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Been in collections for 6 years


dragun415
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Hello

I am new here, but have read so much on the forums and learned alot.

My story and situation:

Since I was 18, I got my first. By 25 I had about 15-20 credit cards. As a freelancer my work began to slow down and I started living on the cards. At the same time making monthly payments. This was around 1995... I made monthly payments all the way to 2001 and none of my cards went down. The interest kept building...

Well anyway to the point. in end of 2001 I had enough and just stopped paying all cards. I got harrassed by collections constantly but would not pay. I lived off what I made paycheck to paycheck. It was rough.

well now its 2007 and my credit report is horrible. But I just realized by end of 2008, all the negative collections on my credit report will be gone... + they have all past the statutes of limitations.

If I continue to hold out til end of 2008, am I home free on these debt?

Thanks for any response or advice anyone can give me.

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Have your gotten your credit reports? Are you sure that none of these have turned into judgments? I would check this! As far as the statue of limitations: In regards to the statues of limitations, it varies from state to state and depends on the type of debt involved. Depending on the state, open-ended contracts such as credit cards might be considered a written contract, an oral contract or have a different statute of limitations altogether. Be aware that you can restart an expired statue of limitations in some states by making a payment on an old debt or just by acknowledging that you owe the money. With an unpaid collection, if the debt is yours and within the SOL, be careful about disputing the information with the credit bureaus. You could awaken interest in collecting the debt by drawing attention to it. If you are not prepared to pay it or get sued and suffer a black mark on your credit score, it might be better to leave it alone and hope it slides off your report in a few years. If the SOL is well past, you can be more aggressive in trying to get it off your report. Make sure you don't start the SOL all over again. If you are unwilling to handle all of this yourself, a few good law firms handle cases like this. Use the National Association of Consumer Advocates to get a referral but steer clear of any law firm that guarantees results or demands enormous fees in advance.

Also, The creditor can continue to try to collect or sell the debt to a collection agency which can try to get you to pay. Your obligation does not end when an unpaid debt falls off your credit report; collection action can continue. Your states SOL defines how long a creditor or collection agency can take you to court over your debt. Even if you can't be sued, they can still ask you to pay. :roll:

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Your states SOL defines how long a creditor or collection agency can take you to court over your debt. Even if you can't be sued, they can still ask you to pay.
With the exception of California and Wisconsin, you can still be sued for a debt past your state's SOL. You would bring up the SOL as an affirmative defense, but it's still no guarantee that the judge will rule in your favor. Then you appeal, etc., etc. In 48 states, unfortunately, it's not as simple as "WooHoo, the debt is past the SOL, I'm home free!"
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I agree with breathing_easier. Thomas had excellent points to. You don't want to fall into this false sense of security.

Also, I just wanted to add (being a bit of the devil's advocate, sorry) that I truly hope your habits with money have changed since those days. I truly hope valuable lessons were learned with regard to money management and handling your credit.

Of course it's never a good thing to "live" off of ones credit cards. Also, why you had so many to begin with only you know...(not here to judge, just to offer some thoughts for your brighter, credit future) personally, I couldn't maintain THAT many and I can't see it ever being necessary. Than again, I am one of those that truly feels less is definitely MORE and taking on TOO much credit to me, is just not helpful. I'm just getting past seeing credit cards as the enemy, lol!

Than again, life can deal ya some whammies and if you're budgeting based off of your current income and that income changes, sometimes it's easy to forget that "hey, I can't spend that way anymore--I gotta cut back" once that income does change.

The other thing is, never pay the minimum balances--always pay MORE, if not paying it in full. You may know all this junk already. It would just be nice if you could start FRESH in all this. My firm suggestion? Just read up as much as you can on this site, buy Kristy's book, educate yourself on finances and credit as much as you can...there's always something all of us could stand to learn.

Check for those judgments, if there aren't any-I'm not sure I'd go contacting any of your creditors to restart any kind of SOL or further any kind of legal contact. You may just have to play the waiting game--but yes, even after SOL and even after reporting time expires they can still attempt to collect. Make sure to keep proof that the SOL/reporting time expired by keeping copies of your CR's, billings, etc.

Good luck.

Elyse

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I understand all the posts here. But,

Florida Consumer Collection Practices Act (FCCPA), Florida Statutes 559.72

(9), clearly and precisely prohibits creditors, lenders, debt collectors, officers or employees of any federal, state, or local governmental body from Claiming, Attempting, or Threatening to enforce a debt when such person knows that the debt is not legitimate OR assert the existence of some other legal right when such person knows that the right does not exist.

In my experience, I find that the debt collectors usually take a hike after the SOL had expired and/or they know that you have knowledge of your rights. Once, I had received a collection notice where both SOLC and SOLR had expired. I had immediately sent a Cease Communications Notice to the dc and cited the SOLC and SOLR. Bam! They are gone! I haven't heard from them or another debt collector (for that matter) since. That was more than 18 months ago. :)++

I firmly believe that where the dc cannot bring legal action, they MUST stop harassing people. It is in the best interest of the people. The Original Creditor had slept on ALL legal rights and failed to bring COSTLY litigation. The laws apply equally to everyone, including debt collectors. Where I may fail to bring legal action within one (1) or two (2) years of the date of dc FCRA and FCCPA violations, I am forever barred. End Of Court Discussion!

The SOL laws were designed for a sole purpose. There must come a point and time in people lives where we must be able to move on and put a period. It is Unfair, Abusive and Deceptive practices for a dc to bring up stale claims some 5, 7, 8, or 10 years after the fact. I would not have any records or paperwork, if any, to defend such a claim. After all, most big businesses do not maintain good records and after a certain period of time OCs records are destroyed. Which explains why most OCs fail to Validate Debts. It is impossible for me to maintain records forever?

So either the OC sues WITHIN the SOL and obtain a Recorded final Judgment for money (which may be enforceable for 20 years and renewable?), or assigned debt collectors are forever barred. In addition, the FDCPA 915 USC 1692i(B) does not AUTHORIZE the bringing of legal actions by debt collectors, although some do. I am totally :confused:.

Consumers should not be forever harassed by an assigned debt collector who had purchased an Account Number and Debt Amount for pennies on a dollar, without any type of investigation. I owe absolutely nothing to an assigned dc with only an Account Number and Debt Amount. That's contract law. DCs stale Claims, Attempts, and Threats to enforce fraudulent debts MUST be stopped at some point. It sure works for me! xdancex

Best Regards,

June

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Just because it is passed the time limit to report to your CR doesnt mean it's passed the time limit they have to actually sue in your state and recover.

According to Why Chat's site, written contracts are 10 years which may apply to credit cards in your state. His comments on Missouri for why they are non written contracts are very unconvincing.

All his quoted statute does is place credit card agreements within the Statute of Frauds. Not sure why he's trying to claim otherwise.

http://whychat.5u.com/States/state-miso.html

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