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Collection Agency SOL in KY moved from TX

Date: Tue, 11/20/2012 - 13:22

Submitted by nettlenoj
on Tue, 11/20/2012 - 13:22

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Total Replies: 2


I just recently moved from TX to KY, and just purchased a new house. I mention this because less than 2 weeks of the new home purchase my credit report must have been updated. Both my wife and I received phone calls from the CA today. They said that KY's SOL is 15 years, and I need to settle the payment with them. The debt was originally from Discover card and is not on my credit report because it is back from 2001. I am not sure if I need to be concerned here or not. From what I can find on the internet, the SOL on credit cards runs 5 years or 15 years depending on the courts; I suppose. The originating credit card company sold this off years ago to Stoneleigh Recovery. Can they do anything still? or are they just trying to scare us into paying them?

I did talk to them for a while on the phone and they said they would be willing to accept much less than the original amount. Please pass along some suggestions. Thanks


Ky SOL for a credit card is 15 years if they can produce a signed contract. The SOL is 5 years if they can't produce a written contract. If they have a copy of the contract then it is enforceable, but if they don't, they are time barred.
You should DV the company and ask for a copy of the signed contract and the last statement that shows a final balance. You ask for the final balance in case they can produce the contract, then they need to prove the balance they are asking for.

What you do next would depend on what they can produce.


lrhall41

Submitted by goldenbast on Tue, 11/20/2012 - 13:58

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