Midland collection said they bought my delinquent loan from Wells Fargo. Last time I paid on it was 2010. They said they have been trying to get a hold of me and are now ready to settle. I asked if they have a judgement. They said they prefer not to go that route. I was leading that it was over 7 years old now. Isn't there a statute that they missed? This was a revolving credit card from 1988 and closed for late of payment in 2010. Seven years later a collection company is after me? They said if I give them immediate payment over the phone they will knock my debt down. But has to be done before I hang up. If I get a lawyer they won't be so nice. I'm thinking they're just phishing for people that get scared and pay a debt not knowing the law.
The time for bringing an action based on a written contract is 4 years. (http://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CCP§ionNum=337). When that period expires depends on when you were determined to be in breach. I don't know if it begins from the date of the first missed payment, or if there is some provision in the cardholder agreement that sets some other time when the breach occurs.
