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Expert: Michael Brotherton - 5/21/2007


Question
QUESTION: Hi Michael,
I owe a credit card company from 1994. At the time I was going through a divorce and the credit card company told me not to worry about it that they would do what they called a charge-off. I was proud of myself paying off all my debt (except this credit card) instead of declaring bankruptcy. Well, either they or a collection agency has harassed me something terrible for years. They finally let up about 5-years ago and I finally got on with my life. Today, a collection agency started again. The original loan was $1500 and now they want $22,000!!! In hindsight, I should have declared bankruptcy.
Anyways, what is the statute of limitation for this? When do they have to legally stop coming after me for this loan?
Thank you


ANSWER: Have you received anything in the mail? What state are you in? They may be outside the statute of limitation. LEt me know and I will respond promptly.

---------- FOLLOW-UP ----------

QUESTION: Hi Michael,
Yes, I've been receiving postal mail. I'm in the state of MA.
Thanks,
Randy

Answer
It appears the statute of limitations in your state is 6 years from the date of last activity such as a payment or charge on the account . Unless they have a judgment you no longer owe that debt. If you recieve any mail from them send a certified letter that the debt is no longer valid, they must prove you owe the debt. Unless there is something I dont know I would say you are safe.

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Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

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