Account closed

We just received a collection notice on an account however; the account has been listed as closed/unpaid. Just wondering what to make of that. I don\'t want to waste my time trying to negotiate with them if they no longer own the account.

2 Answers

When a debt goes bad, the creditor closes the account.  They may sell the account or assign it to a collection agency.  You are stil legally responsible for it and if within the SOL, you could  get sued.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

You can make a written request to the collection agency for a debt validation letter via certified mail with a return receipt request. If they don’t give any reply, then forward them a Cease and Desist letter. After that if they are still trying to contact with you, then file a complaint against them to the State Attorney general or FTC.
 


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