statute of limitations

I forgot to tell you that I have had a credit report completed in the past 6 months, to obtain a home loan. Reports from all three agency's did not list anything from assest acceptance. Do I need to worry?

Need assistance with the above entries...still waiting...

I am the cc posted above, not a guest have joined the membership enrollment!!!!

Hi Cindy,

Sorry to keep you waiting for some time.

As I have replied all these queries in other thread also where you have posted earlier, you don't need to worry at all as long as Asset Acceptance cannot prove the said debt legally. If they are holding the debt genuinely, they will need to provide the necessary information first hand. Also, I have posted the physical address of them so that your certified mail is acknowledged.

In Illinois, the Statute of Limitation is 5 years on open contracts and 10 years on written contracts. So, it appears that the said debt is past the SOL period also. If situations still remain the same, you might think about hiring an attorney.

Regards
Roxette

What is the SOL for NYC? and if the debt was incurred in NYC then I moved to Florida, and there has been no activity on the account since 1994 has the SOL expired. Which would apply if no suit was filed?

Hi Jackie

Welcome to the forums.

SOL for a particular debt usually expires if there is no activity for such a long time. However, in specific terms, in which state did the account showed date of last activity? If it is New York, it is six years and if it is Florida, it is 5 years.

This account should also not appear in your credit report as it has passed the 7 years reporting period as per the FCRA laws. Check your latest credit copy and verify this account.

Regards
Roxette

I also have Asset Acceptance contacting me regarding two credit cards that defaulted from 1995. I am trying to clean up my credit report and contacted Asset Acceptance to make arrangments for a credit card they are listing on my credit report. When i contacted them they informed me they had two files, the second one being the credit card that was charged off in 1995. I made verbal arrangment to make payment on the one that they have listed on my credit report but now don't know which one is legal. So my questions is are these open contracts or written contracts? also if they have exceeded the SOL (Illinois) can i have both of them removed from my credit reports - one listed as a 1995 charge off and the one with Asset Acceptance. Both cards were defaulted in 1995.

Hi KarenMarie

Welcome to the forums.

Your debt accounts have shown the date of last activity in the year 1995. This means that they are out of the SOL period and Asset cannot force legal actions to pay it.

By this time, these accounts should not be listed in your credit report also as they have passed the 7 years reporting time as per the FCRA laws.

Check your latest credit report and see if the collection agency has hit your file and put any negative information on it.

Some companies try to re-age the debt accounts by changing the date of last activity so that the negative information can be kept in your file for longer period. This is violation of Consumer protection afforded by the FCRA Section 605 and you can file charges on the company if it is done.

Send a letter to Asset Acceptance explaining the status of the accounts and therefore stop all collection activities. Also, if they have reported anything on your credit file, it needs to be removed urgently.

Regards
Roxette

I have copies of two of my credit reports just pulled within the last two months. Asset has one of the cards listed on both reports - one report has n/a on the Date Opened the other report has 6/2002 as the date placed for collections and the lists 8/2005 as the updated date. The calls from Asset are coming two times a day now - I have sent a letter of validation that you have in your Sample letters but i don't know what to do now... Thanks for help....

Hi KarenMarie

Please send a letter to the credit bureau that is reporting this account. Highlight the entry and request for a thorough investigation.

Upon verification, if your dispute is found valid, the incorrect information will be removed from your file and you will be sent a free copy of it. You can also send a copy of it to the collection agency and urge to update your accounts by giving a trail of the fdcpa law. Please do mention in your letter about the SOL expiry.

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Thank you so much for your assistance - I have made an appointment to speak with someone this evening -

One more question.... I'm being told that the SOL is reactivated each time my account is sold to another collection agency??? Is this correct??? That means a collection agency can hold on to my account for a few years and then sale it and the SOL dates is changed again?

No, this is not correct. SOL is renewed only when you make payment to the delinquent account. The statute of limitation is calculated from the date of last activity in your account and if you make payment again, the timeframe starts from the beginning.

What is the SOL on a medical bill. I just received a letter from a collection agency for date of service 4/21/98. I received a phone call from this agency on 11/17/05. They wanted to settle with a payment of $806.49. I did not know what these charges were for so I ask for a itemized bill. All they sent me was a bill from the agency. I called the hospital to get an itemized bill, they told me the last bill they sent me was in 7/1999, this originally was a workmans comp claim but w/c denied. I since have changed employers, I am unsure who I had for medical insurance at that time. It has been 7 years and 7 months. Thanks for the help!

