Posted on September 22, 2008 at 12:07 pm I have a question for anyone who knows the answer. A debt is only allowed to stay on your credit for 7 years right, so how come some of these banks are selling off your old accounts to others and filling against you again? How is this legal?

Posted on September 22, 2008 at 4:02 pm It isn't legal but there are no oversight agencies to penalize the bastards. If your debt truly is of the 7 year variety and it has been 7 years, simply make a copy of your state's law that show the Statute of Limitations has expired and send it along with a letter to the collecotr and tell them you will meet them in court should they proceed. Contacting them with this information does not automatically restart the cycle. On the other hand, you can wait until they take you to court and show up with the law and read it to the judge and watch them squirm. If they go this far, you have a suit ready to go against them  you can't lose.

Posted on September 22, 2008 at 8:29 pm Thanks for that information. I have paid for everything in cash for the last 7 years including my car and home. I down sized to do so. I should have great credit now, but am still fighting debt some of which is almost as old as my 19 year old son. They just keep selling it off to other companies.

Posted on September 24, 2008 at 1:08 pm I have seen so many companies doing this to try and keep it on your record longer. If you do not say anything they keep it going.

Posted on September 25, 2008 at 11:42 am I didn't know that debts were only good for 7 years? I knew that information on your credit report cleared up after 7 years. So if you have a credit card debt and you  have not paid for 7 years... it's forgiven?

Posted on November 7, 2008 at 7:56 pm I see misinformation here. The debt company can still legally collect on old debt over seven years. They cant sue you or do anything more the call you and ask you to pay. If you pay them anything at all then the clock starts ticking again and you can now be sued

Posted on November 9, 2008 at 9:17 am Please research the statute of limitations law as it pertains to debt collection. You will discover something absolutely amazing. If you like what you read, act accordingly.

Posted on November 18, 2008 at 7:20 pm The debt does not just magically go away. You technically still owe the money till it is paid off. The 7 years is just the statute of limitations (SOL) that a credit bureau (CRB) can list the trade line and that a collection agency (CA) can seek judgement in a court of law for the debt. The SOLs regarding sueing and reporting vary from State to State. If it has been over 7 years, just contact the CRBs and the CA and prove to them with documentation that the SOL is up. You can send a cease and desist letter to the CA, telling them not to contact you about this debt anymore. If they continue to do so, or the trade line still appears on your CR, you can sue them (and the CBRs) for violating the Fair Debt Collection Practices Act and the Fair Debt Reporting Act. This does not mean you won't have to pay the debt though. You could win a court case regarding the violations, but still be instructed by the judge to pay the debt. The 7 year SOL is not a clean slate, it is how long it can be legally reported.  

Posted on January 8, 2009 at 9:55 am i read up that here in pa the limit is 4 years for them to take you to court.  If they dont do that they are out of luck as long as you dont admitt guilt or pay them anything if you do your back on again keep your mouth closed except for maybe saying:  Im not sure what debt you are talking about but if the debt is from 2000, isnt the time limit up to collect  this debt?