Credit repair

What do they mean by after the day the cause of action accru

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

jane
Guest

Subject: What do they mean by after the day the cause of action accru

Thu Sep 13, 2007 4:31 am

Texas
Sol reads like this:
The Texas Civil Practice & Remedies Code provides a 4-year limitations period for types of debt
The SoL begins after the day the cause of action accrues. What do they mean by after the day the cause of action accrues?
i plan on paying my debt but not if it was bought unfairly.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 534

13649 Magic Points

Thu Sep 13, 2007 5:02 am

It seems your debt is out of SOL.

Polly

Joined: 06 Jul 2006
Polly's page
Posts: 63

3035 Magic Points

Thu Sep 13, 2007 5:07 am

You said its 7 years now. In that case your debt is out of SOL and a payment would restart the SOL.

I think on the date of first default begins the SOL

CreditGrantor

Joined: 01 Sep 2007
CreditGrantor's page
Posts: 33

2570 Magic Points

Thu Sep 13, 2007 12:31 pm

"the day the cause of action accrues" is another way of saying "the day they have a reason to sue you" -- or the day that you renegged on your promise. If you promised to pay them monthly by the 25th, on the 26th if they don't have a payment, then there is a cause of action because your broke your end of the agreement.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1127

1045 Magic Points

Subject: credit report

Thu Sep 13, 2007 5:24 pm

CreditGrantor..can you tell me what you do, for a living? I've read a few posts, from you, and I'm just a bit confused. Do you know laws in ALL states, or do you just deal with the laws, in the state you live in??

cajunbulldog

Joined: 30 Aug 2007
cajunbulldog's page
Posts: 37
Location: Louisiana

0 Magic Points

Fri Sep 14, 2007 12:13 am

Basic contract law usually transfers from state to state. Creditgrantor is simply describing a breach of contract.
_________________
Cajunbulldog
Keeping an eye out for consumers.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1127

1045 Magic Points

Subject: debt

Fri Sep 14, 2007 1:15 am

Oh..I understand. Was a bit confusing to me. Thanks for clarifying.

CreditGrantor

Joined: 01 Sep 2007
CreditGrantor's page
Posts: 33

2570 Magic Points

Fri Sep 14, 2007 3:53 am

Sorry if I was confusing, just trying to give some examples. Cajun said what I didn't -- breach of contract is a better term.

To answer your other question, I run an auto-finance company. I receive credit apps from car dealers, I evaluate the apps and underwrite the loan approvals, and if approved we fund the car purchase. I also have to service our accounts and I manage our collections as well.

To the extent that Federal laws govern all loan transactions (ie reg B, reg Z), I am familiar with those as they apply to every state. But lending/contract laws and collection laws vary from state to state, so as far as those are concerned I am only familiar with IL and WI.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1127

1045 Magic Points

Subject: credit

Fri Sep 14, 2007 7:40 pm

Oh..ok!! Thanks for the reply. You " finance autos"..cool?? What about people who have bad credit.....is it a higher % rate? Or..DO you finance those with bad credit? Sounds like your job keeps you busy. Thanks for the info back.

CreditGrantor

Joined: 01 Sep 2007
CreditGrantor's page
Posts: 33

2570 Magic Points

Sat Sep 15, 2007 6:47 am

My company tends to deal in the "secondary market" -- meaning my customers have blemishes on their credit report that would otherwise prevent them from obtaining traditional financing through a bank.

It is true that "the higher the risk, the higher the rate" -- our rates would be anywhere between 12% upwards of 29%. The reason for this is simply because customers in this category do not perform as well, and there is a higher rate of default among the class as a whole. Increased losses and collection expenses create a large overhead, and so we must charge more interest in order to realize a profit on our returns.

BUT the rate is also in comparison to the amount being financed. We are mostly doing used autos in the $5-10K range. Take 18% on a $8K balance over 36 mos = avg $67/mo interest. Or look at 29% on a $5000 car over 24 mos = avg $68/mo interest. ... Where even 5% (bank rate) on a new car purchase $25K X 60 mos = avg $55/mo interest. So you see, the difference is not all that big.

Stan
Guest

Subject: A Bill Collector contacts me after 10 years

Sat Oct 13, 2007 5:04 pm

In May 1997, I had an issue of overbilling with the telephone company in TEXAS, of about $400. It was a case where they had charged the wrong rate for overseas calls. Over a period of 3-4 months, they finally agreed over the phone that the charge was incorrect and the matter was dropped. No collection agencies, no nasty letters. no credit reporting...my credit score is 795.

last week, I received a letter from a collection agency stating that I owe over $4000 towards the phone company.

I think this is a bogus charge, I dont owe any money in the first place. Furthermore, wouldn't the SOL have expired as well (4 yrs in texas)??? Does this agency have any legal right in trying to harass me? Do I have to send them a letter quoting the law??
Any advice is appreciated.
Thanks

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 609

40 Magic Points

Mon Oct 15, 2007 1:33 pm

A cease and desist letter should suffice; dispute the debt, tell them SOL has ran, and demand that they discontinue any efforts to contact you.

It is perfectly legal for them to try to collect on a debt they believe to be legitimate (you cannot blame the CA for purchasing a debt that the phone company should have deleted). However, they must be in compliance with FDCPA, as well as any state laws regarding debt collection (such as licensing requirements).
_________________
I don't dream since I quit sleeping

Melanie
Guest

Subject: Cause of action accrues date?

Wed Jul 09, 2008 1:22 pm

I have a bunch of old debt from 2000, the credit cards have been turned over to collections (this is about the 3rd time being purchased to other credit card companies), I have started paying on a couple of them about a year ago, the bills are getting out of hand, was thinking about filing bankrupty, husband doesn't want me to, he found info about the SOL, I'm wondering when did the 4 years start?, did I mess up by paying on a couple of them. Please help. I'd love to get my credit score back up to where it was (gold).

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 3235

2257 Magic Points

Thu Jul 10, 2008 3:06 am

SOL begins after the last payment made, no matter how much the payment, even if it is a dime, it starts the SOL all over again.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

erb1953

Joined: 31 Dec 2007
erb1953's page
Posts: 627

-15 Magic Points

Sat Jul 12, 2008 3:01 am

Statute of limitations are different from each state, you will need to see what your state law is.

1 2 Next
Page 1 of 2

*Email:
*Password:
*Display Name:

	* denotes required field

*Email:
*Password:

	Forgot password?

*E-mail: