Letter From Cavalry Portfolio Services

[Doublecredit]

What is the name of your state? NH

OK - I did my homework and this is what I can tell you as facts:
Back in 97/98 I had an MBNA account that fell behind.
In or around 2001 or 2002, MBNA stopped worked with me - no letters, no bills, etc.
About that time Bank of America aquired them (I'm guessing that's why they stopped).
Bank of America then sold the debit to Cavalry Portfolio Services.
They then create a case through the National Arbitration Forum.
This case was sided in my favor, as Cavalry Portfolio Services didn't or couldn't validate the debit for the Arbitrator.
Fast forward another 4 years - and the debt itself is due to age off my credit report in Sept of this year. I haven't heard from Cavalry for 3+ years at this point, until Friday.
They send me a random letter saying they want me to prove to them that my debit isn't valid... isn't the proof in their hands to me? They also said I have 7 days to prove this to them.
I find it odd that I'm only 4 months away from this being off my credit report FOREVER (7+ years) and they're contacting me now. Why?
Should I respond?
Can they resell this debt after it ages off after 7+ years?
Call me what you will, but given the time that has lapsed, the SOL for NH is long gone, and the credit damaged they caused, along with losing National Arbitration they lost - I'm NOT sending a check!

Thoughts??

 

[Doublecredit]

Contact or do not contact??

Hi All,

At this point should I contact them and respond to their letter or let it go? SLA is past, they lost arbitration, and credit bureaus will wipe this as of Sept 08.

Is it true that this debt can not legally be applied to my credit file again as it's over 7 years old. The key is legally. I know there are companies that may try it or do it, but is it legal?

 

[nrknlknek]

Well, my thought is that you still owe them the money and while the SOL, assuming it has not been tolled, may be a defense that can be asserted on your behalf; not convinced that will win the day for you. The fact that they damaged your credit as a consequence of your not having paid them back doesn't sound all that unreasonable. I think that unless this debt was discharged in babkruptcy, you need to make some accomodation with them to repay.

 

[Doublecredit]

SOL = Tolled ??

What does that mean? I'm not familiar with SOL in reference to Tolled??
But if the debt is now older than 7 years and goes back as far as 10 years - bankruptcy or not, the SOL is far gone and I've done "my time" if I would have claimed bankruptcy. I was working with MBNA 10 years ago and then they dropped the ball, BOFA just handed it off, and the Cavalry dropped the ball after they lost their arbitration.

It seems like after 7 years this debt should be cleared - period. Isn't that the legal rule???

 

[nrknlknek]

SOL means statute of limitations. The concept behind "tolling" is that the time can be suspended for various reasons and under various circumstances. My guess is that the statute has been tolled in your case, though I can;t say for certain. The reason I say this is that the creditor has lawyers and they know something about SOL. They also don't spend time and money going after debts where there is an obvious defense unless tye just want to intimidate you into paying. So, my guess is that the sol has not run on this case and their actions may well be legally permissable.