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Do I have to pay? 7 Years later?

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I need some advice here:

I had a Commerica account that was a charge off.

Last activity on the account was 4/1995.

This account was sold or whatever to Asset Accpetance Corp.

I also had another account (charge-off) this company had gotten and sued me over.

Shortly after they sued me I recieved noticed they had the Commerica account. I called them I think and said I could only pay $10.00 a month as I was paying on the other account of mine they had the judement on.

So, Since 1998 I have been paying them $10.00 a month.

I still owe them alot with interest and such.

This has been removed from my CR as it has been 7 years.

On your site I looked up the SOL for my state (MI.) it says 6 years.

My question is; do I have to pay these people anymore?

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You know, I believe you're right. Umm, Need to think this one over. But it's not being reported. Ummm. If it's not being reported, I don't think I'd worry about it for the moment. If it were me, don't think I'd pay anymore. That's me.

who were you paying the money to?

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This company sued me on another account they had of mine.

So, when I saw they had my Commerica account also I started paying $10.00 month, told them that was all I could afford.So they would not sue me on that one.

It was listed on my CR with them (Asset Acceptance Corp.)as a collection account and the last activity shown is 4/1995.

In 1998 is when I started paying them 10.00 a month. Early this year it went off my CR as 7 years had gone by.

I do not believe that I ever signed anything wtih them saying I would pay the monthly payments.

I just started sending it to them so they could not try to sue me saying I refused to pay.

That is why I wonder if i have to pay?

Since last activity on CR was listed as 4-1995.

It's very confusing to me.

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Your credit report doesn't have anything to do with the SOL. Creditors are not required to report anything to the CRA’s. If it’s not on your report, then be VERY thankful. Considering you are only paying $10.00 a month, and never signed an agreement with them for this payment plan, I would assume your account is still past due. Since they are a collection agency, and they are currently collecting $10.00 a month, then you do have an active collection account in your name. How much more do you owe on in this? It just might be worth paying the $10.00 every month to keep it off of your report.

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The SOL issue is tricky. From another board, I have learned that just paying a CA on an expired debt doesn't *necessarily* restart the SOL. It all depends on your state laws. Some states use the 'cause of action', which in most cases appears to be your first delinquency and then you never caught it up. In that case, paying a CA does NOT reset the SOL. In other states, you have to have a SIGNED contract, signed by BOTH PARTIES, to reset the SOL. So, its entirely possible that the SOL may NOT have been reset in your case. You need to check the actual statutes for your state.

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This was on my report at one time, they listed it on there in 1998.When they got the account.

It went off my CR early this year.

It had been 7 years since the last activity showed as 4/1995.

Can they reinsert it on my CR??

I still owe alot on this, at 10.00 a month I will be paying on it for a very long time.

But this collection agency doesnt even send me notices or payment reminders or anything, if I dont sent the payment that month they call me.

Should I write them and ask them to send me anything, like what I now owe and such?

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In my instance, Asset states they are NOT a collection agency. That they "buy" debts. So they don't collect for the OC's. They "bought" a couple of mine and reported them immediately. However, they haven't validated. Good luck with these scums! :mad: Nope, not in MI, in FL.

[Edit by tj34994 on Tuesday, October 29, 2002 @ 12:11 PM]

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