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Questions on Arkansas statute of limitation

Date: Thu, 09/01/2005 - 20:35
Submitted by on Thu, 09/01/2005 - 20:35
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Hello everyone, with all the discussions about SOL I was hoping someone can help me understand my state's SOL further.

A quick search on the web shows the following about Arkansas's SOL :

Oral agreements : 3 years
Written contracts : 5 years
Promissory notes : 6 years
Open accounts : 3 years

Does credit card accounts fall under open accounts? If so, does that mean, once my deliquent credit card accounts goes over 3 years the credit bureaus are legally suppose to remove them from my credit file?

I bought a credit report 2 days ago and found out that I have a total of 4 credit accounts that has a charged off comment and subsequently they were sold to collection agencies.

I am pretty sure all my accounts were at least 4-5 years deliquent but in my credit reports(from 3 bureau), the collection agencies were able to "renew" the dates to as far as Aug 2005. I am lost.

Anyways, to sum everything up, is there something that I could do about my credit scores? Thanks for reading.


Lee


Hi Lee,

The State of Limitation in the state of Arkansas for credit card debt is 5 years. The date of last activity in your account will begin the SOL in your state.

Once the debt passes the SOL period, the debt collectors cannot take any legal action against you. Though you are required to pay the debt to improve your credit report from the negative marking, but you cannot be forced to pay the said debt after the expiry of the SOL period.


Submitted by ben on Fri, 09/02/2005 - 12:12

ben

( Posts: 2034 | Credits: )


Hi Lee,

Welcome to the forums. Your credit report is already having the charged off status which is a negative remark and will stay in your report for 7 years. Though your report is already tarnished, but you can improved it a little bit by paying off the charged off debt and changing the status to 'Paid charged off'

Since, you said that the collectors have tried to renew the dates of your accounts, please ask them to validate the debt by providing you the following information:


  • The details of the account.

  • All the calculation should be shown of the amount that is owed.

  • Any copies of the papers to be furnished that shows the payment agreement.

  • Provide a verification or copy of any judgment if applicable

  • The original creditor needs to be identified.

  • The Statute of Limitation needs to be proven for the collection of the debt.

  • The license of the collection agency applicable in the state is to be furnished along with the license numbers and Registered Agent

  • Proof of the agreement that the debt collector has purchased the debt or has been hired by the creditor to collect the debt from the debtor as this is the basic contract law.

  • Complete payment history showing the details of the creditors, payment history, amount of the debt, break up of fees/interest should be provided in paper.

  • A copy of the original signed loan agreement between the debtor and the original creditor establishing the debt between both the parties also has to be produced.

Regards
Roxette


Submitted by roxette on Fri, 09/02/2005 - 12:33

roxette

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Hi,
I just received a bill from Midland Credit.
This is not a credit card debt. They say its for a phone bill.
They say I owe 240.00 to a Excel Local and Long distance service. The bill date if from July of 2003.
I have never had a phone and they were really rude to me when I called. I asked about the phone service and where it was and they told me over the phone that they don't have that information..That I owe the money and that's it.
What should I do.. I'm Pregnant and can't really afford it..
I always do MY very best to pay bills. And this one is very old.
Thankyou
Stephanie


Submitted by on Wed, 04/16/2008 - 12:21

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