Legal Question in Credit and Debt Law in California

Sold off debt to third party collector after 7 years

I have an old debt from an auto loan. Car was totaled without any insurance. Loan was delinquent in 1996. Can't recall if my credit report said charge off or not back then but other collection agencies use to call and send letters to me. I sent a cease letter and they stopped. Now about three years later, i just recieved a letter from a new collection agency stating they'd purchased the unpaid debt from the original debtor. Demanding payment or they will start the collection process. question. Is the time up for any law suits so i can buy property someday soon. Can they sue me after this amount of time gone by.? And if not, can they put there names on my credit report today. The old agency and original Bank has fallin off my report. It's been much more than 7 years now. My credit report is cleaning up this year on anything else and i'd hate to see them show up now. Can they ? and how long can they pursue me or even worse '':sue'' me. ?

THank you

Freddie


Asked on 8/02/04, 10:34 pm

2 Answers from Attorneys
Larry Rothman Larry Rothman & Associates

Re: Sold off debt to third party collector after 7 years

Please fax your correspondence to me at 714 363 0229 and include your phone number. I will call you and advise you if you have a case or what to do to resolve your problem.

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Answered on 8/02/04, 10:37 pm
Ken Koenen Koenen & Tokunaga, P.C.

Re: Sold off debt to third party collector after 7 years

Statute of limitations is over for a lawsuit. The negative charge off can stay on your record for 7 years from the date of the charge off. Send a letter to the collection agency stating that you do not owe this money and that if they continue to harass you, in violation of state and federal laws, you will sue them.

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Answered on 8/03/04, 11:59 am


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