlement or tell them to go fish.
    bigcowboy1's Avatar
    bigcowboy1 Posts: 28, Reputation: 1
    New Member
     
    #3

    Feb 23, 2007, 10:46 AM
    Quote Originally Posted by donnanyc123
    I recieved a letter from a lawyer saying I had a 10 year old mastercard with $5000 outstanding. I called the credit card company and they know nothing about it. I vagley remember something about it but thought it was all taken care of. The law firm is very aggresive and have a million horrible postings about them when you google them. I called them straight away as I do not want to be sued and I checked on my credit report and sure enough here is the old outstand cc bill. We came to an agreement that I send them $3200 right away and that would be the end of it. They would send me a letter stating everything was paid in full and would send a letter to the 3 credit card agencys. However I just recieved a letter from the lawyer and it says Upon reciept of your settelment this office will execute a satifaction judgement of discountinuance if applicable ** I called the laywers and they just tell me to send the money and not to worry. What do I need to know and what should I have them put on my credit report. and what dos that mean?

    Many thanks Donna
    This debt was over the statue of limitations and you did not need to pay them a thing. However, since you DID, you just restarted the clock on it and will have to pay them everything they ask you for. This is an old trick debt buyer use and it works a lot. People get scared and don't know all you had to do was A) ignore it or B) send them a letter telling them it is past the statute of limitations and they would have backed off.
    ATYOURSERVICE's Avatar
    ATYOURSERVICE Posts: 246, Reputation: 13
    Full Member
     
    #4

    Mar 16, 2007, 10:06 PM
    Quote Originally Posted by donnanyc123
    I recieved a letter from a lawyer saying I had a 10 year old mastercard with $5000 outstanding. I called the credit card company and they know nothing about it. I vagley remember something about it but thought it was all taken care of. The law firm is very aggresive and have a million horrible postings about them when you google them. I called them straight away as I do not want to be sued and I checked on my credit report and sure enough here is the old outstand cc bill. We came to an agreement that I send them $3200 right away and that would be the end of it. They would send me a letter stating everything was paid in full and would send a letter to the 3 credit card agencys. However I just recieved a letter from the lawyer and it says Upon reciept of your settelment this office will execute a satifaction judgement of discountinuance if applicable ** I called the laywers and they just tell me to send the money and not to worry. What do I need to know and what should I have them put on my credit report. and what dos that mean?

    Many thanks Donna
    Federal Law states they have 4 years to collect an outstanding debt. No way they can on a 10 year old claim much less place it on your credit. Send them a letter requesting proof of the debt and any written statements, billing or charges related to this debt. Also make a formal complaint with equifax and the other credit reporting agency. They will send a form to the attorney and they MUST respond with proof of debt within 30 days. If they do not, demand that the agency delete it from your record.
    Never send any money to any one unless there is written confirmation what they intend to do once they receive the money. Once you pay the amount they are not obligated to do anything but cash it.

    Good luck
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
     
    #5

    Mar 17, 2007, 06:07 AM
    Quote Originally Posted by ATYOURSERVICE
    Federal Law states they have 4 years to collect an outstanding debt.
    Hello AT:

    Please refer me to this law.

    excon
    ATYOURSERVICE's Avatar
    ATYOURSERVICE Posts: 246, Reputation: 13
    Full Member
     
    #6

    Mar 19, 2007, 09:29 AM
    Sorry, sometimes I type to fast for my own good. I meant so many years. To specify , each state as a statue of limitation to sue.
    Now, that statute of limitations only applies in the state in which the contract was actually signed. So if you lived in New York and signed in New York, but now you live in, say, Rhode Island, your statute of limitations would be found under NY.

    Thanks for pointing out.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Being sued over credit card debt [ 12 Answers ]

I was recently served over some old credit card debt (about 10K). I am looking for advice on how to best handle this... we are back on our feet again but it kills me to pay for all the excessive penalties and fees. I've also heard that even if I strike a deal with the company, it can come back...

Being sued by the bank for an outstanding debt [ 2 Answers ]

The aforesaid total $83,133.61, exclusive of interest. Unless same, together with interest is paid within ten (10) days of the date of this letter, legal proceedings will be instituted against you without further notice. Can someone tell me what is meant by "legal proceedings will be instituted...

Being sued over old debt [ 2 Answers ]

I just received a lawsuite against me from a credit card company, from debt incurred a few years ago. I'd like to know if: I should go through paying an attorney and the whole process, or, should I wait and see what happens? Would it be wise for me to send a lump sum to the attorney and see if...

Sued Credit Card Debt [ 11 Answers ]

Hey I received I guess you would call it a credit card judgement for a debt I owe of $1700. Plus $ 750.00 Attorney fee for them , I guess... I have a 4 yr old, 5 month old, pregnant again with #3, and unemployed. Just recently got laid off from my previous job of 8 yrs. My husband is the only...

Being sued over an old credit card debt. [ 2 Answers ]

Greetings, I recently was served with papers via a Sherrif's deputy around 2 months ago. I answered the supeona and followed all of the proper channels notifying the bottom feeder collection attorney that bought the debt that the debt was incorrect, not mine, and that the statue of limitations had...


View more questions Search