CR and SOL Confusion - Question
Date: Wed, 08/01/2007 - 09:36
For example - an account listed on my husband's credit report was opened in 1999, last paid on in 2003, but has been recently updated on the credit report monthly as "keyed delinquent" from July '05 to present. We had this account covered under a debt settlement program back in 2005 that we ended after the contract was not met.
When would the SOL apply to this account (we live in FL but it was opened when we lived in NJ) and when would the delinquent record come off of our credit report?
I recently received a letter on this debt and am now sending them a DV letter. We had every intention of attempting to reach a settlement with them on this to get it taken care of - although after reading posts here about Wolpoff and Abramson I am very skeptical now!
Just wanted to clear up the date issues so I can proceed with our options. Thank you
You have to consider the SOL laws of New Jersey to determine whe
You have to consider the SOL laws of New Jersey to determine whether the company can take you to the court. The date of last payment on the account will be reviewed for calculating the SOL. You don't need to be worried of the date when the CA updated your file.
I checked on the SOL in New Jersey. Its four years from the last payment date. In which month did you make the payment in 2003?
January 2003, but would listing this account with a debt settlem
January 2003, but would listing this account with a debt settlement program in 2005 have reopened the window for the SOL? The account was never settled obviously while in that program but a program letter was sent to the original account creditor in 2005. The orginal account creditor had already charged off the debt by that time but we did not have the new info for who had the account at that time. We only received info from Wolpoff and Abramson recently. Does that make any difference?
If they have a copy of your payment agreement, they might use it
If they have a copy of your payment agreement, they might use it against you saying that the SOL on the account is still active. If they haven't kept the copy, you are safe. Make sure that you ask them to validate the account and notify about the SOL status.