A few questions about CA's to clear the muddy water
Date: Fri, 04/24/2009 - 09:34
The Date of First Default (DOFD) is the date that starts the 7 y
The Date of First Default (DOFD) is the date that starts the 7 year + 180day reporting time limit for a derogatory. That is the date you missed your first payment and never again brought the account current. Once that date is established, the only thing that can change it is to bring the account back to a current status with the OC and then default again. Once the account has reached 180 days past due and is charged off, nothing can change that date. Ever. That is the only date that can be reported by the OC, CA or subsequent JDB.
(One of the BK's, can't remember if it's Chapter 7 or 13, can remain on your reports for 10 years)
As for a CA adding fees to the amount. If the original cardholder agreement outlined the fees and interest, then those can continue to accrue. If the original agreeement did not have those stipulations, then no, you are not liable for them.
Thank you Devil for your reply, my ex has a credit card that she
Thank you Devil for your reply, my ex has a credit card that she defaulted on a few years back not quite sure when but the CA's keep selling it and the amount owed keeps going up. I'll tell her to look at the contract for it if she has it ( I doubt it) but at least she can start with a DV letter.
SOL is 4 years from date of last payment. Collection agencies i
SOL is 4 years from date of last payment. Collection agencies in TX must be bonded as well.
So if it is past the SOL, which I think it is, she cannot be leg
So if it is past the SOL, which I think it is, she cannot be legally sued for it but she still has to wait out the 7 years + 180 days for it to be removed from her credit report, correct?
Correct. If SOL has expired then the debt is time-barred. It d
Correct. If SOL has expired then the debt is time-barred. It doesn't mean that they still won't sue. There are plenty of scummy bottom feeders that will sue in hopes they can get a default judgement. If she is sued, then she will have to raise the affirmative defense of SOL in her response to the complaint. Here are a couple links that she should bookmark:
All CA's must post a $10k surety bond with the TX SOS:
http://direct.sos.state.tx.us/debtcollectors/DCSearch.asp
Texas is also very debtor friendly and you can DV at anytime. They have 30 days to respond. Have her read Chapter 392 of the Texas Finance Code:
http://tlo2.tlc.state.tx.us/statutes/docs/FI/content/htm/fi.005.00.000392.00.htm
Thank you very much Devil your info is very much appreciated
Thank you very much Devil your info is very much appreciated