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 Posted: Sun Jan 21, 2007 8:38 am Subject: Can A Time-Barred Debt Be Collected |
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Here's a great article regarding SOL - and especially note Mississippi and Wisconsin law says debts are wiped clean at SOL. I'm including the link but also copying entire article below for quick reference (and in case link goes bad).
credit.about.com/od/debtcollection/a/limitperiod.htm
Duplicate content removed per forum rules-Jason
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HeretoHelp
Joined: 21 Jan 2007
Posts: 106
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| Posted: Sun Jan 21, 2007 8:52 am Subject: |
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Thanks Here to help!
A lot of people here have questions about what exactly the SOL is. This will be a huge help.
I know I learned some things I didn't know from reading that.
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"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
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finsfan13
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| Posted: Sun Jan 21, 2007 5:31 pm Subject: |
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 Statute of Limitations is a weird convulted thing with credit. There are at least two different ones I know of.
1. Credit reporting agency 7 years 180 days from date of first deliquency.(Note it was 7 years,recently changed).
Please note this does not apply to public records.
2. Actual legal sol is determined by venue. Most of the time it is where you are residing.It is also defined by type of credit(open,installment,revolving,unsecured,secured,& written). You would go by state laws on this.
3. Finally the absolute worst.Judicial sol in reference to judgements.They are usually long and almost always can be renewed.This is one case where collector can become orginal creditor by purchasing and notifying court of assignment.
Once judgement is in hand,they do not need to notify you of any actons they take and they can seize large amounts of your cash and extra property to satisfy said judgement. This is why I always tell anyone defend yourself against any legal preceeding.
Ok, last catagory
We will label this one GOVERNMENT!!!
Note the all caps with good reason.
This type of debt can last a long time and could even lead to criminal charges if they think you are not willing to work at satisfying.(IRS,Court fines,&CHILD SUPPORT!!!)
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cajunbulldog
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| Posted: Sun Jan 21, 2007 5:34 pm Subject: |
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They can if it is desired to have them off the credit report. Other than that, creditors just sell them to third party collection agencies for .22 on the dollar for them to rake in and live off of. There's a parasite for everything.
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Once you start down the dark path, forever will it dominate your destiny.
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JediMistressAri
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| Posted: Sun Jan 21, 2007 5:37 pm Subject: |
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Thanks Here to Help! And Welcome to the Forums  I actually had a CA tell me, while whispering this, to write a letter to her company and tell them to ceae and desist from trying to collect this debt, and contact, and they did. That was after years of selling and reselling the account. She said she wasn't suppossed to tell me that, but this debt was like 13 years old!!..KAren
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Bossy4455
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