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sold my account???


tina
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Hi,

I live in florida had had a credit card debt (Providian) from 2001 that was sold to midland credit. It has now been sold to True logic in Colorado. I was going to settle on this debt but after reading up on the laws and such, I was wondering if Midland was allowed to sell this debt after so long in order to have another comapny start the time frame for collecting start all over again?

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Hi,

I live in florida had had a credit card debt (Providian) from 2001 that was sold to midland credit. It has now been sold to True logic in Colorado.

It is now in a CA, and very old.

I was going to settle on this debt but after reading up on the laws and such, I was wondering if Midland was allowed to sell this debt after so long in order to have another comapny start the time frame for collecting start all over again?

DON'T pay a collection agency, it does not HELP your credit, it hurts it. Read up this site a little more. Yes, the account can be sold over and over. However, the only way the time frame for reporting would be reset is if you pay them or even possibly give them the impression you are going to pay them. Go read the primer that is stickied on this forum.

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...I was wondering if Midland was allowed to sell this debt after so long in order to have another comapny start the time frame for collecting start all over again?

The Date of First Delinquency (DOFD), Date of Last Payment (DOLP) or Date of Last Activity (DOLA) NEVER changes no matter how many times or when they buy/sell/assign/transfer the alleged account.

OCs, CAs, JDBs and/or Debt Purchasers (DPs) NEVER get a new 7 or 7 1/2 year period for Reporting an alleged debt. If they did, we all would be so screwed for life. Thank you, FCRA.

It is not illegal for them to continue to Collect (until you C&D them) or Sue (until you Answer with SOLC as an Affirmative Defense) as long as you owe the alleged debt, but after 7 or 7 1/2 years they cannot Report to the CRAs.

The year of delinquency on this alleged debt is 2001?

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