old debt collection

[kykid]

What is the name of your state? Kentucky
I purchased a home last June after spending 10 months paying off everything on my credit reports and bringing my credit rating over 750. My credit report is more familiar to me than any other document affecting my life. Yesterday I rec'd a call at work from a company claiming to have purchased a debt of mine. They stated it was 5k from a Visa account last used in 1995. This debt is not on my credit report, and wasn't when I first ran it Jan. 2003. In 1995 I resided in South Dakota and the only debt I am aware of from that state would have been a vehicle loan, which ended in the vehicle being repossessed in 1996. I told the caller yesterday that I would not discuss any debt that I didn't have written documentation on and that they were referring to something I had no knowledge of. They said they would refer it to their dispute dept.
My concern of course, is that after spending an enormous effort to clean my credit up, and finally purchase a home after last owning one 20 years ago, that this kind of 'credit from the past' will ruin everything I've worked for.
The last information I had on the vehicle debt was that it had been charged off by the creditor. Is there a statute of limitations on my situation? or do I owe this forever, as the caller insisted?

 

[JETX]

Is there a statute of limitations on my situation?

Your post isn't clear on where this debt might have originated, however, if it originated in South Dakota as you believe, the SOL there is 6 years for both oral and written contracts. Unless this is a judgment (20 years), the SOL would have expired on that 1995 debt.

I suggest you contact them in WRITING and ask them to validate the debt (as allowed per the FDCPA). A good example validation letter can be found at:
http://www.creditinfocenter.com/forms/

 

[kykid]

jetx

The only debt I can think of that might be what this collection company is referring to would have been a vehicle loan taken out in South Dakota. The vehicle was repossessed in 1996 and sold by the creditor. I now live in Kentucky--which has a 15 SOL--does that mean anything?
Thank you for your reply!

 

[JETX]

I now live in Kentucky--which has a 15 SOL--does that mean anything?

It could, that is why I suggested you get a validation of the debt, using the form at that site.
The creditor is allowed to pursue the debt in the following:
1) The state where the contract was entered,
2) If the contract has a venue/jurisdiction clause, in that state, or
3) In the state where you are currently living.

 

[kykid]

SOL in Kentucky

Why is the SOL of the state I reside in now (KY-15 years), a matter of consequence in a debt (from 1995) that orginated in South Dakota (SOL 6 years)?
Isn't that discriminatory? Why would this be allowed by law?

 

[JETX]

Why is the SOL of the state I reside in now (KY-15 years), a matter of consequence in a debt (from 1995) that orginated in South Dakota (SOL 6 years)?

Answer was given in my previous post.

Isn't that discriminatory?

Nope. You are the one who moved to KY (with the longer SOL).

Why would this be allowed by law?

Because if it wasn't, every deadbeat debtor would move to the state(s) with the shortest SOL's..... and through the entire balance of the world off.

 

[Ladynred]

Did you receive any notices after the repo ?? Anything like a 'notice to cure' or any notice of the date and place of the sale ?? Did you get anything after the sale such as a bill with the details of the sale and any deficiency you probably owed ??

 

[kykid]

thanks

Jetx: Thanks for the info. But I doubt the SOL laws are well known to the 'common' person. I wasn't aware of them and am still unsure as to why allowing pursuit of debt is legal based solely on each state's SOL law. Anyway, thanks for your input.
Lady: I never rec'd anything from my creditor after the vehicle was repossessed 8 years ago. Unfortunately, I am uncertain what debt the collection agency is actually referring to--and they refused to provide an address where I might direct a letter requesting info or disputing their claim.
Thank you for your info also--

 

[Ladynred]

Who is the collection agency, there are ways to get addresses for these scumbags

If you were not given all proper notifications and paperwork regarding the sale of that vehicle, then they have no right to collect a deficiency per the UCC Article 9. There are specific rules they must follow, papers and notifications you must be sent and if they don't do it.. they lose.