Legal Question in Credit and Debt Law in Massachusetts

Re: can a credit card co sell my del acct

The statute of limitations on a debt of this kind is 6 years, meaning they have to sue you within 6 years from the time of your most recent default.

The worst thing you can do is not show up to contest the matter in court. It is possible that the company that purchased your debt will settle with you for the original amount of the debt or even less - but do NOT settle if it has been more than 6 years since your last default.

You may want to speak with an attorney to limit your liability.

: can a credit card co sell my del acct

There are some missing facts. Has this matter ever been filed. Have there been any payments since 1996.

As Chris said, there may be a timeliness problem. If the time for the debt has legally ended, they cannot come after you.

You should review the demand with an attorney to determine your obligation. If you need help, contact me.

Re: can a credit card co sell my del acct

Generally speaking, any debt can be assigned, unless against public policy ( eg. gambling debts, usurious debts, a debt incurred for the performance of an unlawful act etc....). Factoring companies purchase portfolios of these debts from the original creditor at a significant discount and assume the risk of payment. Usually, the debt grows in size due to the interest rate accruing pursuant to the credit agreement (apply the Rule of 72 eg..divide 72 by the interest rate and that's how long it will take the debt to double). There may or may not be issues which would subject the factoring company to liability under the Fair Debt Collection Practices Act ( consumer debt beyond statute of limitations etc). Please feel free to contact my office for a free initial consult based on the facts of your specific situation.