Statue of Limitation Final Tip 3: Now, that we have covered a few need to know things it is time to finalize this part. I am going to share some thing here but to make this work you need someone who know how to draft the papers correctly to removed a collection debt. First I talked about the time-bared debt that is noncollectable but remains. By the debt being unable to be collected the debt is now return back to the original creditor or original debt collector who brought your debt. Now, I know I just threw monkey wrench in this huh. Well this is what happen some debt collector hire other debt collection companies to collect on their debts. So, that is why you see the same debt same amount with two different debt collectors on your credit report. Why? Glad you asked because one of them is not license nor bonded to collect a debt in your state. I just gave you the first answer to removing a debt that is time-bared. That is why it is very important to deal with someone who research the laws for each state and not just say I am going to dispute the debt. Are you sign up on these sites that says you can dispute from the site. Are you dealing with a credit repair company who dispute the debt from some online software. No research has been done that is 50/50 chance why not get the facts. Second, we have this situation that the debt is in the hands of another debt collector well make them go back to the original debt collector in turn makes the original debt collector has to go back to the original owner of the debt and validate the debt in five (5) business days. Guess what it want happen in five (5) business days. That mean they have to cancel the debt all together off the report it goes and no payment needs to be made. Finally, you have the (JDB) Junk-Debt-Buyer these companies are individuals buys old debt in Bulk. Just like a wholesaler does when buying houses are items to sale in stores. So, they sometime knows they have bad debt and sometime they think it is a good debt. Once the debt is sold the collection company get what they can for it. Well you might be wondering what about my original creditor well they could have charged the debt off on their taxes. They could have just sold the debt right off and got double their money back by a write-off and sold debt who knows. So, lets take in count that your original credit is smart enough to sale the debt for 75% which is a good sale. And they out this sale in their books like a wise business owner.(LOL) That means now the debt collector lost money not so they just sold the noncollectable debt to a (JDB) they got some of their money back. Now you have a Lawyer calling you to take you to court on a debt that is noncollectable and you are in panic mode because you are serve a notice by mail or officer. Well guess what the law applies to them as well. You have to go after the (JDB) if you can reach them are send the Lawyer on a wild goose chase for all the original documents. If you are thinking now you know the Lawyer want come up with anything with in five (5) business days. Now if you have a court order to appear there is a 12 step process to send the lawyer on a wild goose chase in which will cost the (JDB) retainer money as well. They are not going to want them retainer fess trying to get the original documents. In return you send the Lawyer a counter sue for trying to collect on a (SOL) debt, 7yr old Debt, and for a company or individual that is not license are bonded in your state to collect a debt in your state. Thank God I live in Texas because all the rules apply. Not every state is a consumer state so check your state I would not live in California you have very little protection. If you are in one of those Good Ole boy Southern States the consumer laws are hard to find.
Posted on: Sat, 04 Oct 2014 22:54:37 +0000
Trending Topics
Recently Viewed Topics
© 2015