Statute of Limitation

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bwegne01

Joined: 02 Mar 2010
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Posts: 1

38 Magic Points

Subject: Statute of Limitation

Tue Mar 02, 2010 9:09 pm

I have two quesitons I'm hoping someone could help me with about a college credit card. I had the card years ago and this is how it appears on my credit report.

Account Status: Charge-off
Type of Loan: Credit Card
Date of Last Payment: 06/2005
Date of First Delinquency: 08/2005
Date Major Delinquency First Reported: 3/2006
Date of Last Activity: N/A
Activity Description: Closed

I am currently a resident of Missouri (5 year SOL), but I was a resident of Kansas (3 year SOL) when the account in question was opened and eventual went delinquent.

My first question is in regards to the SOL. I'm assuming the Kansas 3 year SOL applies, but the N/A status of Last Activity has me confused. What date do I use for the beginning of the SOL?

The second question, is about my next action. Assuming the SOL is expired, is there anything I can do to address this account on my credit report? I asusme contacting them will only reactivate the SOL. If I understand the SOL, there really isn't any reason to negotiate a settlement agreement with the CC company once the SOL is expired. Do I simply need to wait the remainder of the 7 years for the account to drop off the report or is there something else I can do to have this removed?

fireyone

Joined: 26 Feb 2008
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Posts: 4285

127 Magic Points

Wed Mar 03, 2010 2:23 am

bwegne01, hello and welcome. You are correct in assuming the Kansas SOL would apply here. It is always the state where you aquired the debt. As for how to get the SOL I do not see a date of last activity but I do see the date of first deliquency. I have been told it is 180 days after that date that you start counting for the SOL. What I find confusing is how the last payment was made in June but the first del. is not until august. Either way it looks past the SOL to me.

CuRoi
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Subject: Statute of Limitation

Wed Mar 03, 2010 5:15 am

Thank you for the response.

Well I am glad that the Kansas SOL is the statute that applies, but I am curious about the start date for academic reasons only. The credit report does not give an actual date of last activity. It lists the date of last activity as simply N/A. Maybe because the last activity was the closing of the account by the credit company?
The 60 day period between the last payment and the first delinquency is likely the result of gap between the final payment, the 30 days until a new bill was issued, and then the 30 days until the delinquency.

So do I simply need to wait out the 7 years or is there something I can do?

Aaron

Joined: 08 Feb 2010
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Posts: 2675

48566 Magic Points

Subject: statute of limitations

Wed Mar 03, 2010 6:26 am

Hi bwegne,

You are in assuming that the Kansas statute of limitations (SOL) applies to your debt. As you had incurred the debt in Kansas, so the SOL of that place will be considered. Fireyone, the SOL starts from the date of last activity, not only from the date of last delinquency. Going delinquent is only one of the possible activities on the account. Whatever may be the case, the SOL on the account has expired.

However, to remove the charge-off you need to pay the dues. For that, you can contact the original creditor (OC) and ask them to pull back the account from the collection agency (CA). First mention that you would like to pay the dues, and request them to remove the charge off. If they don't comply to your request, you will have to deal with the CA.

The CA won't be able to remove the charge off, as it was reported by the OC. However,if you pay, your account will be reflected as paid. With time, the negative impact of the charge off will gradually lessen.

Hope this helps.

Regards,

Aaron.
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cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Wed Mar 03, 2010 1:22 pm

Aaron, if the account is sold then it can't be "pulled back." The DOFD is 2005 so it unlikely that the OC still owns the account. This will stay on your credit report for 7 years so if you need it off, you need to dispute with CA and request a 623 investigation of inaccurate information. what bank was this. If they have records, then they may be willing to settle this account for PFD. this is why you do not want the account pulled back. the OC is unlikely to settle for less or PFD.

A paid charge off is better but only marginally so. I would just wait till it drops off if they are unwilling to PFD.

Also the thing about various states SOL, is true but that won't stop a sneaky CA from trying to file anyhow. Be prepared to raise this in court if the CA sues you in Missouri before the 5 year sol runs out.
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