Statute of Limitations?

[tony_apples]

What is the name of your state?NYS

Hi all.

In 1998, I attended a college out Montana, and withdrew before the semester was over. The college has been after me since then for $2,200 in tuition - they claim that the financial aid was taken back from them because i didn't complete the semester.

At the time, I signed a payment agreement with them (because I expected to continue my attendance there). I then moved back to NY.

They placed it with a collection agency, who contacted me about 2 months ago. I have been able to negotiate away the collection agency's fee (they wanted to add $1K to the bal owed to the school!). I am supposed to start making installment payments this month...

But, I got to thinking about the statute of limitations...

Remember, I live in NY, the school is in MT. Debt incurred in 1998. never paid anything on it, but did sign a payment agreement in 1998...

Do I still owe?

THANKS ALL! MUCH APPRECIATED!

 

[olgethorpe]

Not an easy question. You really need to see a copy of the original agreement to determine exactly what you agreed to. And...the fact that you now have some slimeball CA calling you saying he's collecting the debt is NOT enough. You need to put this guy through the debt validation process to make sure he has the right person, the right account, the right amount, and the right to collect. Its possible that after all this time what you're really dealing with is a "junk debt buyer" who bought the debt for pennies on the dollar and is now just hassling you to roll over and cough up the bucks.

Go look at the forums on www.creditinfocenter.com for further details on the DV process...

Remember...just because you owed somebody some money, doesn't mean this guy is right...

 

[tony_apples]

Thanks for taking the time to reply.

This CA is the right place. About a month before I received the first letter from them, I contacted the original creditor (the school) and told them that I was interested in a payment plan to settle the debt (at that time I thought I was going to grad school and would need the transcript from them).

They told me it had been placed with the CA. After I got the first letter from the CA (asking for $1K more than the debt!) I told them I flat-out refused to deal with them, and there wasn't any way they were getting $1K additional for doing nothing...after all, I approached the original creditor before I even knew that the CA was in the loop...

After a while , the original creditor agreed to the original balance, and payments to be made to the CA.

So, yeah, they are the right one...

This morning, I noticed a negative entry on my credit report from them, and now I want some leverage to get them to delete it...not update it to paid, but delete it, once it is paid...so a statute of limitations thing might be the ticket...

Not an easy question. You really need to see a copy of the original agreement to determine exactly what you agreed to. And...the fact that you now have some slimeball CA calling you saying he's collecting the debt is NOT enough. You need to put this guy through the debt validation process to make sure he has the right person, the right account, the right amount, and the right to collect. Its possible that after all this time what you're really dealing with is a "junk debt buyer" who bought the debt for pennies on the dollar and is now just hassling you to roll over and cough up the bucks.

Go look at the forums on www.creditinfocenter.com for further details on the DV process...

Remember...just because you owed somebody some money, doesn't mean this guy is right...

 

[olgethorpe]

IF...big IF...you can deal with the OC on this, then give it try. I don't see any reason why a CA would be involved, unless the OC sold them the debt. Is the OC on your credit reports?

I'm still suspicious of the whole thing...I'd still suggest you DV the CA.

Something's fishy...