HardTalk & Kyle Bass 1 of 2 on The Global Economy & Finance Situation – BBC Interview, recorded 15.11.2011 Kyle Bass is a hedge fund founder who saw the financial crisis coming and made a fortune from it – first from America’s sub-prime mortgage crisis and then from betting that Greece would default. Mr Bass told Sarah Montague that Germany cannot be expected to bail out the PIIGS countries – Portugal, Ireland, Italy, Greece and Spain, and that only a massive write-down in those countries’ debts will solve the crisis. news.bbc.co.uk .
Video Rating: 4 / 5
Question by n m: Can creditors still collect on a debt that is past 7 years if that from a company that has sold out?
The company has sold out and gone out of business. I no longer have the receipts I have paid off the debt years ago. The interest has steadily grown. I have received letters from various collection agencies stating I now owe a huge debt.
Best answer:
Answer by CatDad
There is a statute of limitations on debt and this debt is most likely outside the statute of limitations…meaning that it’s time barred.
Send a letter via Certified Mail + Return Receipt to each collection agency (NOT regular mail) stating:
Per the Fair Debt Collection Practices Act, I am requesting written validation of this alleged debt, which includes:
- a copy of the actual original signed contract with my signature. A typed letter showing an account number and balance due is not acceptable validation.
- validation of the original “Date of Delinquency” for this alleged debt
- validation of the “Date of Last Activity” for this alleged debt
- validation that this alleged debt is within the statute of limitations.
Per the Fair Debt Collection Practices Act, cease all verbal communications with me about this alleged debt
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Don’t let the debt collectors scare you with bogus legal threats. Debt collectors love to pretend to represent law firms when this is not the case. By themselves, debt collectors have absolutely no legal power over you.
- If they threaten you with a lawsuit/legal action, then ask for their alleged attorney’s full name and license number in the state bar association. Call your state bar association to confirm this info. If they refuse to give this info to you, then the legal threat is probably a bluff.
What do you think? Answer below!
