What determines the statue of limitations on a charge off? Is it the state that I am living in when the debt occured and became due or is the state that the credit card company exists in? Thanks!
RE: Statue of Limitations?? pl Wondering, To clarify... I assume you are referring to the SOL on the original debt, not the charge-off. So, it would be the state you live in. In order to sue for the debt, they would have to file the suit in your state where you live. This is often the reason credit card companies rarely sue (seek judgement)... due the cost of the suit. Good Luck, BarryN wondering wrote: ------------------------------- What determines the statue of limitations on a charge off? Is it the state that I am living in when the debt occured and became due or is the state that the credit card company exists in? Thanks!
RE: Statue of Limitations?? pl Wondering: I agree with BarryN (CreditMania.com) albeit keep in mind a statute begins to run from the time of actual default, not the charge-off date. That is, unless otherwise provided by code or case law in your particular state. M. Anthony Villasenor, CreditDefenses.com
RE: Statue of Limitations?? pl Hi Barry, My debt was from when I was living in Texas 9 years ago. I am now living in Florida. Would I go by the Statue of Limitations for Texas or Florida? Also how likely is it that I will be sued for a 9 year old credit card debt. I don't know what happened 9 years ago when my credit card became due since I was in the hospital and then immediately homeless. I had no way of getting my mail or past due bills. So, I am assuming they it was a charge off but I don't know for sure what happened. I just know that I haven't had any contact with the creditor for 9 years (even though I have had a permanent address for the last 5 years). Any advice you can offer would be greatly appreciated!
RE: Statue of Limitations?? pl Are you telling me that you know of this bill (charge-off), however no one is trying to collect it at this time? I suggest that the debts' SOL still resides in Texas, if you lived there as recent as 4 years ago. If so, you are probably safe. The debt is most likely years beyond any SOL to sue for collection (your obligation is statuely absolved, unless you have a moral obligation of course). The only thing that could happen is a third party collection agency could buy up the old debt at pennies on a dollar, and try to harass you into paying it, or they may even try to enter it into your credit file as new debt (NCO is notorious for this). Do not allow this. Of most importance, if this account is still listed on your files, dispute it earnestly. The 7 years is up on the reporting period allowed. And finally, if any entity tries to collect or re-age it, then tell them to cease & desist all activity. Threaten to sue them if they even "ponder" re-listing (re-aging) this item in your credit files. So, don't let your wondering turn to worrying, BarryN
RE: Statue of Limitations?? pl The Sol can be used for either. Either the debtors state or the creditors state or even where the contract signing took place. The SOL begins from the date the contract is executed. Example. Let's say you open the account in 1994. Now, lets say no payment has taken place from the very begining and it's been over 3 years. Now the SOl has expired. The ONLY way it is renewed is if you -A. Promise to pay again in writing. B. Make a payment. Every contract begin with a set SOL and is time barred from collections after it passes the sol. That DOES NOT mean it will not be on your reports ,as reporting time is different from the SOL. A Sol does not start from the date you are declared delinquent or delinquency, it starts from the very date of last posted payment. Kristi CarreonandAssociates.com wondering wrote: ------------------------------- What determines the statue of limitations on a charge off? Is it the state that I am living in when the debt occured and became due or is the state that the credit card company exists in? Thanks!
RE: Statue of Limitations?? pl Thanks Kristi for the information and advice. I really appreciate it! I was surprised to be contacted by the collection agency since the debt is 9 years old and is not listed on my credit report.
RE: Statue of Limitations?? pl Thanks Barry for the very helpful information. I really appreciate it! Yes, when I went into the hospital then became homeless, the collection agency did not have any contact with me. They had no current address. But then I moved to Florida and set up residency about 4.5 years ago. They never contacted me that whole time. The nine year old debt is not listed on my credit report, so when I got the letter from the third party collection agency, you can imagine my surprise and anxiety! They say in the letter that if they do not hear from me within 30 days that they will take that to mean the debt is valid. If I dispute it, they will show documentation that it is my debt. I am chosing to ignore the letter because I don't want to get into a hassle with them. Am I making the right decision, just to ignore them, since they have no legal basis to come after me? Or what would you recommend I do? Thanks!
RE: Statue of Limitations?? pl Just do not worry about it. Chances are, with the debt being 9 years old that the SOL is expired in every state so the creditors state should not matter either. Did you do the Cease & Desist to them? Also, remember to check your credit reports often because even if it is not on there now it may at any day. Challenge that as past the 7 year timeline. Have a good nite Kristi Carreonandassociates.com worried wrote: ------------------------------- Thanks Kristi for the information and advice. I really appreciate it! I was surprised to be contacted by the collection agency since the debt is 9 years old and is not listed on my credit report.
RE: Statue of Limitations?? pl At a minimum, do the Cease & Desist Letter as Kristi suggests below. Good Luck, BarryN
