SOL and Froze Accounts

What is the name of your state? NH

Hi All,
I have sent a certified mail request for validation to a collection agency that said they were starting arbitration. The account was a charge off almost 3 years ago, not the required 3 yet. Other accounts I have are also close to that 3 year charge off range. If it's a charge off, what rights to collection agencys have to get the money?

Given some accts have been sold off numerous times, how do I verify who I owe what and when? If at all?

I am up-to-date on my mortage, house bills, and cars, but not cc debt.

How do I avoid my bank account being frozen? Also, how do I avoid losing my house and cars? Given those are current, can a collection agency try to get those?

Any help is appreciated as aways!

[Ladynred]

" If it's a charge off, what rights to collection agencys have to get the money?"

** You misunderstand the meaning of 'charge-off'. It is purely an accounting function to write off bad debts as uncollectable and get their tax break.
Charge-off does NOT mean they can no longer collect. In fact, its just the opening act in the collection circus. They assign or sell the debt to collectors and the original creditor washes their hands of it.

The 3 year SOL period starts when you first went delinquent - not at charge-off date. So, you may want to re-calc the SOL period if you were using the charge-off date to figure it. Back up 180 days from the charge-off date and THAT is when the SOL began to run.

" Given some accts have been sold off numerous times, how do I verify who I owe what and when? If at all?"

** Pull your credit reprots from all 3 CRA's. That should provide all the answers you need.

"How do I avoid my bank account being frozen? Also, how do I avoid losing my house and cars? Given those are current, can a collection agency try to get those?"

** NONE of those actions can be taken UNLESS they sue you and win a judgment FIRST. That can take months and you would know its coming (usually). Then and ONLY then, could they attempt to seize non-exempt assets. Anything that falls within the NH exemptions from judment is safe. Anything OUTSIDE those exmeptions is fair game.

It is unlikely that they could do anything to your house or your cars, let alone any of your 'stuff'. A lien on the house is possible, but again, ONLY if they win a judment first.