Statue of Limitations

help03,

If the state where the consumer lives and the state where consumer opened the account are different, then creditor decides which state law is to be applicable. Needless to say creditor will select the state that has longer SOL.

Wish to hear more from other forum members on this topic.

After the statue of limitations on a debt has reached it's time period, do the credit bureaus have to remove the negative mark on your credit report?

help,

SOL has nothing to do with credit report. SOL defines if any legal action can be taken on a particular debt or not, that's all. Credit report is maintained by FCRA. According to FCRA, negative marks stay in your credit report for 7 to 10 years and this is same for all the states.

Hence, one past SOL account can be shown in your credit report. It will automatically go off once it complete the scheduled reporting time for bad debts.

I keep seeing people talk about the SOL of accounts but can anyone tell me how to go about finding out what the SOLs are for my accounts? Is there a website or Federal/State directory somewhere?

Check out the SOL in your state and see if your debt is within the legal collection period.

The expiry of the SOL does not stop the creditor or the collection agency to collect the debt from you. You should be aware of the expiry and stop the other party from taking actions against you.

After the company insists you to pay a debt whose statutes have expired, you must dispute it in writing. This is important because if the matter reaches the court, the judge should understand that you were aware of your legal rights and didn't try to avoid the debt. However, if you fail to show your presence in the court, the judge might make a negative decision that will hurt you and you will be forced to pay the debt in legal terms(perhaps, because of negligence and not disputing at the right time).

Quick question- clicked on the link given above to find the SoL in my state (thanks for that link btw :) ), and am wondering which one applies to a charged-off credit card account?

Here are the choices for Kentucky-

Quote:

Quote:

Doesn't that only apply if a judgement has been made in court? That's not the case here. I believe it would fall under this one:

Contract not in writing: 5 years

but am uncertain.

In Kentucky, the statute of limitations for legally collecting the debt is 5 years. You have to check the date of last activity that took place on this account. Also, you will have to consider the state where this account was opened for applying the SOL.

Thanks david!

You are welcome, dlrky. Make sure that you do not sign any promissory note or pay towards the account until you have checked the SOL term. By chance, if the debt is out of the statutes and you show your consent to pay the debt, the statutes will be renewed from the beginning and the collectors will hold a case against you.

Only after reviewing the account details and knowing the SOL term, make further moves accordingly.

Ok I am sorry but now I am confused. I thought the SOL was the guideline for how long they had to collect the debt? Then I thought that no matter what "normal" bad reports stay on for 7 years and so on. Is this correct or not? What exactly is the rule also for two companies reporting the same account? I have one account being reported by the original lender - who sold the car and gave the remaining balance to someone else to collect and then I have a collection agency reporting on the balance ORIGINALLY owed b4 they sold the car. Can they both report it?

Brooklyn, I think that the collection agency listed with the balance originally owed before the car was sold needs to be disputed with the bureau. This is because the car has been sold and the balance has been transferred to some other company for collection. As a result, the collection agency does not stand here.

You must dispute with the credit bureau on this account and request them to update your file.

Some of the US States count credit cards under written agreement. Its better to check SOL for open line of credit when you talk about credit cards. Some states also set separate SOL on credit cards. Credit cards are kinda confusing. a/w its 5 yrs in KY.

You mentioned contacting an attorney, what specialty?

my lawsuit is 10 or more yrs old and now they taking me to court for 640 DOLLARS AND I LIVE IN KY

Bub,

SOL for judgment is 15 years in KY. However, you can verify it with a lawyer. If the SOL has expired, your lawyer should bring this issue during the hearing process. Probably the order will go in your favor. Your best move would be if you can consult a lawyer of your state. Keep us posted.

i thought sol was 5 yrs in ky what chance do i have without a lawyer in court ?

My husband hurt his back in 2005. We got behind on alot of our bills mainly our house payment, its been a real struggle to make ends meat and buy diapers and other things, I was wondering if you think it would be a good idea to file banckruptcy,we also have other bills that are very bad behind.

credit card debt - 1st union

judgments money owed to individual state of florida

Bub,

I would suggest you to verify the SOL with a local lawyer as well to know if there is any change or not. Taking advice from a law practitioner is always good, they can show you some other ways as well that general people cannot think out.

If you are afraid of the cost of hiring a lawyer, you can check if any volunteer service is available in your locality or not.

Down and out,

Bankruptcy should always be your last option. It hurts credit adversely. You can consolidate all your unsecured debts and pay them back with one monthly installment. IMO, you should avail the free consultation available with this site. You can fill out the online registration form available here.

a s zions,

Could you please explain your query a bit more? I'm not sure about what information you are looking for?

I had a car that was repossed over 10 years ago, I recently received a document from collection agency that there was a judgement against me. I have moved since that time and never received anything to appear in court. What is the sol on this judgement?