Can an original creditor wait 5 years to sell your debt to a collection agency?
Question by Jen: Can an original creditor wait 5 years to sell your debt to a collection agency?
I’m not fifty-fifty sure this is my debt, but I’ve gotten two notices about this in the last month from 2 different agencies, both work for LVNV Funding LLC and are not related otherwise. The first was on October 24, 2011 and mailed a certified letter with a copy of the collection discovering disputing the debt and asking for verification that I specifically owe this debt. I have not received any notice from them as of today, November 15. I got another notice today from a different collection agency for this same thing. They also included a short letter “Validation of Debt” stating that I owe this, but there is no copy of any written or electronic documentation. Do I need to specifically ask for a copy of proof that I owe this debt in my new letter? The first garnered requested they contact the previous creditor for verification. I was living with an ex boyfriend 5 years ago and my identity was stolen during that time. Do I holding sending letters? Do I contact LVNV Funding LLC directly or the previous creditor that is listed?I’ve never heard of the previous creditor before. It might have been something my ex did and he just said it was me so he wouldn’t have to pay it. So confusing…
Best answer:
Answer by CatDad
They can wait 30 years if they want. There is no clock limit to try to collect.However, debt becomes time barred in 3-6 years for most states, after which time they become legally powerless over you.
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Time to look at all 3 of your credit reports
They are free once a year at
Annual Credit Report.com
All the information you need will be there.
If debts don’t show up there, they are not yours
They are notorious for buying old debts and trying to collect on them. Google LVNV Funding to see how they rip off people.
You can write again and ask for proof of the debt. If they dont have it, they shouldnt be trying to collect it from you.
Dont give your SSN or any financial info. If you make a payment, that will start the collection process again. But collectors do sell debts and that starts the process until the statute of limitations which is different in different states.
Your verification request probably caused the debt to be sold off to the second collection agency. Send them a cerified, return receipt letter disputing the debt and requesting copies of contracts or other documents proving the debt is yours. Bring up the ID theft from that time.
My guess is that the file doesn’t have contracts or anything that proves the debt is yours. You probably won’t hear back from the second collection agency either. If a third collection agency contacts you, you’ll need to send another letter.
Be sure to keep copies of all this documentation. These zombie collection agencies are notorious for stepping over the line. Absolutely do not give them any personal info.
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