Please explain if you can

It sounds like it. What company are you dealing with, I can think of one that is good for this tactic, it is called "reaging" it is illegal. They do it to make it look like you made a payment when you didn't so that they can restart the SOL clock and come after you to pay for it.

that credit most likely is when the original creditor finally charged off the account and sold it as part of a portfolio to a junk debt buyer. It could be an attempt on their part to re- ages the account, however the SOL is determined by the date of the last payment you made. You may want to advise the CA that you believe the information they provided is in accurate and thus not proper validation.

So, when the credit card company sells the debt, or passes the debt to a collector, and it is charged, off, does the new collector give a dollar amount credit to the debtor?

I am confused. I know i did not make any payments (or send any mechandise back for credit) after july or August 2003.

"however the SOL is determined by the date of the last payment you made"

No, SOL is determined by the date of first delinquency

No, SOL is determined by the date of first delinquency


THIS SOL STATEMENT IS NOT CORRECT!

Try googling whychat and reading his site. He has very good (and ACCURATE) information regarding SOL

To quote

"Neither SOL time period can be changed by making a payment to ANYONE after the account has been charged off by the original creditor"

SO, making a payment to a CA would NOT reset either SOL. SOL for reporting is different than the SOL for collecting. SOL for collecting on an account differs by state.

http://whychat.5u.com/images/sol dot GIF

the sol thing can be very confusing to anybody..i was always under teh assumption it was from the date of last pmt.. now i read somewhere in another post from an attourney that is is actually fromt eh 1st time u defaulted or breach of contract was broken...and he went on to say that even if u made pmts a few times later the sol was still from original deliquency... so another thing to ? is say u went through a debt managment program for a yr or so.. is the sol from teh time u defaulted originally or teh time u defaulted on debt mangement program...just a??? to ponder over

It's here

http://www.debtconsolidationcare.com/pub/about15637-4.html

What I understand is that legal actions cannot happen after the SOL of an individual state expires. The date when the payment was missed and the contract broke is important for confirming the statutes active or expired.

If the statutes have expired, no legal actions will fall on people. It doesn't mean that a case cannot be filed in the court. It can be done but it wouldn't order any actions against the person.

Any payment done is not going to affect the SOL even after the breach of contract and also after the expiry of SOL. Basically, the SOL implements any legal actions to be taken or not as per the status of the agreement signed with the company. (ohh.. I had to reword it again and again to get the meaning in words. Don't know if it is understandable)

The SoL does not resolve you of responsibility to pay back your debts. It just prevents you from being sued.

Fyi I'm not looking for a way to ditch my responsibility for paying back a debt I am just curious about the SOL issue and how it effects my credit report. You seem very smart when it comes to debt questions, etc. And you do give helpful info. But why must you always assume one is trying to get out of paying a debt. That is not the case for me and I would think for many others here as well. Makes you appear uppity.

I'm sorry you dislike my answers on the SoL but it's not going to change. The answer isn't only for the person posting the question but also people who might also be reading or would read it in the futute.