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I'm sorry to hear about your situation. Just to be clear, have they actually filed a lawsuit against you in this situation?
(or is it merely a collection situation)?
Did you see my follow up question to your issue?
At this time it is in collection phase however they are threatening to sue should I not choose to advise them that I want to pay voluntarily.
Thank you. And do you happen to know the last time that you paid anything towards this debt, even a penny?
From my knowledge if I paid anything towards this debt it would have been no later than 2004. However I highly doubt anything has been put towards this since the date US Bank states that it was charged off as I thought that any action I took was directly with the bank.
I see. First of all, you need to understand that a "charge off" is different than a debt forgiveness. Charge-off: a charge off is different than a forgiveness of debt. A charge-off is an accounting term that they use to balance their books. If they actually forgive the debt (in which you will receive a 1099-C "cancellation of debt" form, then that would indicate that the debt was actually forgiven. Otherwise, even though it is charged off (which is an accounting process) that does not mean that it's forgiven
Next, you should send a debt verification letter to the law group regarding this debt, pursuant to the Fair Debt Collection Practices Act (FDCPA). Here's a sample that you can modify:
Your NameYour Address
Collection Agency's NameCollection Agency's Address
Dear Account Representative,
I am writing pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g, to inform you that I dispute the alleged debt associated with account [number ________] with [creditor]. I do not believe that I owe the amount alleged by you.
Your letter of [Date of letter from debt collector] was the first time I have heard from you about this alleged debt. Thus I am requesting that you provide the following information:
I further request that you take the following actions:
Except as specifically outlined herein, I am requesting that you cease all contact with me about the alleged debt. Any further contact should be strictly in conformity with the FDCPA: It should be limited to providing me with the documentation requested in this letter, informing me that you have ceased collection efforts on the alleged debt, or stating that you are taking a specific action in relation to the debt such as commencing a collection lawsuit. Any further contact should be made in writing, and should be submitted to my home address by mail.
This verification letter makes them verify who owns it, the amount, etc...
Finally (and the BIG one), you need to understand that if you haven't paid anything towards this since 2004, it's TOO LATE for them to sue.
Whether or not the statute of limitations for written contracts (5 years) applies, or open ended accounts (4 years), they're past the period that they can sue.
They want you to pay something, even a penny, towards this, because that means that you can reopen the statute of limitations.
Again, if you don't pay anything, the statute of limitations remains closed, and they can't sue.
(that is, they can't sue sucessfully)
The debt itself could still be valid, which means it's not illegal for them to try to collect it.
But legally the statute of limitations has likely run, and you can let them know this. Tell them that you completely dispute the debt (don't admit to it) and that the last time that you paid anything was at the latest 2004. Let them know that YOU know that this means that the statute of limitations would have run, and unless they can prove otherwise, then you're neither admitting to any debt nor are you going to pay a penny towards said debt.
You should also let them know that pursuant to the Fair Credit Reporting Act (FCRA) they cannot report debt older than 7 years, and since you have last paid in 2004, that they are completely prohibited from even reporting this to your credit report.
Ok thank you, XXXXX XXXXX your assistance in this matter.
My pleasure.If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX good luck to you!
One last question that I have though is
They are trying to claim that the account was charged off Sep 2008, my fear is that they will attempt to use that as a method to make the account be within the statute of limitations
It doesn't matter when the account is charged off. It matters when you last paid anything towards it... that is it really matters when the first month that you should have paid something towards it and you didn't. Typically that's the next month after you do pay.
So the month that you should have paid and you did not, that starts the statute of limitations.
It does not matter when the bank charges it off. Again, that's an accounting procedure and has nothing to do with the actual debt.
Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
Did you have any other questions before you rate this answer?
No other questions, I just need to copy the sample letter you provided for me so I may send it to them via certified mail.
After you rate this answer, it will switch to a Q&A format (you may need to refresh the page after rating) at which point you'll be able to print this information, or copy and paste, etc...
Ok thanks again
I'm sorry, I need to be certain of one other question. This item was generated from an account opened in the state of Ohio. Is that relevant as I now live in the state of Florida?