Company is attempting to collect Bank of America Visa debt where the last transaction occurred around August of 1988. After the Statue of Limitations had expired on this account B of A sold the account. The account has been bought and sold so many times I have lost count now but the bottom line is the Federal Law states that you (meaning any business or person) may not attempt to collect a debt after the time limit for collecting has expired.in this Case, 4 years. A bad debt is allowed to stay on your credit for 7 years if not paid and if you pay the bad debt it can remain as a paid collection for 5 years from the date it was paid. When a company sells a debt after the statue of limitations has expired, it is an attempt to collect the debt, even if the originally owner is not attempting to collect the debt, they know the purchaser intends to do so.
When banks sell unpaid debts they package them in bundles total up the gross value of the debt and discount the price. The older the debt the cheaper the price, however the buyer doesn't know exactly what he's getting until he takes possession of the accounts. Companies who buy bad debts usually can not verify or validate the debt with, in the case of credit cards, copies of receipts, signed charge slips or even a breakdown of the purchases. The real problem is not the Companies that are buying the debt, it is the companies that are selling it and the Federal Trade Commission. I have filed many complaints about this problem with the FTC and sometimes I would receive an acknowledgment and that's it. Back in the late 70's, early 80's I filed a complaint against a collection agency in Arizona and about 6 months later received a call from the FTC asking if I would be willing to testify in court. Six months after that they shut down the Agency. It now appears that the FTC and the Controller of Currency are controlled by the Financial Institutions.
Note that most banks have moved their credit card centers to Montana because Montana protects them and allows them to charge what ever they want to charge. It's all about greed my friends, both in the business world and in the regulatory bodies of the Government. The only way we are ever going to correct this is to elect a President that is not owned by the corporations. I have worked in the debt collection industry since 1978 and I know what I am talking about. I have done a lot of research on the current candidates looking to obtain their parties presidential nominations and so far I have only found one out of 46 candidates that is not controlled by corporations and that is Republican Ron Paul. And there is one maybe, Democrat Barak Obama.
If you have a complaint against a Financial Institution I recommend filing it with your State Attorney General as well as the Attorney General for the State where the Business is located.
Thomas
Covina, California
U.S.A.
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