Hi i default on a store card 8 years ago and it have be sold and they are chasing me to earnings ,do i own to?
i was paying this through a debt government company along with other debts,adjectives the other creditors stopped the intrest and have adjectives now be paid,but this one company didnt stop the intrest so i stopped paying around 5 years ago,had no statements and merely one phone call contained by that time,but have a moment ago received a letter motto that they have sold my debt to another firm who are in a minute chasing me to pay,this debt is not on any of the 3 through credit scoring companies ,will i still have to remuneration even though this defaulted 8 years ago.appreciation steveAnswers: Steve,
Most likely a advocate bought this debt for pennies on the dollar, they will take you to court and sue you for the debt, plus big amounts of interest and court fees. You can negotiate with them if you want too, but most probable you will be paying at least a portion of this debt vertebrae.
If you need supplementary info, email me.
Good and bad report.credit stays on your report for 7 years after which time it is removed (if not, you can ask and they'll remove it.) The exception to this is bankruptcy which is 10 years. Bad report is that when it is sold to a collection agency (which is what happened to you) specifically considered new. That technique another 7 years, unless it is sold to another collection agency (which happens a lot) and afterwards it starts over again. Legally, you are responsible for the debt so the legal answer is you should take-home pay it. Reporting to your credit report is voluntary. This means that lately because it isn't showing now it may show surrounded by the future. Even worse, it can show up as lots times as it is sold, each of them (which are really adjectives the same debt) hurting your rack up. Here is some potential good report.
Collection agencies bought this for pennies on the dollar. They won't tell you this but they'll settle for smaller number (sometimes far less) then the untested amount. Just make sure, if you agree on to do this ,that you have a note from this saying the explanation has be settled and it will be removed from your credit report, now and forever. They will typically readily agree to these jargon. That way if it ever does show up again you can use this reminder to have it removed.
Yes you do! It's not the creditors responsibility to idle away there time and money to take you to pay. Now that they sold it sour to another company, they have chosen to yak action unlike the previous company. If you do not rate for the debt for owed, they will eventually charge it off as BAD DEBT! Regardless of what achievement they chose to take, the debt is valid and you will own to pay for it come what may.
You are liable and the debt is enforceable. Courts won't enforce a debt that has be in abeyance for 6 years or more, but the clock started when you stopped paying or when they later chased you up.
The store card company have given up hope of you paying. The collection agency cause their money by buying up old debts on the cheap and sending out parcels in the hope that a few culture will pay up.
Write to the collection agency. Say that you cleared adjectives your debts through an arrangement with creditors organised by a debt guidance agency X years ago, and that you have no journal of owing them any money. You might get a string of computer generate letters saw your Court appearance is real soon immediately and the bailiffs are going to take away your furniture, but they won't in truth do anything if they think you might put surrounded by a defence.
What you requirement to do is find out what the statute of limitations on debt collection are in your state. Chances are, it's chronological the SOL, and they can legally do nil to you in lay down to collect the debt.
Important note: If you compensate them ANYTHING, you will re-start the SOL, and then they can sue you. They are hoping that you will not know around this kind of article, and send them some money so that they can REALLY come after you.
You influence "about 5 years ago".
It is awfully important you establish the exact date of the second contact you had from these relatives. (The creditor and/or any previous debt collection agency)
If it is more than 5 years they are statute barred from pursuing it any more and you can write to the modern collectors and tell them to walk shove it where the sun doesn't shine - citing the 5 year term to support your non co-operation.
If it is less than 5 years after they can continue to chase - and a unknown 5 year period have just commenced.
However contained by my experience if you simply ignore these most modern demands they probably wont bother to go further than threatening packages; and if there is/was already a judgement they cannot go and get another one for the same debt.
Hope that help
if you are UK based after they can force you to pay it through the courts up to 6 years after the end communication with you. problem is the ultimate communication with you be when you stopped paying so that was simply 5 years ago.
so they might, and if you have spoken to them roughly it then the 6 years starts again.
sorry.
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