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SOL calculations

Date: Thu, 12/21/2006 - 07:06

Submitted by goudah2424
on Thu, 12/21/2006 - 07:06

Posts: 7935 Credits: [Donate]

Total Replies: 2


So back in March of 2000 I had a bank account at washington mutual. I overdrafted it and never paid it back. I never heard anything from anyone about it, but I was put on chexsystems for it. Just last night I get a letter in the mail from a collection agency about this debt. Now the statute of limitations in my state is 6 years . . . . From what I understand about credit reporting (for which they just recently put the debt on my report as March 2006, and I'm disputing that)there is a 6 month period from when your last payment is done and the 6 years start. Is that just for the credit report sol's, or is that the same for sol's on collecting? Also, since this debt is over 6 and a half years old the collection agency can't do anything about it, correct?


It depends on how the bank put it on your credit report. They more than likely put it on as a rovolving debt and if so it will go on until you pay the amount owed. Anything under $150.00 is not put on chexsystems.


lrhall41

Submitted by aaronmedres on Thu, 12/21/2006 - 08:49

( Posts: 59 | Credits: )


No, that's not how things work. I was reported to chexsystems, it is already off as they only stay on for 5 years. Debts are calculated from 6 months after your last payment. They do not last forever, even if it is a revolving account. If you stop paying then that's when the time starts. I beleive this is out of the 6 year SOL in Oregon.

The bank never reported the debt on my credit report. The collection agency that just bought it did. They are reaging the account and I'm disputing that.


lrhall41

Submitted by goudah2424 on Thu, 12/21/2006 - 10:08

( Posts: 7935 | Credits: )