Old Debt Collection Laws

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Old Debt Collection Laws

unf. Rep Points:

Posted on February 1, 2010 at 5:13 am

Hello, what are the collection laws on old debt?

nobodysaiditwaseasy Rep Points:

Posted on February 1, 2010 at 5:14 am

what are the collection laws on old debt?There are a lot and you can read all about them here: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm

mhm m Rep Points:

Posted on February 1, 2010 at 5:17 am

what are the collection laws on old debt?How old is old debt? I think you're referring to ones that are years past due? If so, you might want to know your state's Statute of Limitations on debt collection, here: http://www.fair-debt-collection.com/SOL-by-State.html

Stephanie Says Rep Points:

Posted on February 1, 2010 at 5:26 am

Basically, the collection laws on old debt are by the FTC or The Federal Trade Commission (via the FDCPA- Fair Debt Collection Practices Act).The FDCPA was designed to protect the consumers against unfair and overly aggressive collection practices.If a consumer reports a violation and it's found to be true - the collection agency can be fined $1,000 plus other penalties.

6th Avenue Heartache Rep Points:

Posted on February 1, 2010 at 5:37 am

The basic rule if you're getting collection calls is to have the debt validated before you do anything else. Know that within 5 days after they first contact you via the phone, they're supposed to also send you a letter containing the exact amount of your debt, your creditor, and what you can do to have that debt validated.Without those - there's no debt. But to make sure - do write them and ask for the debt to be validated anyway.

Sorta like a dream, isn't it? Rep Points:

Posted on February 1, 2010 at 5:46 am

I agree - also, don't make the mistake of admitting to the debt or promising to make payments for it without the validation letter. Verbally stating those things might reset the SoL on that debt if ever it has passed.Don't be bullied by the collection calls & know that you won't go to jail for not being able to pay your debts. Although they can sue you. But first thing's first. Debt Validation.

Heads will roll...on the floor Rep Points:

Posted on February 1, 2010 at 5:51 am

Write the collection agency a cease and desist letter if you think that it's not yours. If they insist that it is yours, then they have to prove it by validating it. If after writing and telling them to stop bugging you about that debt and they didn't, you may report them to your local police station (if they're harassing your physically), your State Attorney General's office, or the FTC.