Did I restart The Statue of Limitations? Need advice please (credit, buy)

[MaverickDD]

The bank had a decade to demand your payment through the court system — the place we turn to for enforcement when we've been wronged. They choose not to do so.

You suffered the consequences of a reduced credit score during the period that the debt could have been enforced. By now, due to the statute of limitations, the debt should have fallen off your credit report.

Yes, you did the 'crime' — but you already paid the time! Tell the collection agency to stop calling and 'stop harassing' you. They will stop.

[stevemorse]

Originally Posted by retriever

that's true, but since he probably googled statue of limitations, he likely wound up with sites dealing with sculptures.

ha ha!!!!!!!!!! Good one!

[carajo]

I think they can continue to call you, your family members and similar name relatives and neighbors "by mistake looking for you" for ever. Most of them never stop even after demanding them to stop. The law allows them to call you during certain times of the day. I would Offer them $100..unless as others said , they can start again posting to the credit agencies after you make a payment.

[jerseygal4u]

Well,I do not know what to say.



Palisades Collection Agency garnished my paychecks for 2 years for a debt 5 yrs old.
I did try to make payment arrangements with them but they said my payments were too low,and tried to sqeeze more out of me but I did not have it at the time.
They had went to court and got a judgement entered against me.
$500 turned into $5,000.

They founf out about my job and I did not tell them a thing! I told them nothing.

This judgement is still on my credit report,and that judgement was paid off since 2006.
Experian has it on my report as "not paid".
Equifax has it as Paid-closed.
Transunion does not even have the judgement listed up there at all.

[Gerania]

Originally Posted by jerseygal4u

Well,I do not know what to say.



Palisades Collection Agency garnished my paychecks for 2 years for a debt 5 yrs old.
I did try to make payment arrangements with them but they said my payments were too low,and tried to sqeeze more out of me but I did not have it at the time.
They had went to court and got a judgement entered against me.
$500 turned into $5,000.

They founf out about my job and I did not tell them a thing! I told them nothing.

This judgement is still on my credit report,and that judgement was paid off since 2006.
Experian has it on my report as "not paid".
Equifax has it as Paid-closed.
Transunion does not even have the judgement listed up there at all.

You were paying the collection agency, so it wasn't a five year old debt. You start counting from the last day of activity on the account.

It was no longer a $500 debt if it had snowballed into a $5000 debt. Did you answer the judgement?

Go online and learn how to clean up your credit report.

[va_bank]

So if we boil this down - are you actually asking if you should repay money that you borrowed from someone?

[tahiti]

Originally Posted by va_bank

so if we boil this down - are you actually asking if you should repay money that you borrowed from someone?

Thank you.

[HalfFull]

Originally Posted by va_bank

So if we boil this down - are you actually asking if you should repay money that you borrowed from someone?

I get your point, but OP wouldn't be paying back who they borrowed from; it's now with a collection agency that paid pennies on the debt; the original lender has moved on.

[Retriever]

Originally Posted by HalfFull

I get your point, but OP wouldn't be paying back who they borrowed from; it's now with a collection agency that paid pennies on the debt; the original lender has moved on.

Yup!
The OP is attempting to skip out on the debt that he incurred, even though the claim to that debt is now held by a different entity than originally held it.

[MiamiLIFE]

Originally Posted by johnfrisco

An old credit card from 2004. It was only a $500 credit limit. I used it and never paid back. I know my bad.

But today I have good credit and this company has been sent to a collection agency years ago--it is well past the statue of limitations in NJ (6 or 7 years). I am not worried about that.

They have been calling me and sending me letters since 2007. I always ignored them.

This past Memorial Weekend I had a week moment and "acknowledged" the debt when they called me. I answered the phone and knew it was them but I was upset because they called during a holiday weekend.

They caught me at a weak moment (okay I was trashed). I mentioned the statue of limitations and told them they can't get a judgment. He acknowledged he wasn't out for a judgment. He said he was only trying to help me. I was in a bad mood and responded "Are you trying to help me or yourself?" After that he said this conversation isn't going well so I will hang up.

1) I was wrong by not paying the original debt back in 2004.
2) I was wrong by losing my cool with the collection agency and acknowledging the debt.
3) I am wrong now for seeking advice.

Now I just need honest advice on what's best to do for my FICO score? Currently it is 755 (median average of the 3).

1) Wait to see what happens. I am not sure I legally acknowledged the debt according to NJ statues; and restarted the "Statue of Limitations" according to NJ laws. I know it varies by state. I researched it and am even more perplexed.

2) Call them back and pay. I have no problem with paying even though the original debt is now double because of interest fees. My concern is by paying it. it will also negatively impact my credit score by them reporting it the big 3 credit agencies. They have harassed me enough; I got nasty with them today; I want this to be done with. Am willing to pay if it will not negatively impact my credit score.

3) Just continue to ignore them regardless of FICO outcome.

4) Pay them in full in regardless of FICO outcome.

All advice greatly appreciated!

ps: It's a bit ironic that my brother works for this collection agency. He works in IT so he doesn't know about this stuff.

Basically what should I do?

Do nothing. The bank wrote that debt off a long time ago. The agency that called you bought the paper from the bank for probably $0.30 on the dollar or less. They are just trying to sound scary and mean hoping you will pay them something. If they bought the debt for $150 ($500x.30) and they can get you to pay half ($250), its a windfall for them. If you pay nothing, they move on to the next sucker. The bank isn't trying to collect on it...they sold that obligation to an agency that hounds people like you hoping to get half of the original debt. Meanwhile, the bank wrote it off a long time ago.