I forgot to mention this has taken place in Florida, which I still remain.
Thanks

Hi Lisa,

The statute of limitation in Florida is for 5 years. You have not mentioned the date of last activity in the said accounts. Depending upon the date on which the account last turned delinquent, the account will go out of the legal collection period after 5 years.

Regards
Roxette

I would say the last activity on this account would have been the date of service (4/21/89) because I haven't made a payment on this because I didn't know it exisited until 11/17/05. Thanks you so much for your help.

What is the SOL for legal action in SC for a bounced check to payday lender and for delinquent credit card payments? Are the start dates the day it bounced for the check and the last payment date for the CC?

Hi Pearl

Welcome to the forums.

In South Carolina, the debt goes out of the SOL period after 3 years. This is calculated from the date of last activity in your debt account. In other words, The SOL starts ticking from the date when an account last became delinquent.

Thanks, Roxette. Don't want to belabor the point, but want to be sure this means that if I have not made any payments on either debt (check or cc) in 3 years, then they cannot file a civil suit or file a lien on my car to recover any portion owed? I did not realize the SOL in SC was so short and last year had a judgement issued for a cc debt that I now believe was past SOL. I did not contest it because I knew I owed the money, but just could not make payments at the time. Am I just out of luck to try to contest it now? And if so, is there a SOL in SC on collection of the judgement? Was it legal for them to file the suit when they had to know it was past the SOL?

Hi Pearl

Welcome back.

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Got a letter out of the blue by some collection attorney "representing" Ford. I had a car repoed over 10 years ago. The line item has since come off my credit report.

The attorney wants to take a deposition from me in a month - he is also requesting, banks statements, tax returns, pay stubs, and any deeds that I might have.

What should I do? Thanks - Curt

Curt, in MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it.Its NOT something you want to forget about. Lenders do get judgments for the balance and do collect them. Good Luck

Review the papers properly from the attorney that proves that they are legitimately collecting the amount from you. They are the ones legally collecting it from you.

i owe montgomery ward about 4,000 in credit card debit and i wanted to make a payment arrangement with them and they told me that nothing has been paid on this account account for twenty years. they wanted 450.00 before they would consider a payment arrangement. what can i do about this situation.

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Does anyone know the sol for ohio and new jersey, my fiance is trying to find out if an account with assest acceptance it ove the sol for these two states. He lived in new jersey whne he opened a bally's account that he had to close due to medical reasons. He now lives in ohio and any info would be helpful since we are trying to get his credit cleared up.

Cat

The SOL of NJ will be considered for calculating the SOL period because the account was opened in that state. It is active for six years from the date of last payment done towards the account. Did Asset Acceptance explain this debt to you in writing? By federal laws, they must give you the necessary information about the account and prove SOL before attempting collections. Perhaps, you need to send a debt validation letter if you don????????t get anything in writing from them.

I made a SBA loan thru a bank in GA. for $20,000, 2 year note. I repaid $10,000, gave the bank permissions to sell the equipment ($35,000 - new - 1 year old). Never heard from them again. Last payment, 3/2001. A debt collector contacted me stating this to be a 20 year maturity note until 2017. Is this true and although I never heard from the bank, I did not get to keep the equipment( Health club). Can they still take me to court? My Sol in Michigan is 6 years. Also, this debt collector is not licensed to collect debt in Michigan

No one can sue after the sol expired. You get the legal protection from that day when the debt went out of the SOL. But the debt is still valid and an unpaid balance will hurt your credit ratings.

does any1 know for sure when teh sol starts.. is it when you made your last payment or when you first defaulted?? by 1st defaulted i mean missed a few payments and then strted paying again then stopped without ever getting your account current.. ex: missed payments in 2000-2001 then it was reported on your cr..then paid for awhilein later 2001-early 2003?

I'm confused, I have been told that the sol on credit card debt (open account) is 4 years in florida not 5

They will sell your debt to a joe blow, say jhon receivables llc and they will try to get you to make a payment. Thats what they tried with me. It did not work...

My question pertains to SOL in NJ, does anyone know how long it is when concerning old debts....

New Jersey Statutes of Limitation

Conversion of an instrument for money: 3 years, (N.J.S.A.12A: 3-118(g)).

Sale of goods under the UCC: 4-years, (N.J.S.A. 12A; 2-725).

Real or personal property damage, recovery and contracts not under seal: 6 years (N.J.S.A. 2A: 14-1).

Demand Notes when no demand is made: 10 years. If demand made: 6 years from date of demand, (12A: 3-118(b)).

Obligations under seal for the payment of money only, except bank, merchant, finance company or other financial institution: 16 years, (N.J.S.A. 2A: 14-4) actions for unpaid rent if lease agreement is under seal, (N.J.S.A. 2A: 14-4).

