-------------------------------------------------------------------------------- Where to start, I recieved a letter from an attorney the 11th of this month. I have been reading on this site and what and how to handle this. I have since wrote a DV letter to them, havent mailed it yet and also i have reasearched my info on SOL in Florida. My queastion would be , my SOL on the alleged account with expire in about three months. I have waited to send the letter back to them at the last possible moment. Can they take immidate action against me or will the process take a while? If they have to verify about how long will that take? When and if they file against me does that stop the SOL or does the SOL keep running until the day in court. They are callin about 2X a day now and only leaving messages on the first attempt. Were should i go from here. Do the attorneys not normally have all documetation? Also im trying to undeerstand this SOL thing. There are different opions on how to fight SOL. Its a Cap1 account, I opened it over the intrenet while i was living in Georgia, in 2004 , moved to Florida soon after. So i hear alot of people saying to use Va sol where Cap1 is based, my info shows a Utah address. Georgia and Florida have the same SOL for credit card debt 4 years, so how can one use Va sol which is 3? Any help would be appreciated.
They can file suit any time. If you don't DV in 30 days they'll assume it's valid. If you do, they'll send you something that they consider validation and then sue. Once the suit is filed, the SOL stops. You can be sure they'll file before the SOL expires, even if it's the last day. You have to look at your credit card agreement to see if they say it's subject to Virginia law. So get your credit card agreement and start reading.
Cap One agreements generally have what's called a Choice of Law provision. Something to the effect that says the contract is bound by the laws of the State of Virginia. The Utah address is probably a billing or dispute address. I'm not sure the exact reason, but they use VA law because either they are headquartered there, or incorporated there.
Hedwig you say they will send something that they consider validation, is it enough to sue and win or is it just enough for them file suit. Also i do not have a copy of any agreement. Will the original OC have to send a copy of the original agreement upon a request of validation?
Validation has nothing directly to do with the lawsuit by the debt owner, whoever that might or might not be. Validation is part of the FDCPA. Shouldn't worry, they'll find one for you. I take that back, that is a big worry. Essentially, no one has to do anything. The debt owner doesn't have to file a lawsuit. You don't have to respond if they do. The original creditor doesn't have to become involved at all. Anyone can also act and provide that information, sue, answer, boycott the Beijing Olympics, whatever.
Why is that a big worry If they present one then they would fall under there own sol , Capital One's credit card agreement has a clause called the Choice of Law Provision. Capital One has chosen the state of VA and Federal law to govern its agreements. Essentially, no one has to do anything. The debt owner doesn't have to file a lawsuit. You don't have to respond if they do. The original creditor doesn't have to become involved at all. Anyone can also act and provide that information, sue, answer, boycott the Beijing Olympics, whatever But arent they ultimately responsible for proving there case?
Assuming the choice of law provision is honored, there is an arcane argument that credit cards in VA don't have a 3 year sol, they have a 2 year SOL because that's the "catch-all" SOL and credit cards don't qualify for the 3 year. In any case, the 3 year ought to do the job just fine for you in court. Beware the 1099-c if you win on SOL ... and with Cap1's good documentation, that will likely be your only defense.
1099-c im googling it now but are you saying that they may file to show it as earned income and can be taxable?
Not earned income, but income. Forgiveness of debt is considered to be income to the person whose debt is forgiven. But it doesn't meet the definition of earned income.
The Debt Buyers Association vs. Snow case would be a good one to google up to get a primer on 1099-c forms and consumer debts.
considered income, so it would be up to whom to report. Thats another can worms. Because of intrest and time , but only income at the present time of relief. The IRS could not charge you until the judgement was made correct, and then at that time it would be considered income for that year.
It would be income that you would report in whatever year you receive the 1099. The creditor issues the 1099 in accordance with the IRS guidelines, and you declare it as income in the year for which the 1099 is issued.
