Credit CArd Debt..Stautue of Limitations?

Question

Hi..I know there are SOL on credit cards--but how do I find out when my last payment was?? This does not show up on my credit report--but recently received a letter after 9 years for a debt. I had not been contacted in several years about this debt Thx

Thx All for your feedback..Echo..DOLA?? and Dv? I dont get the lingo..I have not been contactedofr years about this debt and frnakly, forgot about it.

THANKS to all of you!! You are the best for sharing your knowledge !. Seeing its been at least 2 years (maybe more) since my last letter about this debt ad its not on my credit report (i dont have any older ones)-Im thinking its past the SOL--I had made some payments on it--but that was over the SOL in my state--Im going to contact a Credit Counseling Agency to get their advice.and also dig thru some boxes to try to find records...Thanks again :)!!

I thank everyone for your feedback, but am confused by the varying info--I am meeting with a non profit credit counseling agency for some clarity-- (ifnayone has any feedback on those LMK)Thanks againl

Hello Again.. James I beg to differ--here IS a statue of limitations of credit cards as I was able to find out--I am meeting wih a creditcounselor next week to explore my options. I hanbk everyonefor their fedback..Im just getting a lot of different info

Answer 1

If you have any older credit reports handy you can look at them for the answer. Since you say they are 9 years old, they should not be reporting on any of your recent reports.

EQ/CSC generally uses the DOLA as the obsolescence date.
EX and TU show the date it is supposed to be removed - that should be your default date.

If you do not have any older credit reports, you should do two things - send the collector a debt validation request and send the original creditor a request for the date of first delinquency on the account.

Chances are that IF it has been 9 years, you are probably out of the collecting SOL since very few states collecting SOL's for credit cards are that long.


ETA
I would not recommend ever ignoring a collector. Or sending a full C&D without a legal SOL letter attached - they are known for filing suits on time barred debts, always hoping that the debtor does not know their rights and will fail to respond to the suit. Which would give them the default judgment.

It is up to the debtor to inform the collector the account is SOL and no longer collectible (basically telling them to get lost) OR to use an affirmative defense of SOL should they be sued-(and also filing a counterclaim for their violation in filing on a time barred debt) .

Since you do not know for sure where you are as far as SOL is concerned, it would be in your best interests to DV the collector and request the info from the original creditor before claiming SOL and telling them to get lost.


edit++++++
Sorry Leeleelee
DV = debt validation
DOLA = date of last activity

As for the DOLA reported by Trans Union and Experian, it could mean any activity, the charge off, updating interest on the defaulted account, etc. and not necessarily the actual obsolescence date <(month & year you first defaulted 30 days without bringing the account current leading to the charge off).

If you received that letter from them less than 30 days ago, and that is the first time "that" collector had ever called or sent anything concerning the account if you send a DV within that first 30 days, they MUST cease ALL collection attempts until they validate with you. Ceasing collection attempts until proper validation is sent includes filing suit. (if you do not remember if "they" had ever sent anything, you could include a little blurb in your DV saying it is the first time you have heard from X company concerning this alleged debt. If they violate and file suit, "they" would have to prove it was not their first attempt to collect.

You might click on my profile and click on the last link listed. It is a free site where you can find sample letter templates for DV's and SOL letters. You will also be able to learn the "correct" collecting SOL for your state.

Answer 2

Check this site for the SOL in your state:
http://www.ncfsi.com/statute_of_limitations.htm#top

Credit cards are defined as open accounts. However, debt collectors are having success in convincing judges that major credit cards are written contracts and only store credit cards are open accounts.

Even if the debt is beyond the SOL, collectors can hound you to the grave trying to collect (in most states). SOL is an affirmative defense if they sue you.

Send the collector a cease and desist letter. The collector will probably just sell off the account to another junk debt collection agency.

Answer 3

if it does not show up on your credit report then it is past the SOL. If you begin making payments then that debt shows up as debt you acknowlege as a debt and you are responsible for the payments. Just like Judge Judy says, if you made payments then you acknowlege the debt/loan and you are responsible.

Most likely the old collection agency sold it to another for pennies and any money you pay them is profit and reactiviating old debt and will hurt your credit score and you wallet. Try calling consumer credit report in your area or a neighborhood legal non-profit agency if it will make you feel better.

Answer 4

Great Scott....you are wrong! wrong! wrong!!!!

Note that I love to poke fun at uneducated and unresearched answers. I suggest you get a flak vest. Then take a look at any state statute and search for statute of limitations. It will show you in black and white that there are civil SOL's out there.

bdancer222 is right (sort of) that collection agents are fighting these cases. But only in some states where it's not clearly worded in law exactly what a credit card debt is. Many states specifically say in their statutes what it is.

And he highlights the fact that many judges actually do not know the law. Judges come up through the ranks of lawyers and carry with them their past experiences and knowledge. A criminal lawyer doesn't have a clue about civil law. This is just one example. But this is a topic I don't have time to go over...will leave it for future battles.

To answer this question....

In 2003, Congress modified and added some things to the Fair Credit Reporting Act. One of those changes specifically addressed the habit of collection agencies deliberately "reaging" or entering false delinquency dates. It also specifically worded the law to set the reporting time as beginning on the delinquency date.

Therefore, the following was added:

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

(a) Duty of furnishers of information to provide accurate information.

"Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action."

This sentence is the basis if a lot of FCRA lawsuits. Here is one that I recently helped file....the debtor had a credit report from 2004 that that showed the debt was from 1999. Last year the debt was still there, but now showed the delinquency date was 2005! I instructed the debtor to send a dispute to the credit bureau, along with a copy of that old credit report. Remember, by law they have to "investigate" this dispute, but they rarely do. All they are required to do is contact the creditor, request that they "verify" the information is correct, and send them your statement and proof.

This creditor saw the old credit report, (we assume) but send in a verification report claiming that their date was correct. This constituted "willful noncompliance" on their part. They tried to argue that it was an administrative error but finally realized that wasn't going to work, and they were now facing additional punitive damages. In our county, we have a very pro-consumer judge, and they knew it!

We filed a lawsuit, and she won $1000 out of court. Like I have constantly said, small claims suits for FCRA and FDCA cases are very easy to do, and if you have done your homework you will easily win.

So what you need to do in your case is dispute this with the credit bureau, and also send a "demand to validate" letter to the collection agency. Inform them that you dispute the delinquency date of this debt, and you want to see (be VERY SPECIFIC!!) a copy of the contract, a copy of the last bill prior th the charge off, a copy of the first demand to pay letter, and any copies of bills or receipts to prove there was a transaction at any time after the date you claim is the delinquency date.

Note that there are a few states where if you knowingly attempt to collect on a debt that you know is over the SOL, you can be liable for civil action. Toss in that fact with your letter.

Answer 5

Sorry,there is no SOL on credit cards.They may have written it off as a bad debt,but you still owe it.They probably turned it over to a collection agency,and they are probably the ones who sent you the letter.

Answer 6

these people that are calling you after 9 years are called scavenger collectors and they basically bought your debt from the original collector for pennies on the dollar. you need to not talk to them or pay them any thing because after 7 years it can no longer go on your credit.

Answer 7

They can not report you after 7 years.... but they can sue you at any time.

There are plenty of cases where debts (sometimes paid, sometimes not) come up after 20 years.... and they can still try to sue you after that much time.

Answer 8

SOL's are only in criminal cases. It does NOT apply to debt.

Answer 9

ignore