Today I received a collection letter demanding payment for a debt allegedly incurred long ago prior to illness and loss of a job. I cannot remember the debt, the original debtor isn't identified, and the sum is unknown to me as to whether it was repaid when I refinanced my home or has had money added to an original amount. SOL in this state is 5 years but the question I have is: does the SOL begin on the first of the month or the actual payment date. According to the CRs I have, date of last payment is 8/97. Should I send a cease and desist letter or a validation request--don't I waive my right to demand validation if this if not requested within the 30 days from demand? I don't have the cash to even begin talking about negotiating this away. Thanks for your help!!!!!!!!!!
they have already violated the fcra by not disclosing the original creditor. If the letter did not contain the "mini maranda" that is a second violation. If you are crunched for money, you are getting close to making 1000.00. As they rack up violations, you can sleep easier. 1. Send them validation. In that letter state that they must only contact you by mail. Also, say that you "dispute the debt". don't tell them any of your personal info. Make them come up with proof. They probally can't validate anyway. this debt probally has been sold 2 or 3 times. be serious and stern in your tone. What state are you in? You may even be protected my the SOL. Don't tell them nothing!! Make them validate!! Rest easy. you have he upper hand here. Keep all the letters they send. Also make sure u send CRRR. drop me a line if u need help!
I think that you can find out the SOL on a website called creditinfo? All states are different. I live in Ohio and there's doesn't even register! However, If this was a collection account, there are several ways that help determine the SOL. First of all, they go by the date of last activity. The date of last activity can be determined by several different indicators. From my understanding, the date of last activity is either the last date that you made a payment or when the account was charged off by the original creditor. Also, the original creditor my charge off the account within 180 days of last payment. If it's been a long time and you make a payment you start the SOL again. I looked up the info about the date of last activity on a website called bud hibbs. Hope this helps!
it's clearly identified as 8/97dola so I am presuming that the SOL is in effect 8/1/2002. Also thanks for the tip about not disclosing the original creditor.
Be careful here. They can base the SOL on the state where they file or where it was opened. I think once u establish residency, they have to sue in state where u live. If they attempt to sue, they won't get a dime if they are outside the SOL. if u believe it is aug2002, u hae them. also, if they have not sued by now, good chance they won't.
I hate to disagree, being a newbie myself, but I think this is wrong. By making a payment, you don't affect the SOL. What can happen, though, is that you're DOL will change, making it stay on your CR for 7 more years from that date. I don't think that the SOL will be changed though. Someone w/ more experience can feel free to dispute this. Also, on my CR when the DOLA says 8/97, it shows that it will come off in September--so I think the way they do it is you have to wait until the end of the month. HTH
The statute of limitations can be found online at http://www.lawdog.com/state/laws.htm --- Equifax 582, fighting his way up the slope
The SOL is too confusing. If I read all these websites correctly, it begins with the date a payment is missed. The period for the charge off appears to be 180 days after a 30 day period following the last payment. Which means that if it was charged off in January 98, we count back 6 months to July 97 and the date of last payment would be May 97? Am I reading all of the laws correctly? Thanks.
The only SURE way you can tell when the SOL FOR BEING SUED starts in your State is to read the State's UCC laws.If you tell me your State, you can E-mail me, I can tell you when it starts. MOST States start when you are FIRST late, your first month with a past due or late fee charge.That ia the same date that creditors are SUPPOSED to report to CRA's under the FCRA, but it DOES NOT always show up correctly.
Why Chat, Your explanation is great for people who have not moved. I myself, have moved from MI (SOL 6yrs) to NC (SOL 3yrs) 4 yrs ago. So I've obviously established residency. If I had a debt from a CC that I opened in MI or some other debt (not like a mortgage) that I opened in MI, in what state does the SOL take from? Obviously the creditor would have to have proof that it was me who opened the acct in MI.
