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 Posted: Wed May 17, 2006 11:37 am Subject: help with sol |
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I have a question about sol bck in July of 1995 my husband did a voluntary reposession of a car he had bought from key bank they came back saying he owed more now then when he turned the car into them several years ago they listed it as a charge off on the credit reports but sold it to another company it has since been sold to several other collections companies and each one of them has added there own fees to the amount and are still trying to cllect on it does the sol start when they last activity takes place on the account or does it start over every time they rsel the account any hep would be welcome
this account was done in alaska does anyone what there sol is
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jenn3387
Joined: 17 May 2006
Posts: 7
Debtcc Points: 268
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| Posted: Wed May 17, 2006 11:44 am Subject: |
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jenn3387
SOL is only renewed when you make a payment towards a certain account. It is possible that the account can pass over to different agencies and the date of reporting gets changed. But it does not renew the SOL.
Check your credit report and know the name of the collection agency authorized to collect for the account. No collection agency should hit your file without a legitimate purpose. Get the details of the account in writing and check the permissible interests and fees in your state.
In Alaska, SOL on written contracts is valid for 3 years and oral contracts are for 4 years.
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curlycarl
Debt Samaritan
Joined: 21 Jan 2005
Posts: 630
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| Posted: Wed May 17, 2006 11:55 am Subject: |
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the last payment on ths account was made in febuary of 1995 and it was most recently put on his credit report by capital one they sent us a letter offering a special credit card adding the account onto ittis debt is listed as charged off by key bank but on there as open bad debts by 6 other companies s there anyway to get those removed since it is all the same debt and how long do things stay on your credit for
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jenn3387
Joined: 17 May 2006
Posts: 7
Debtcc Points: 268
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| Posted: Wed May 17, 2006 12:21 pm Subject: |
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it appears this account is out of SOL and also out of the 7year reporting period. Be very careful is discussing the account with anyone. You are no longer obligated under federal or state law to pay, and these collections agencies can not take any further actions to collect except to call. If you make any offer to settle or other type of payment, that WILL renew the SOL, and they have all rights and remedys again available to collect.
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Experience is something you don't get until just after you need it.
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LCW
Moderator
Joined: 05 Sep 2005
Posts: 1161
Debtcc Points: 21332
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| Posted: Wed May 17, 2006 12:34 pm Subject: re |
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is there anything I can do about the number of tmes this same bill is listed on the credit report? and if so how do I go about getting it off there
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jenn3387
Joined: 17 May 2006
Posts: 7
Debtcc Points: 268
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| Posted: Wed May 17, 2006 12:40 pm Subject: |
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I would file a dispute with the various reporting agencies. I think all three allow you to do so online (correct me if I'm wrong). The few times I've disputed something, they have corrected it or let me know what it really was I was disputed (in case it was something I actually had).
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Ehwin
Joined: 11 Apr 2006
Posts: 147
Debtcc Points: 3927
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| Posted: Wed May 17, 2006 1:19 pm Subject: |
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An account can only be listed once. If the same account is being reported multiple times, or by multiple agencies and/or the original creditor, then dispute the additional reporting as duplicate with the CRA
_________________
Experience is something you don't get until just after you need it.
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LCW
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