Angie S Posted October 21, 2010 Report Share Posted October 21, 2010 Im so confussed on what to do......We had a equity line of credit that was opened in 2004. With loss of jobs and unable to pay it, it was sold to several different collection agencies. The latest one sent me letters recently stating that it was being turned over to their legal dept. Last week recieved a letter from an attorney for that collection company stating that I needed to pay $2770.00 by Novemebr 8 to bring past due an late charges current. I pulled my husbands credit report and it shows date open 4-4-2004,account status-CLOSED, Payment status - CHARGE OFF, term-revolvng, Comments; Transferredto another lender or claim purchased.I live in Texas and not sure if Statue of Limitations applies to this type of debt. Also, can they forclose on my home? Not sure what to do and looking for some advice. Link to comment Share on other sites More sharing options...
BoscoMama Posted October 21, 2010 Report Share Posted October 21, 2010 Welcome to the forum. Don't be scared (or at least don't let them know you are scared). Ask them to validate the debt. When was the last date paid on the HELOC? You need to get that pinpointed. Don't admit anything. Good luck. Link to comment Share on other sites More sharing options...
Angie S Posted October 22, 2010 Author Report Share Posted October 22, 2010 Thanks for your reply but What does validate the debt mean? Link to comment Share on other sites More sharing options...
Savoir Posted October 23, 2010 Report Share Posted October 23, 2010 http://www.creditinfocenter.com/rebuild/debt_validation.shtml Link to comment Share on other sites More sharing options...
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