Northern Lights Posted July 22, 2005 Report Share Posted July 22, 2005 Since the new bankruptcy law went into affect creditors and collection agencies have been aggressive in sending letters on old accounts that have been successfully removed from credit reports?I just want to know if creditors can use this new law for past accounts to pressure you into paying since they know either way they will get their money.I just received a letter for an account that is past the seven years with the OC from a CO asking for payment. Do I have to respond to this letter or should i tell them statue of limitations is up since i live in Pennsylvania? Link to comment Share on other sites More sharing options...
codename_fortyseven Posted July 22, 2005 Report Share Posted July 22, 2005 I don't think the new BK bill is the reason for this exactly. Some companies are starting to realize out of statute debts, IIB debts, and otherwise previously uncollectable debts actually now are collectable. They buy the debts for 40 BP or some insanely low number, harass some folks, and can easily turn a profit. Other companies are willing to reage and do other stuff to enhance collection efforts. Link to comment Share on other sites More sharing options...
CreditDiva Posted July 22, 2005 Report Share Posted July 22, 2005 I don't think the new BK bill is the reason for this exactly. Some companies are starting to realize out of statute debts, IIB debts, and otherwise previously uncollectable debts actually now are collectable. .What part of the BK bill is now making these debts collectable? Link to comment Share on other sites More sharing options...
willingtocope Posted July 22, 2005 Report Share Posted July 22, 2005 Not to put words in his mouth, but I think 47 was implying that the new BK laws mean its much harder to get these old debt erased through BK. Link to comment Share on other sites More sharing options...
codename_fortyseven Posted July 22, 2005 Report Share Posted July 22, 2005 Yeah, I am not saying the BK bill makes these debts now collectable. Unless you live in a state of repose, the debts aren't erased upon expiration of the SOL. You can't be sued on the debts, which makes them much less valuable. They can write/call as long as you let them, and after 7 years, they can't report the debts, either. Easy answer is to send a full C/D Link to comment Share on other sites More sharing options...
CreditDiva Posted July 22, 2005 Report Share Posted July 22, 2005 ok...gotcha 47...sorry ..I read your post out of context.. Link to comment Share on other sites More sharing options...
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