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Every Thing Else Board
Bez+ Wins One Million Dollars!!!!!
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<blockquote data-quote="Brandonm22" data-source="post: 701165" data-attributes="member: 7645"><p>Correct on the first part. They have no obligation to send you a written contract offer UNLESS you ask for it (ALWAYS demand a written contract). The second part is patently UNTRUE. Consumer debt DOES have a statute of limitations (student loan debt, IRS debt, and some other type of accounts does not). It is generally your obligation though to notify the loan holder/collector in WRITING that you renounce the claim and be careful because making ANY payment or charge on an account resets that account (and you had better keep a copy of all that forever). You can't make a $30 payment and then renounce the debt next week even if the account was over ten years old. Any consumer debt collector who tells you that you can not renounce consumer debt is a liar. Every state has different laws (AL and NC both have 3 year statutes of limitations on credit card debt) so check with your attorney before doing anything or agreeing to anything.</p><p></p><p><a href="http://www.bankrate.com/brm/news/cc/20040116b1.asp?caret=8" target="_blank">http://www.bankrate.com/brm/news/cc/200 ... sp?caret=8</a></p></blockquote><p></p>
[QUOTE="Brandonm22, post: 701165, member: 7645"] Correct on the first part. They have no obligation to send you a written contract offer UNLESS you ask for it (ALWAYS demand a written contract). The second part is patently UNTRUE. Consumer debt DOES have a statute of limitations (student loan debt, IRS debt, and some other type of accounts does not). It is generally your obligation though to notify the loan holder/collector in WRITING that you renounce the claim and be careful because making ANY payment or charge on an account resets that account (and you had better keep a copy of all that forever). You can't make a $30 payment and then renounce the debt next week even if the account was over ten years old. Any consumer debt collector who tells you that you can not renounce consumer debt is a liar. Every state has different laws (AL and NC both have 3 year statutes of limitations on credit card debt) so check with your attorney before doing anything or agreeing to anything. [url=http://www.bankrate.com/brm/news/cc/20040116b1.asp?caret=8]http://www.bankrate.com/brm/news/cc/200 ... sp?caret=8[/url] [/QUOTE]
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