Business Debt, Collections Debt collections

[hotrod480]

Can a collection agency sell your debt legally. And does the 7 years rule restart OK is it from original debt date

 

[army judge]

Can a collection agency sell your debt legally.

Yes, debt can be sold and is sold.

And does the 7 years rule restart OK is it from original debt date

No, the buyer of the old debt is governed by the original SOL. Example, the SOL expires on 06 June 2015. The SOL remains the same for the new buyer, and YOU, the original debtor!

 

[mightymoose]

The date of last activity, usually a payment, is used to determine when the clock started. When the debt is sold the time on the clock keeps ticking.