First let me say how greatful I am to those of you who obviously spend a great deal of your time simply helping others. You should all get medals! Well, here goes. Without all of the sob story as to why, back in 1995 and 1996 we had some terrible times and did not pay some credit card bills. Most of these we managed to work something out with and as times got better we paid them or settled them. The ones that would not deal we simply quit speaking to. The one in question now is a Discover Card account that is now owned (I assume) by Midland Credit Management. Today I received a letter with the attorney threat if not paid by 8/23/02. According to my Equifax report the last date of activity was 10/95 so the SOL is up for sure and in fact should age off in a few months. What do I do now with MCM? Do I simply ignore them knowing they can do nothing, or should I respond? My wife says I should send them a letter saying Neener Neener Neener! Any help from this great group will be appreciated.
VegasHeat, I remember a few posts that dealt with SOL debt and the best way to handle it. They may be way back in the archives but they are there. I know that the debt is unenforcable and you should not pay and you would win any suit filed. Don't let them BS you. Best advice is as posted in the tmitchell thread of today....Read, Read and Read again, search the archives, read the FCRA, FDCPA. Your question was well thought out and clearly asked. Read the archives and get your ideas, come back and post your action plan BEFORE you do it. Trust me, if it is wrong someone here will shoot it full of holes before it can hurt you. Welcome, JohnM
VegasHeat, Send them a cease and desist letter. They can still threaten to sue you and can take you to court, but they can't win since the SOL is expired. Dani
What state do you live in? The SOL varies from state to state. The SOL refers to the time they have to go after you. SOL debts: http://www.cardreport.com/laws/statute-of-limitations.html If they get a judgment. SOL judgments & interest rate: http://www.cardreport.com/laws/judgement-sol.html
what if one incurred a debt in one state but moved to another state since then.. what do you use for SOL?
