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Collections on a Past Statute of Limitations Apartment Debt

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  • 05-20-2009, 03:37 PM
    SandboxJ
    Collections on a Past Statute of Limitations Apartment Debt
    My question involves collection proceedings in the State of: MN, AZ, WA

    Information:
    Apartment Damage (grease fire that resulted in replacing stove hood)
    When/Where: The bill went into collections 2001. The apartment is in MN.
    I've since moved to Arizona and now into Washington.
    Amount: $3xx

    The amount isn't really the concern, if I had to I can pay it. The problem is I forgot all about the bill and it is now past the 7yr mark for my credit report and for the SOL. I morally would like to pay the bill but if I do I'm afraid it will go back onto my credit report.

    I was contacted by Xxxxxx Financial Group last week and they stated that they just got this debt and if I decided to pay on it they would instantly take off 10%. Well since the information I gave to them was my name and then they offered a discount a little flag popped up said something is odd.

    I asked them to send me letter with the debt information. While waiting I decided to call back and ask what year the debt was from. They said it was in collections back in 2001.

    I stated, "wouldn't that be under the SOL" and the guy said that it might be and that he isn't trying to "stir up anything". He also said that no matter what it will remain on my credit report until it's paid.

    I got a call today saying that if I paid they would drop it 20%. I informed this lady that I believe that the bill is under the SOL and that "we" are waiting for the letter to review before I can verify or take any action on the debt. She instantly asked me for my lawyers name and I stated that I did not wish to give the name of the person that I'm talking with at this time. She became rude and asked two more times and stated that I shouldn't be "spouting out things that aren't true." I was just referring to my grandfather but didn't want to say so because I figured it would lead down another belittling path.

    Sorry for the possibly useless information just wanted to divulge as much as possible.

    So with all of that being said I'm not sure if I should pay it because they are going to find some way of forcing it back onto my credit report (after making them mad :wallbang:). Or if I should file a C&D letter. Any thoughts?
  • 05-20-2009, 05:30 PM
    divemedic
    Re: Collections on a Past Statute of Limitations Apartment Debt
    If this is off your credit report, paying it will not place it back on. I would point out to you that paying this will not do anything except make you feel better, and possible reset the SOL on any outstanding balance.

    First, the SOL claim:
    Let's say that you owe $1,000 on this account, and they get you to pay (or even promise to pay, in some states) $100. You have just reset the SOL and can now be sued for the other $900. Keep that in mind.

    As far as paying what you owe:
    This debt is likely in the hands of a Junk Debt Buyer (JDB). JDBs are a type of collection agency that buys debts for pennies (or less) on the dollar. They will buy $10,000 worth of accounts that are out of SOL (called junk debts) for $100 or less. Then, if they get even one person to pay, they make enourmous returns on the initial investment. So, if you pay in this case, not one penny will go to the person you failed to pay, and you will only make the JDB some profits.

    If you want to pay because you have a guilty conscience, send an anonymous money order to the original creditor (apartment complex). At least that way, you can clear your conscience without enriching a person who didn't lose a dime in the transaction, or entangling yourself in SOL issues.
  • 05-21-2009, 10:17 AM
    SandboxJ
    Re: Collections on a Past Statute of Limitations Apartment Debt
    Thank you for the information!! It seems nothing is black and white any more. This is not on my credit report...it looks like I'll be sending a C&D letter.

    Again, thanks for the information!
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