[adcgroup]

I have a credit card debt from 1999 that I thought had been written off and hasn't appeared on my Credit Report for quite some time (even though it hasn't quite reached the 7 year mark).

I just got a call today from Capital Recovery Services saying they have a 'deal' from the creditor and would like to settle. I told them I didn't have the cash on hand to give them the amount they wanted, so they proposed payments - but the payments were on the original amount (plus fees, interests, etc). They also threatened to file a judgement against me. They also filed an inquiry that shows up on my Credit Report.

I'm in North Carolina. Aren't they past the SOL for filing a judgement on this account?

Also, I called the Credit Bureau (Experian) and they said it was a vaild inquiry and would stand unless I call the Collection Agency and get them to remove it.

Have I got anything to really be concerned about here?

Thanks!

[aaron]

If you make even a 1 cent payment, you will probably renew your entire obligation.

The statute of limitations appears to be three years, which would ordinarily run from the later of the last payment made, the last purchase on the account, or the last date payment was due following that final purchase.

You may wish to consider sending something along the lines of this:

Collection Agency
Collection Agency's Address

Subject: [Account Name / Account Number]

Dear [Bill Collector],

This letter is in response to your correspondence dated DATE, 2005 concerning the collection of the above referenced account. A copy of your letter is attached.

I do not believe that I owe this debt, and therefore I am disputing this debt. I have verified the state statute of limitations for debts of this type through North Carolina courts as three years. Therefore, the statute of limitations for the collection of this date has expired.

I hereby request that you take the following actions:

1. Please contact any credit agencies to whom you have reported this alleged debt, and inform them that I am disputing the debt; and

2. Please also forward a copy of this letter to the creditor who alleges that I owe the debt at issue, and inform them that I am disputing the debt.

Except as specifically outlined herein, I am requesting that you cease all contact with me about the alleged debt. Any further contact should be strictly in conformity with the FDCPA: It should be limited to providing me with the documentation requested in this letter, informing me that you have ceased collection efforts on the alleged debt, or stating that you are taking a specific action in relation to the debt such as commencing a collection lawsuit. Obviously, I would raise the statute of limitations as an absolute bar to any lawsuit.

Any further contact should be made in writing, and should be submitted to my home address by mail.

(Sign above name)
Printed Name

[adcgroup]

So, will they be able to file a judgement against me for this? On the phone, I told them as little as I could limiting my response to and explanation that I was not "refusing to pay the debt", but could not agree to their terms at this time.

The last thing I want to do it re-open this when it should be dropping off soon. I'm just worried that they might file a judgement or do something that would reset the SOL or further soil my credit. I know they're just putting on a 'full court press' with the impending drop from my credit report, but it's still pretty rattling.

Thanks

[helpCA]

An other key factor is calculating 7 years from the date of the original default. If it is over 7 years it should not show up in your CRs. One problem is that creditors try to be very creative about the date they start the 7 years from.

[helpCA]

As to the inquiry: was it so called hard, or soft inquiry?