New bank bought out old debt from old bank now is in collections

[calarco3]

What is the name of your state (only U.S. law)?

NY state.

I had a debt with a (bank 1) that bought out another (bank 2) and it went into default. I was in no financial position to pay any of these loans at the time. This was a long time ago and I had not really received any communication about it in several years. Another (bank 3) has now purchased that institution (bank 2) and I got a letter that says the debt from the original debt from (bank 1) is no under collections from (bank 3.) This original debt is from around 10 years ago.

Is there anything I can do here?

 

[CTU]

What is the name of your state (only U.S. law)?

NY state.

I had a debt with a (bank 1) that bought out another (bank 2) and it went into default. I was in no financial position to pay any of these loans at the time. This was a long time ago and I had not really received any communication about it in several years. Another (bank 3) has now purchased that institution (bank 2) and I got a letter that says the debt from the original debt from (bank 1) is no under collections from (bank 3.) This original debt is from around 10 years ago.

Is there anything I can do here?

Could you please elaborate on the underlined portion? Did they ... well, did they 'sort of' notify you? Was there phone communication? Anything?

 

[adjusterjack]

What is the name of your state (only U.S. law)?

NY state.

I had a debt with a (bank 1) that bought out another (bank 2) and it went into default. I was in no financial position to pay any of these loans at the time. This was a long time ago and I had not really received any communication about it in several years. Another (bank 3) has now purchased that institution (bank 2) and I got a letter that says the debt from the original debt from (bank 1) is no under collections from (bank 3.) This original debt is from around 10 years ago.

Is there anything I can do here?

The statute of limitations in NY is 6 years so any lawsuit would be time barred. Basically they are just trying to scare you into paying.

You can:

a - Ignore it.
b - Respond by demanding that they not bother you since the SOL has run out and you don't admit anything.
c - Ignore it.


Check all three of your credit reports at www.annualcreditreport.com and make sure the item is no longer on them.

Also make sure you haven't already been sued for it at some time in the past. If there is a judgment out on you, it's a whole nuther story.

 

[quincy]

There is no way to say definitively that a lawsuit is time barred, not without more facts. Like CTU, I am curious about the "I had not really received any communication" comment.

Is there an existing judgment against you, calarco3?