I've been receiving calls from Sears about an old account. My CR shows the last payment was made 4/99 and the account was charged off 7-2000 to 11-2000 (?). It was finally written off 11-2000. The SOL here in TX is 4 years. I understood that the OC is allowed to try to collect up to 4 years from the date of the last payment. Did I misunderstand? Caller id lets me ignore their 9 or 10x daily calls, but if they're violating the law I want to pick up the phone and record it. Can I get a little advice on this one? And just so you trolls don't waste your time- don't bother suggesting any kind of payment. I opened this account during my first marriage when I had a good income . Kidney failure, a divorce, transplant, and finally total disability due to blindness means there is no extra money . I'm not all that concerned about cleaning up my credit. I don't plan on needing any more credit than I've managed to retain - I just want to be able to get some peace from the ringing phone.
It was charged/written off 7-2000. As far as the SOL for them suing you is concerned, that began the day the account was considered in default, ie when they gained the right to bring action against you (sue), which is usually the charge off date (7/2000). That date plus 4 years=SOL expires in 7/2004. If you just want the phone to stop ringing, inform them in writing that you do not want to be contacted by phone, only in writing.
Are you sure Queen? I thought the SOL started from the DOLA (4/99)? BTW to the Original Poster - you must be from the MSN Money Boards. We aren't judgmental here.
The chargeoff date is immaterial for SOL purposes. The SOL begans when you went began a continious default. If the last payment was 4/99, the SOL runs outat the end of this month.
Re: Re: Clarification on SOL issue, please Not 100%. I would think that the right to sue (in the eyes of the court system) would arise when the creditor thinks that they cannot get paid any other way. That would mean that the creditor gains the right to sue once you are only one paymet behind, which surely no judge would file in their favor over one missed payment. That's why I think that the debt has to be defaulted on first, and the default date be used in SOL determination.
Re: Re: Re: Clarification on SOL issue, please The default date is the last date you made a payment and never brought it current again. Otherwise, a company could conceivably hold it on their books for any length of time, then write it off and sue when they so chose.
Re: Re: Re: Re: Clarification on SOL issue, please No, they could not hold on to it indefinitely. I read somewhere on CN that banking laws say they have to write it off no later than 90-180 days after last payment.
Re: Re: Re: Re: Clarification on SOL issue, please Ok, I am probably wrong according to this post: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=42719 This thread may be helpful as well: http://consumers.creditnet.com/stra...adid=40102&highlight=charge+off+days+must+180
No, jlynn, I don't think I've ever even visited the MSN boards. I've been pretty much lurking (I hate that term when it applies to me!) here since October and I've read quite a bit of rude replies here. I haven't been checking in as often lately, though. Perhaps the situation(s) that made a few long time posters leave shortly after I first started reading has resolved itself. Thanks for all the replies, everyone. It's still clear as mud to me. I guess I can live with the ringing phone. I don't especially want to send a C&D to them. The amount is large enough that they might consider a suit. As it is, they haven't actually spoken or sent anything to me in almost 4 years. My answering machine has the generic message on it and they don't leave a message. I'm assuming they aren't sure if I even live here anymore and are playing it safe.
You don't have to send a C&D, just ask that they do not disturb you by phone, but you do not mind mail. I would not consider that C&D.
Re: Re: Clarification on SOL issue, please Well, we all have our moments, but no one usually judges here whether you pay a bill or not. Unlike the other board, thats why I asked Are you pretty confident that 4/99 date is correct? If so, that puts it past SOL in TX, and you wouldn't have to worry. I haven't had the pleasure of dealing with Sears, but I here they are notorious for reaging debts, along with their sidekicks RMA. Hang on to all those credit reports, as well as any documentation you have.
Re: Re: Clarification on SOL issue, please Jlynn is right....sol starts form date of last payment to them (sol for lawsuits) reporting sol is from date first payment was missed. Good job clarifying SOL, jlynn!
