I obtained a Visa card through a bank 5 years ago that was secured with a CD. The CD paid the car off - all but $92.00. The bank is reporting this to the CRA's as being "charged off" with a balance of $2126.00!! I disputed this and heard nothing. I sent a ITS letter and today finally got something back. It was from the banks legal department. It says the CD paid off all but the $92.00, but with interest for all this time, the balance is almost $400.00. They basically said pay it within 14 days or they will sue. The SOL for that state is 4 years. Can they still sue?
In short, Yes! (in most states that is) However now you know how to assert your "affirmative defense", by telling them it's SOL, and to stuff it. Do you have anything in writing that says your balance is over $2126? ??? .
I quit paying on this card Oct. 1998. They supposedly sent me a letter in Oct 1998 saying that I had 30 days to get current or they would exercise their rights under the law. Never got the letter, and don't really care. My concerns are if they can file if the SOL is up, and the CRAs are reporting the past due amount as thousands more than what's really owed. If they verify it, how do I fix this?
1*My concerns are if they can file if the SOL is up, 2*the CRAs are reporting the past due amount as thousands more than what's really owed. 3*If they verify it, how do I fix this? gmaof1 == ============= 1*They can but they can't collect if Sol is up. 2*Dispute with creditor. 3*Sue if they violate your rights. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""''' PS New Member Must Reads.--------------------------- http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=350770#post350770 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=314910#post314910 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=352826#post352826 Sample letters http://consumers.creditnet.com/straighttalk/board/index.php?s= 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 """"```--~~~~~~~~~--```'""'''
