Does charge-off renew a debt when purchased by agency?

[heraclitus]

What is the name of your state?Florida.

When collection agencies purchase charge-offs from debtors, does it renew old debt?

I have ignored payment requests for 5-7 years and am starting to rebuild credit now. I am receiving a flood of new collection notices prior to new bankruptcy law taking effect.

Am I exposed?

 

[JETX]

When collection agencies purchase charge-offs from debtors, does it renew old debt?

Nope. Though you don't say what you mean by 'renew', the purchase or assignent of a debt to another does NOT reset the SOL clock or the reporting clock (on your credit report).

I have ignored payment requests for 5-7 years and am starting to rebuild credit now. I am receiving a flood of new collection notices prior to new bankruptcy law taking effect.

Am I exposed?

If the SOL has expired on the debt, you can simply ignore them or you can send them a 'cease and desist' letter. For a sample of this letter, go to: www.creditinfocenter.com/forms/

 

[heraclitus]

thank you

Nope. Though you don't say what you mean by 'renew', the purchase or assignent of a debt to another does NOT reset the SOL clock or the reporting clock (on your credit report).


If the SOL has expired on the debt, you can simply ignore them or you can send them a 'cease and desist' letter. For a sample of this letter, go to: www.creditinfocenter.com/forms/

thank you for your response