     Jim Cooper (Uraneum) | Sunday, January 14, 2001 - 05:23 pm 
Does anyone have a copy of a cease and decist letter? An account that went into repossession in 93 was removed late last year. The original lender sold this account to a collection agency just before it was removed from my credit report. This agency is now attempting to collect the charge-off amount (plus interest of course). The originating state is Michigan. I have read from this forum that after the statute of limitations is over (6 years in my case), nobody can collect on this account. Anyone have any suggestions?
Jim. |
| Patricia Holly (Househunting) | Monday, January 15, 2001 - 01:19 am
Simple. The body of the letter merely has to state: "Do not contact me again regarding this account. The statute of limitations has expired." Make sure all the important information is there like the account number in a RE: line. Send it registered/return receipt requested. Once you have the green card in hand with their signatures you have the necessary evidence to sue if they do contact you again. No other information is necessary. This worked for me in the past. |
| Senator (Senator) | Monday, January 22, 2001 - 02:21 am
This statute of limitations is an interesting labyrinth to wade into--. From a search of the database, I know that the sol is 5 yrs (Missouri)from date of last payment. Noone ever says--perhaps a good lawyer can argue both ways for enough dollars--what the implication is of "reaging the account". It looks as though if the credit co reages, it starts the sol all over even if the last payment was 6 mo prior to the "reaging". If so, I'd caution everyone not to be sweettalked into doing it by a clever credit co "account specialist". Anyone know if this is true? |
| MV (Mel) | Monday, January 29, 2001 - 04:34 pm
It's my understanding that a creditor may NOT reset the clock. The derog info falls off the credit report 7 years from the origianl date of delinquency (i.e., the first missed payment which led to the charge-off - NOT necessarily the last payment). If you make a payment on the account at a later date, it does not reage the account.
For example let's say I had a credit card account with XYZ bank and I stopped making payments in January 1990. The account was then charged off in April 1990. Then I make a payment in October 1995. The account will still come off my report in 1997 - 7 years from the date that I originally stopped paying.
I assume that the SOL clock also starts from the date of original delinquency, but please someone correct me if I'm wrong. |