Real estate: 20 years, (N.J.S.A. 2A: 14-7); Judgments: 20 years, renewable, (2A: 14-5); Foreign judgments: 20 years (unless period in originating jurisdiction is less), (2A: 14- 5).

Unaccepted drafts: 3 years from date of dishonor or 10 years from date of draft, whichever expires first, (12A: 3- 118(c)).

My boyfriend is being told that his wages will be garnished due to and old debt thet I feel has been too old to collect on due to the SOL. He has received several letters from a law firm threatening to garnish his wages... He has tried several times to make some type of payment plan with them when the debt was at a lower sum but all they wanted was a large lump sum...a debt that started out to be $2000.00 is now $20,000.00 due to intrest..I think that's crazy...Can they do this?

I have a question, pertaining to SOL. I live in PA, however..some of my old (outstanding) debts are frm other states. Do I go by PA state, or, by the state that the debt was occured in?

Lillady,

$2,000 to $20,000? How long has this debt been accruing interest? 100 years?

Seriuosly, though, how old is this debt? What type of debt is it? What is the date of last activity, or when did your BF last make a payment on it? Did your BF send out a debt validation letter?

And no, they cannot garnish his wages with the wave of their attorney collector magic wand. They would first have to sue your BF. And, more importantly win. Then they would have to obtain a court order to garnish his wages. So it's not likely to happen tomorrow.

My first thought is, this debt is way outside the SOL which is why the CA is already throwing out the "garnish your wages" routine. They're trying to scare him into paying. So if you can find out the answers to my questions and let us know, it would be a big help.

My BF received a certified letter stating that an application is being made by the plaintiff to the court for an order directing wage execution to his former employer(he just changed jobs). And that he needs to notify the clerk of the court and the plaintiff...So I guess they are going through with wage garnishment ...If I'm correct it looks as though this credit card debt is said to be from nov 2001...what now...any help is appreciated

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Try $38,000 balance owed on a $13,000 consol.loan in just 2 years!! Same bank!!

I started getting calls every single day about a 11 year old credit card debt with a bank that was class action sued for its illegal practices- Providian National Bank. In 2yrs they charged me $25,000 in fees on a 13,000 consolidation loan. I refused to pay a single payment unless they gave the 5.1% rate I was guaranteed.not 21%. the missed $250 payment was added as a purchase. I now owed 13,250. did that every month. After 4 months- they jumped the payment due to 465. and added that to the balance every month. They stopped sending me statements after 1.5 years.

After the second year I suddenly got a letter from them stating that having paid off my loan in full- I was now qualified for a pre approved 100k Platinum card!.

I think the debt was paid off by the banks insurance. I did order the emergency insurance with the payments added to my account. After 6 years the debt vanished from my credit report.

Suddenly now, 11 years later, this other agency- with no legal right to collect- is harassing me.I explained things but wont listen, I asked them not to call. They call every day anyway- ignoring the 10 day rule of no calls upon verbal request. They said the only way they'll stop calling is if I contest it.contest what? there is nothing to contest right? Now they started calling my brother- who recently lost his 4 yr old daughter and can't be dealing with this bull right now.

today I asked for their address to send the don't contact me letter. he said I have to contest it in the letter. That the debt will never go away because I owe it. Who sold them this loan? can insurance agencies sell the loans they paid off? Or did Providen both collect the insurance and sell the loan?

How do I deal with this. The insurance covered it- so why do they say I still owe it. I will NEVER pay one cent to them. Whats the email addy I can report them to?

is there anything I can say that will make them stop? A law I can throw in their face?
I live in Hawaii.

thanks!

If you tell them it is outside of the limitation period , are you not inferring by that statement that it is your debt , therby re starting the clock again ? Maybe would be better to write in the letter you have searched your records for the past x years and can find no record of payment, acknowledgement nor service towards any account of that description with the (stated period of the states SOL term) , and thus if it were to be proved by themselves that this account is indeed yours , it would consequently fall under the terms of the statute of limitations . That way you are not admitting it is yours, but by deduction from your records any such account they are describing is no longer valid.

I was wanting to know if on a SOL expired account does the last activity go by when it was last deliquent or as in my case a car that was voluntarily reposed last payment was mad in May I believe and then the car was turned over to the bank for repo. They had it until October when they sold it at actuion adn then sent me a letter saying that the $5,000 they got for the car went off the price, but then they charged me for the storage, and fixing it up some, new tail light that was fine and some other small stuff to it.

So what would be considered the last day of activity on this account the day I made the last payment or the day they put the money from auction towards the car.