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 Posted: Tue Jun 10, 2008 8:26 pm Subject: SOL and "Open Account" and lvnv |
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In my credit report, I see
Account Name: lvnv funding llc
Account Owner: Individual Account
Type of Account : Open
From SOL of Georgia, I see
Written contract: 6 years from from the date of last payment. (OCGA 9-3-24)
Open account; implied promise or undertaking: 4 years
Lawyers here insist it is an written contract so SOL is 6 years, because it is originally from a credit card bought by LVNV.
Shall it be 4 years instead?
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Phrank
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| Posted: Wed Jun 11, 2008 2:18 am Subject: |
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I'm supposing that its a credit card account that you're talking account. If so then by the latest amendment in the laws the SoL on a credit card account has been extended to six years.
According to the amendment, the statue of limitation on a credit card account in Georgia is six years and the SoL starts just after the amount becomes due and payable.
Hope the input helps. Do correct me if I've got you wrong.
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tweetyturner
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| Posted: Wed Jun 11, 2008 2:47 am Subject: |
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As per I know, Credit cards and line of credit are Open End Credit Accounts. I have checked the state wise chart of SOL and a couple of other sites and found out that Open end accounts in Georgia have a Sol period of 4 years.
Other members may help us to solve the problem.
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phoenix
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| Posted: Wed Jun 11, 2008 4:55 am Subject: |
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Probably six years, per Hill v. American Express.
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Morningstar
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| Posted: Thu Jun 12, 2008 12:36 pm Subject: Fed law over rules GA law |
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When it comes to protection of the consumer Fed law always trumps state law where less protection under the is provided. US Supreme Court Clause 1968
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marciesalmon
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| Posted: Thu Jun 12, 2008 4:06 pm Subject: |
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| Quote: | | When it comes to protection of the consumer Fed law always trumps state law where less protection under the is provided. US Supreme Court Clause 1968 |
In that case, please reference the federal SOL for consumer debts.
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Morningstar
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| Posted: Thu Jun 12, 2008 10:33 pm Subject: |
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Hi,
I have gone through various websites namely, bankrate.com/brm/news/cc/20040116b2.asp?caret=8 and fair-debt-collection.com/SOL-by-State.html#11, including http://www.debtconsolidationcare.com/statute-of-limitation.html where it is mentioned that the Statute of Limitation for Open-accounts is 4 years.
Please correct me if I am wrong (it will be helpful if someone gives back-up reference to his/her answer).
Thnx,
Novice
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novice
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| Posted: Fri Jun 13, 2008 3:45 am Subject: |
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Phrank, you are ignoring the fact that the account is inaccurately reported to start with. LVNV is a collection agency / junk debt buyer. They do not extend credit to anyone, they collect on old [often worthless] debts originally belonging to others.
| Phrank wrote: | In my credit report, I see
Account Name: lvnv funding llc
Account Owner: Individual Account
Type of Account : Open |
Reporting a collection account as an open account is one of their nasty little tricks to make it damage your credit worse. It's also a violation of federal law [FCRA], you could sue them for it.
You need to send LVNV a DV letter, CM/RRR. Wait until you get the green card back, then dispute with the CRAs.
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unclewulf
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| Posted: Fri Jun 13, 2008 8:14 am Subject: |
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A written contract would have a fixed payment schedule, ie pay 100 per month for 6 months.
An open account is where you may have a written contract, but the amount due changes over time based on debits and credits tracked by the creditor.
A credit card is an open account.
Therefore, the sol would be 4 years from the date of the last payment (or promise to pay).
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