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Question By
jessbooker

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How is it legal for A company to sell your debit to another company and keep selling it to other
Companies for 16 yrs. this is crazy is it legal?

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Debt lives until it's been discharged, a debt can be discharged by either paying it, canceled by creditor/debt owner or bankruptcy. So yes, if it's unpaid/undischarged it can be brought and sold many times over. And it can still be collected assumes they do it with-in the guidelines of collection laws.

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The Statutory reportable length a debt/collection paid or not can be included on your credit report unless you in NYS(paid)? Its 7 years plus 180 days from Date Of First Delinquency, When it's beyond that date, it dosent mean the debt disappeares or you are no longer liable for that debt, it just means the debt will be excluded from your report.

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There is Statute Of Limitations, the length of time creditor/debt owner can sue you for the debt, each States set their own SOL, when the SOL is expired? It means creditor no longer have abilities to obtain a judgement against you for repaying the debt. The debt isn't discharged(gone) or barred from being collected, however at that point? To pay it or not would be entire up to you.

Top Contributor
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It is legal. If this is not a Federal loan debt, then it most likely is uncollectable in court due to the "Statute Of Limitations" being expired. Do some reading on how to write a "cease & desist letter". Do some reading on the FDCPA (fair debt collection practices act) if you are being harassed, you can sue.

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