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08-22-2008, 09:00 PM
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#1 | | New Member
Join Date: May 2008
Posts: 3
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Hi Everyone!
Well after seeing some of the post here, I decided to take charge of my credit and start working on getting some of my old depts paid off.
I sent a negotiation letter to some of my creditor's last week. I just got a letter from one stating to contact thier office immediately. I do not want to engage in any conversation w/ these people, I'd rather do everything through mail. My question is this. What do I do now? Any advice would be very appreciated. Thanks.  | 
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08-22-2008, 09:11 PM
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#2 | | HONORED GUEST
Join Date: Jun 2006 Location: West-By-God-Virginia
Posts: 6,725
| Quote:
Originally Posted by jacigia  Hi Everyone!
Well after seeing some of the post here, I decided to take charge of my credit and start working on getting some of my old depts paid off.
I sent a negotiation letter to some of my creditor's last week. I just got a letter from one stating to contact thier office immediately. I do not want to engage in any conversation w/ these people, I'd rather do everything through mail. My question is this. What do I do now? Any advice would be very appreciated. Thanks. | More information is needed. Specifics is what gets adverse tradelines deleted and negotiations accepted.
__________________ Let's Go Mountaineers!! Let's Go Drink Some Beers!! If something seems too good to be true, it is best to shoot it just in case... Nothing I post on this forum should be construed as legal advice. | |
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08-22-2008, 10:40 PM
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#3 | | New Member
Join Date: May 2008
Posts: 3
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Welll basically, I owed this creditor abount $1,200. They recently sent me a letter stating that they will settle for 60% of the balance.
I sent them a letter stating why I couldn't afford to pay them and said I would settle for 20% of the balance. Then I recieved a letter that stated to contact thier offices immediately.
This account is very old, roughy 5 years.
I have been out of work ever since I lost my business, I lost everything. What do you recommend?
Last edited by jacigia; 08-22-2008 at 10:41 PM.
Reason: grammar
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08-22-2008, 11:19 PM
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#4 | | HONORED GUEST
Join Date: Jun 2006 Location: West-By-God-Virginia
Posts: 6,725
| Quote:
Originally Posted by jacigia Welll basically, I owed this creditor abount $1,200. They recently sent me a letter stating that they will settle for 60% of the balance.
I sent them a letter stating why I couldn't afford to pay them and said I would settle for 20% of the balance. Then I recieved a letter that stated to contact thier offices immediately.
This account is very old, roughy 5 years.
I have been out of work ever since I lost my business, I lost everything. What do you recommend? | What state are you in? What debt is claimed you owe?
__________________ Let's Go Mountaineers!! Let's Go Drink Some Beers!! If something seems too good to be true, it is best to shoot it just in case... Nothing I post on this forum should be construed as legal advice. | |
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08-22-2008, 11:53 PM
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#5 | | New Member
Join Date: May 2008
Posts: 3
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Im in CA. The debt that I owe is for a credit card bill. I actually used this one to purchase inventory at the time. This was my personal credit card.
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08-23-2008, 01:03 PM
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#6 | | HONORED GUEST
Join Date: Jun 2006 Location: West-By-God-Virginia
Posts: 6,725
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Originally Posted by jacigia Im in CA. The debt that I owe is for a credit card bill. I actually used this one to purchase inventory at the time. This was my personal credit card. | If you defaulted 5 years ago your debt is past the statute of limitations per California Code SECTION 335-349.4 which states: Quote: 335. The periods prescribed for the commencement of actions other than for the recovery of real property, are as follows:
337. Within four years: 1. An action upon any contract, obligation or liability founded upon an instrument in writing, except as provided in Section 336a of this code; provided, that the time within which any action for a money judgment for the balance due upon an obligation for the payment of which a deed of trust or mortgage with power of sale upon real property or any interest therein was given as security, following the exercise of the power of sale in such deed of trust or mortgage, may be brought shall not extend beyond three months after the time of sale under such deed of trust or mortgage.
2. An action to recover (1) upon a book account whether consisting of one or more entries; (2) upon an account stated based upon an account in writing, but the acknowledgment of the account stated need not be in writing; (3) a balance due upon a mutual, open and current account, the items of which are in writing; provided, however, that where an account stated is based upon an account of one item, the time shall begin to run from the date of said item, and where an account stated is based upon an account of more than one item, the time shall begin to run from the date of the last item.
3. An action based upon the rescission of a contract in writing.
The time begins to run from the date upon which the facts that
entitle the aggrieved party to rescind occurred. Where the ground for rescission is fraud or mistake, the time does not begin to run until the discovery by the aggrieved party of the facts constituting the fraud or mistake. Where the ground for rescission is misrepresentation under Section 359 of the Insurance Code, the time does not begin to run until the representation becomes false.
337a. The term "book account" means a detailed statement which constitutes the principal record of one or more transactions between a debtor and a creditor arising out of a contract or some fiduciary relation, and shows the debits and credits in connection therewith, and against whom and in favor of whom entries are made, is entered in the regular course of business as conducted by such creditor or fiduciary, and is kept in a reasonably permanent form and manner and is (1) in a bound book, or
(2) on a sheet or sheets fastened in a book or to backing but detachable therefrom, or
(3) on a card or cards of a permanent character, or is kept in any other reasonably permanent form and manner. | You do not need to pay this debt at all BUT the CA can still continue to try to collect and you will need to write a letter to them (send it CMRRR) stating that you wish them to cease and desist collecting on it. They cannot sue you.
__________________ Let's Go Mountaineers!! Let's Go Drink Some Beers!! If something seems too good to be true, it is best to shoot it just in case... Nothing I post on this forum should be construed as legal advice. | |
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08-23-2008, 04:28 PM
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#7 | | HONORED GUEST
Join Date: Jul 2006 Location: Austin-area
Posts: 2,980
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Were the letters sent to a third-party or did they go to the original creditor?
Quite frankly, I have no qualms about talking to either, but I can control the conversation and am not afraid of my phone. However, I have NEVER understood the fear and paranoia that people have about talking to an original creditor...
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08-23-2008, 10:50 PM
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#8 | | Administrator
Join Date: May 2006
Posts: 2,760
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Disagreeing with Hannah, in that Hannah writes, "they cannot sue you".
The can file a lawsuit, it will be up to you file an Answer and assert the Affirmative Defense that the SOL have run.
In CA if you fail to assert your rights, a judgment can be obtained against you. The judgment has a SOL of 10 years.
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The information and materials in this document are provided for general information purposes only and are not intended to constitute legal, accounting or tax advice or opinions on any specific matters. Laws and regulations change frequently and their application can vary widely based upon the specific facts and circumstances involved. You are responsible for the applicability and accuracy of Information as it relates to your specific situation. | |
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08-23-2008, 11:49 PM
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#9 | | HONORED GUEST
Join Date: Jun 2006 Location: West-By-God-Virginia
Posts: 6,725
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Originally Posted by Enigma Disagreeing with Hannah, in that Hannah writes, "they cannot sue you".
The can file a lawsuit, it will be up to you file an Answer and assert the Affirmative Defense that the SOL have run.
In CA if you fail to assert your rights, a judgment can be obtained against you. The judgment has a SOL of 10 years. | <sigh> Yes, you are correct. They can sue you but cannot win if you assert your rights.
__________________ Let's Go Mountaineers!! Let's Go Drink Some Beers!! If something seems too good to be true, it is best to shoot it just in case... Nothing I post on this forum should be construed as legal advice. | |
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