I live in CA but most of my debt is from VA Most of all my debt is from 1998 and most of my debt has been charged offs, some charged to profit & loss, and some transfered or sold to other companies for collection. If the SOL is 7 yrs, if i wait it out will all these entries eventually drop off? What happens to an uncollected debt after 7 yrs, do I still owe that money or do I owe, but its no longer on credit report. At this point should I just try a dispute on everything right now and whatever come off, comes off, and consentrate on whats left. Currently Im about 18,000 in debt and I have about 10,000 that I can use to pay off debt, I would like to get a house and apply for a loan in the next couple of yrs, so Im trying to find out whats the best move. Start paying my old debt and try to nagotiate a pay off for full deletion from my CR or keep saving for my down payment and wait for entries to drop off in the next couple of years (if thats how it works). Any help would be appreciated!
WhyChats statute of limitations http://community-2.webtv.net/Y-chat/WhyChatsCredit/ http://community-2.webtv.net/Y-chat/WhyChatsCredit/ statute of limitations http://www.edebtnetwork.com/content/collection_laws.asp THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""''' THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Its important to realize that there are *TWO* different SOLs... The Reporting SOL is the 7 years that the account is allowed to appear on your credit report, as mandated by the Fair Credit Reporting Act. The SOL is the amount of time that a company is entitled to sue you for an alleged debt. They can still sue you, but if you raise a SOL defense, and the account truely is beyound the SOL, then the suit should be dismissed in your favor. Since you moved though, its important to realize that there are two states SOLs in play. The state where you resided when the debt was incurred, and the state that you live in now. The Fair Debts Collection Practices Act allows the CA to sue in either venue. If the SOL in the state that the debt was incurred is longer than the SOL for the state that you live in now, they may sue you there, and then sue you in the state that you live in now to enforce the foreign judgement. It's rare that they'll sue where you don't live now, but some companys have made this their trademark... Unfortunately the FDCPA gave them the option, so as long as the forum is one of the two, its fair game, now if they try to sue you where they are located, then its a violation. Determining the amount of time depends on the exact type of account. Credit cards and utilities are traditionally open accounts, but some states make a further distinction between written open (signed application), and non-written open accounts. Loans and other contracts would be written contract, etc. Also, the date used to calculate the SOLs in both cases would probably be the date that you last made a payment to the company involved. If the last payment was made in 1998, the reporting SOL would expire in 2005, but you can always dispute to get things removed a lot earlier. Virgina SOL http://www.carreonandassociates.com/collectionlaws.htm#Virginia California SOL http://www.carreonandassociates.com/collectionlaws.htm#California
Re: Re: old debt, sol... trouble understand The Reporting SOL is the 7 years that the account is allowed to appear on your credit report, as mandated by the Fair Credit Reporting Act. =============== Actually this a reporting period rather than a SOL. And it if were referred to as such it would eliminate much of the confusion between the 2.
