Hi all, i have posted here before about SOL regarding damages. My mother had credit card that she defaulted on back in 1999. Was reported as charged off on her credit report. The SOL was up in 2002. Noone sued her. She never made any payment arrangements, and was contacted 2 times i believe by a CA back in 2000. She was afraid she was gonna get sued, but i told her SOL is up so they cant sue her. Do things automatically fall of in 7 years. and if so, it wont fall off till 2006. Anything she can do to make it go away, since there is no threat of a lawsuit anymore....?? When SOL is up, does it mean that the debt is NOT VALID anymore...Or debt is still valid, and if so, how long can they report this? Can they renew the listing on her report in 2006? thanks
Actually your mother can still be sued by the CA. The only thing that happens because SOL is up is that your mother can use that as an affirmative defense if she does get sued. If you're talking about falling off the credit report, yes. See my comment above. Not that I advocate being a deadbeat, but if your mother is intent on not waking sleeping giants, she might just want to leave well enough alone. Then again, if she does dispute the item, she may well wake the CA. The expiration of the SOL has nothing to do with the validity of the debt. As I explained above, all the end of SOL does is give a person an affirmative defense when sued by a creditor. SOL also has nothing to do with how long an item can appear on a credit report. That's controlled by the Fair Credit Reporting Act. Assuming that no sleeping giants are awakened, the CA can't renew the listing. Of course, what they could do is sell the nonperforming debt to another CA, who would list it as a new tradeline (happens every day). Hope this helps. John
Did the hamsters that run the wheels that power Creditnet's server go on strike? I hate double posts, especially when I'm posting from a DSL connection. The bottleneck has to be on Creditnet's end. Just my $0.02, John
Your mother can send the CA's who are reporting on her credit reports the SOL letter from my website, (linked below)before she does that though she needs to do the following: 1- Opt Out (wait 3 weeks) 2- Delete any old addresses (wait 3 weeks) 3-Dispute the accounts as "obsolete" Any accounts which are verified, she can then send the SOL letter to. The 7 year reporting period starts from the first delinquency AS REPORTED BY THE OC, prior to chargeoff. From your post, I would guess that most or all of thse accounts are actually already obsolete.
Why Chat, what does OPT OUT mean, and what does this achieve. And how can she claim they are obsolete, when 7 years have not passed yet since 1999. She said she made last payment in January 1999. And how easy it is to have the old addresses removed? the last time she moved was 10 years ago. How would deleting an old address help?
Re: Re: SOL for a credit card debt Why Chat, thanks for help. I will check your website, and direct her to it as well. However, if they can verify name and SS, that would be sufficient, am i right? it has to be 2 out of name, address, and SS. Also, if other CAs buy collections and report them as new trade lines, does this means that it COULD NEVER come of the the reports, and could haunt you FOREVER..??? This is a little off topic: I have been reading here how collectors need to provide a signed contract to validate debt, what if someone signs up over the phone for a credit card, where is the contract there?
Re: Re: SOL for a credit card debt Also does she need to purchase the CRs to be able to call them up. I remember once i called TU, and i could not even talk to anyone without providing the REPORT ORDER NUMBER.... any other way to get them on the phone?>
Re: Re: SOL for a credit card debt Depending on her State, she may be able to get a free credit report from each CRA. If she has been turned down for credit, or had a higher interest rate because of credit, she can get a free report. You can get reports on line from each of the CRA's.and then dispute on line. As to the "signed" application- the Uniform Electronic Document Act took care of that about 5 years ago.There is always a requirement for a signed authorization even if you apply by phone or on the internet.(or a secured internet signature)
Re: Re: SOL for a credit card debt For example. 4 months ago i received an pre-approval from HH, GM Card, I called them up and applied over the phone, in 30 seconds was approved, got a card in 10 days. Never signed anything. In future if i default on this, how can they validate it?
Re: Re: Re: SOL for a credit card debt Yes, they can "validate" the contract. Credit cards are nearly always unilateral contracts. When they send you the card you usually have to call in and enter the card number and maybe other information that might be asked for such as the pin number you were sent by means of separate letter. Then when you use the card that also provides proof that you received the card and accepted the terms and conditions of the contract. That is the normal way it is done. Any thought that all contracts must be signed in order to be valid is simply ludicrous. While it is true that the Uniform Electronic Document Act made electronic signatures just as valid as hand signed ones, internet applications are just like those done by phone in applications and are almost always followed up with an actual printed copy mailed to you although in some cases companies will fax you an application which you must hand sign and either mail or fax back to them. Our companies often do that with leases. They will fax a copy of the lease agreement to the contractor or subcontractor who must hand sign and return by mail or by fax and sometimes both. So yes, unilateral contracts are valid even though not signed.
Re: Re: SOL for a credit card debt When you first use the card, and sign for something, you are agreeing to all of the card's terms and conditions
NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ************************************************************ 1*Also, if other CAs buy collections and report them as new trade lines, does this means that it COULD NEVER come of the the reports, and could haunt you FOREVER..??? 2*I have been reading here how collectors need to provide a signed contract to validate debt, what if someone signs up over the phone for a credit card, where is the contract there? dgj77 ================================================================== 1*No the 7 years starts with the OC. The reporting period will expire 7 years from that date regardless of who or how many owners. 2*pd11604 answered this well when he stated the following. When you first use the card, and sign for something, you are agreeing to all of the card's terms and conditions. (pd11604 ) =================
