Legal Question in Credit and Debt Law in Iowa

How to deal with collections

Have an account that was opened in 1999, closed in 2000, then sold to a collection agency. The original bill (loan) was for $1500.00 now the new collection says is $4,910. At what date does the statue of limitaions begin? Would it be Sept 1999? What is my legal right regarding this bill. They are telling me I have one week to resolve this bill. I asked them to send me something explaining all the charges etc, they claim there is no time for this, they will be taking legal action soon. I was not going to aknowledge this debt since so close to stat. of limitations, what is your advise. Also I had another party tell me, that I don't have to pay them anything since the agreement was between myself and the lender. Is this true? Thank you


Asked on 6/02/04, 8:51 pm

1 Answer from Attorneys
Herb Southern The Southern Law Firm

Re: How to deal with collections

Write them a letter and dispute the debt. They should have already sent you a letter which states you have 30 days to object. The SOL clock starts ticking when you made the most recent payment on the account. I am an OK Atty so I do not know the IA SOL. Perhaps one will answer this post.

As to who can collect, yes, the original creditor assign their rights to someone else and the someone else sues you. Done deal!

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Answered on 6/02/04, 9:16 pm


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