qcraftsman Posted November 10, 2007 Share Posted November 10, 2007 I started reading it last week page by page while I am on the toilet. Oh sorry about that, TMI... Anyway my question is Kevin (Author) talks about how debt collectors can't collect money legally from you after 3 years in Maryland & Virginia (like credit cards) because it has expired and all someone has to tell them is its the statue of limitations and my debt has expired. That way collectors can't legally collect from you and your debt can be ignored. Does this sound correct??? I need lawyers to give me the real answers here... Please reply... Link to comment Share on other sites More sharing options...
Head Posted November 10, 2007 Share Posted November 10, 2007 I started reading it last week page by page while I am on the toilet. Oh sorry about that, TMI... Anyway my question is Kevin (Author) talks about how debt collectors can't collect money legally from you after 3 years in Maryland & Virginia (like credit cards) because it has expired and all someone has to tell them is its the statue of limitations and my debt has expired. That way collectors can't legally collect from you and your debt can be ignored. Does this sound correct??? I need lawyers to give me the real answers here... Please reply... 7 Years in Virginia, not 3. Link to comment Share on other sites More sharing options...
qcraftsman Posted November 10, 2007 Author Share Posted November 10, 2007 thats right 7 I got that one mixed up. I guess I ama lucky one here is MD. so does this make since??? Link to comment Share on other sites More sharing options...
capitolpunishment Posted November 10, 2007 Share Posted November 10, 2007 Good question! So are you saying that you owe 10k to citibank and with interest and minimum payments you technically have paid them back and then some, so after so many years based on your state you no ponger are liable for the debt? Do we know what the law is for each state? Link to comment Share on other sites More sharing options...
SkinsOrlando Posted November 11, 2007 Share Posted November 11, 2007 What the author is stating is the statue of limitations for them to legally "sue" you for the debt. When debts go unpaid they are charged-off the books. At that point the company has 3 years(MD) to sue you for the debt. Once the statute is up however they cannot sue you but you are still liable for the debt. A debt that has not been charged off does not fall under these guidelines and therefore they can continue to collect on it. Once an account has gone past statute of limitations normally they won't try to collect it anymore, but they can, you can request they don't call anymore but they can still use mail. Link to comment Share on other sites More sharing options...
TMK9973 Posted November 11, 2007 Share Posted November 11, 2007 What the author is stating is the statue of limitations for them to legally "sue" you for the debt. When debts go unpaid they are charged-off the books. At that point the company has 3 years(MD) to sue you for the debt. Once the statute is up however they cannot sue you but you are still liable for the debt. A debt that has not been charged off does not fall under these guidelines and therefore they can continue to collect on it. Once an account has gone past statute of limitations normally they won't try to collect it anymore, but they can, you can request they don't call anymore but they can still use mail. Keep in mind - There is more too it. The CC company can't sue you after 3 years, however -They SELL off your debt to a debt collecter. Basicly - You owe 10k to citibank, never paid. Citibank sells it for $1000 to a debt collection agency, and they hound the crap out of you to pay it. Meanwhile - Your credit is in the crapper, and it stays on your report for a lot longer then 3 years. Ussally -If it was never paid at all, stays there for 7 years. after that, it will still be on there, but you can ask to have it removed. (BTW -THat is not easy -You basicly need to write all the credit agencies and ask for it to be removed. Many times, this will trigger the credit agency to start hounding you again about it). You BEST bet on something like this is 2 fold. 1) If your CC company still owns the debt - Call them. They don't really want to write it off. Take the 10k example. Maybe you agree to pay 4k up front, or perhaps a payment plan that drops intrest, or something. 2) IF they already sold the debt, and your being bugged by credit agenices. 1st tell them you think it pointless. THey already reported you. Why talk to them. THEN - Try to do a settlement. Offer to pay less. Or offer to pay on the agreement that they remove it from the credit reports. 2 years ago I had 3 things on my credit report that showed default. 1 - Agreed to pay in full on the agreement then I would then dispute it on my credit reports and the agency would not reply. That one has been 100% removed from my report. 2nd one - Agreed to pay 50% of what I owed, and they reported the debt as settled 3rd - Payed 60% of what I owed - And they reported debt as settled. Credit Score went up 65 points in 120 days. Link to comment Share on other sites More sharing options...
ACW Posted November 11, 2007 Share Posted November 11, 2007 Please don't tell me the "Kevin" is Kevin Trudeau. Guy's a scam artist and conman. Link to comment Share on other sites More sharing options...
Westbrook36 Posted November 11, 2007 Share Posted November 11, 2007 I started reading it last week page by page while I am on the toilet. Oh sorry about that, TMI... Anyway my question is Kevin (Author) talks about how debt collectors can't collect money legally from you after 3 years in Maryland & Virginia (like credit cards) because it has expired and all someone has to tell them is its the statue of limitations and my debt has expired. That way collectors can't legally collect from you and your debt can be ignored. Does this sound correct??? I need lawyers to give me the real answers here... Please reply... Great question. Why pay your debts? Lets find you a lawyer to get you out of this mess. :doh: Link to comment Share on other sites More sharing options...
jbooma Posted November 11, 2007 Share Posted November 11, 2007 I started reading it last week page by page while I am on the toilet. Oh sorry about that, TMI... Anyway my question is Kevin (Author) talks about how debt collectors can't collect money legally from you after 3 years in Maryland & Virginia (like credit cards) because it has expired and all someone has to tell them is its the statue of limitations and my debt has expired. That way collectors can't legally collect from you and your debt can be ignored. Does this sound correct??? I need lawyers to give me the real answers here... Please reply... VA is 7 years, and if you are trying to get out of paying debt then that is mistake unless you do not owe someone and they are claiming you do. Remember it will STAY on your credit report and then you wil have to explain when you try and get a loan. Pay your debts. Link to comment Share on other sites More sharing options...
Mufumonk Posted November 11, 2007 Share Posted November 11, 2007 Please don't tell me the "Kevin" is Kevin Trudeau. Guy's a scam artist and conman. That was the first thing that came to mind as well............ http://www.debtcures.com/Default.asp?tag=dc53&bhcp=1 Link to comment Share on other sites More sharing options...
ACW Posted November 11, 2007 Share Posted November 11, 2007 Man, look at that photo, he even LOOKS sleazy. Link to comment Share on other sites More sharing options...
ACW Posted November 11, 2007 Share Posted November 11, 2007 Fumble recovery!!! Link to comment Share on other sites More sharing options...
ACW Posted November 11, 2007 Share Posted November 11, 2007 Nice run... Link to comment Share on other sites More sharing options...
ACW Posted November 11, 2007 Share Posted November 11, 2007 Wrong thread... :doh: Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.