Does anyone know what the SOL is for North Carolina? I've found 2 different answers, 5 and 6 years. Also how does this work? I mean does the SOL apply to the state you live in, where the debt incurred, or the state where the company is?
Per the FDCPA, a lawsuit may be filed in either your current residence or, where the contract was signed. Your NC info is wrong. CC's are open accounts. http://www.locate123.com/StateLaws.asp
This refers to type of account not status such as active (open) or inactive (closed) . THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Sorry to butt in... Keepmine, So you are saying that If I live in Kansas, and a Michigan creditor is using a California collection agency to collect on a 'debt', that the collection agency has to file a lawsuit in either Michigan or Kansas? And they most likely will choose the state with the longest SOL which begins at my DOLA?
Mike, That's their option but, they're supposed to serve you at your current residence. Reg Z of the Truth in Lending Act gives a description of a cc and they define that as an open account. There is no set payment becacuse the minimum payment may change monthly depending on the previous months purchases and payments and the cl may be raised or lowered as well as the interest rate, etc. Here's a good explanation. http://community-2.webtv.net/YCHANGE/STORAGE/page13.html
No I need to know as much about this as possible. Butt in all you like. I've had quite a few SOL questions going through my mind. But what I found on the books for N.C. (general assembly website with all the laws) is the SOL is determined where by where the debt incurred. Another words if they debt happened in Kansas and you live Michigan now the SOL would be whatever Kansas' SOL is. Unless of course they ask for a change of venue. I have another question for anyone who knows this. Looking at all credit reports for my husband he's got a repo listed that should be expiring soon. WIth Equifax there is clearly a "date of last activity" listed but the others don't have them. All they have are "Placed" and "Updated" fields. Funny thing is all three are diffferent! I mean this account has been sold 4 times, so it's a mess. According to the FCRA the debt can only stay on for 7 years according to the DOLA from the original creditor. I've been doing alot of reading and I hope I'm reading this right. Is it just me or is someone breaking the law by changing dates (experian & TU)? And what DOLA should be go with? The DOLA with Equifax is correct.
I am hoping more experienced posters will jump in, but as I've studied the threads and newbie information, the 7 year clock begins the day after a debt has been continuously negative for 180 days. Example: Your husband stopped making car payments in June of 1998. The 7 year clock would begin 180 days later in December 1998. However, this does not apply to debts incurred before 1998 [see subparagraph (2) ] **** § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c] (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. (2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.
