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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Fri Dec 05, 2008 5:02 pm
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| Sometimes it takes up to 7.5 years for a debt to fall off. It just depends when the creditor first reported the debt as delinquent. The states with the SOL's of over seven years seems a little ridiculous to me. I believe that once it falls off your credit record then it should just be over and done with. I do not know of too many that have an SOL that high. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3927
10 Magic Points
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Sun Dec 07, 2008 6:11 am
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There are collectors that will send you bogus information or information that does not constitute actual debt validation. I have had them send me everything from a copy of a bill to a bogus affadavit, seems unreal the lengths that they will go to just to try and get you to pay a debt. So if you do request debt validation, make sure that you understand the definition of debt validation, so you don't fall for one of their tactics. They will pull anything to get a few bucks off of you and restart the statute of limitations.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Sun Dec 07, 2008 10:36 pm
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| How can you verify that these letter are actually bogus? I read some where on this forum that some of the companies that send affidavits is actuall legally allowed to do so. I guess there is a clause at the bottom of your credit card statement or maybe the paper that was signed when you signed up that will give them this type of power to collect.Wonder where Mr. Moderator is that Dlete me is allowed to triple post. Let me get off a subject for a short period and my point really do become "magical" and start disappearing. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Fri Dec 12, 2008 6:12 am
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| FIREYONE.......you said "understanding the defination of Debt Validation?" Isn't that 'self-explanatory'? To validate a debt from a OC or CA? I'm not trying to be ignorant, or anything, I just don't know what you mean by that statement. Is there something I'm 'missing' about DV letters? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Fri Dec 12, 2008 11:42 am
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| SD chargers, I do not believe anything these days is self explanitory..that why people end up at these type of forums looking for answers. You can get debt validation from either the original creditor or the debt colllector. Whoever is trying to collect a debt from you is required to provide debt validation if you ask for it. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Sun Dec 14, 2008 7:13 am
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| OH..how true!! On another post, I was reading about Validation and Verification. I just thought the two meant the same thing...in a way, anyway. It CAN get confusing. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Sun Dec 14, 2008 11:11 pm
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| Thats why it is important to get the facts straight. I am glad Doc came on here and started to post. He has reallt added some new infirmation and dtraightened up some old info. Soemtimes all of this does get pretty confusing. It takes people taking some of their time to help others out. As you could see from the post you were speaking of there is quite a difference between validation and verification. It could easily be confused by someone just tstarting to understand credit. |
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Guest
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Mon Dec 15, 2008 1:26 am
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| If you owe them less than 5k and the SOL of the state where you applied for the card/cards has been expired, it is very unlikely that they will try to sue you. Even if they do, they will fail to collect because the SOL has fallen out of scope. So checked the SOL and get the date when you first default your payments. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Mon Dec 15, 2008 3:46 am
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| Yep...........I recently saw my CR, on line. ALOT of things have 'fallen-off'. However......some things, that haven't 'fallen-off', the SOL has exoired for them. Now...here is omething else I a bit confused on. If the SOL IS up, can the OC/CA STILL sue you to get their money? OR...are you 'safe' with the SOL expiring? |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Mon Dec 15, 2008 6:00 am
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If the Statute of Limitation on an old debt has expired, the Collection agency or the original creditor cannot sue you to the court even if the they can validate the debt. However, SOL expiry does not mean that the the negative listing will go out of your credit report. If the SOL period on the debt is more than seven years, then the negative listing will go out of your report when the SOL has expired, but is the SOL is less than seven years, the negative listing will stay in your credit report for seven years.
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All the Best 
Justin |
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Doc
Joined: 02 Dec 2008
Doc's page
Posts: 184
Location: McKinney, TX
1127 Magic Points
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Mon Dec 15, 2008 12:13 pm
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Be aware... Third-party debt collectors REGULARLY sue people on out-of-statute debts... Especially if they think they'll get a default judgment... They aren't SUPPOSED TO, but they do it all the time...
One correction to Justin's post though... REGARDLESS of the SOL, the "obsolescence period", (seven years from the date of the first delinquency) DOES NOT CHANGE, and the item cannot legally stay on your report beyond that!
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Mon Dec 15, 2008 2:37 pm
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| How do they get these default judgements? Wouldn't the person go and defend theirselves knowing that they are protected by the SOL? I would like to have something cleared up a little here. Say you move to another address (as I have done) and the debt collector sends out a summons to the old address (no home on that address lot) what happens to the summons? If it wasn;t delivered then how could there be a court date set since the debtor doesn;t get the summons. I always heard they could leave one at the home as long as it was left with a relative but f there aren't any then what then. You would think they would be able to find your new address by your credit report. I guess I was wondering becasue I know mine is past SOL and I have moved so I would not want them to get a default judgement over something I did not recieve. |
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Guest
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Mon Dec 15, 2008 10:02 pm
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| fireyone has a good point. i think the default judgement cannot be established since you have gone out of the old house. They probably will have to track you down on your current address on your driver license first. I got bad credit 7 years 2 months ago and i am now clear of almost all creditors/collection, except for that stupid FNBC First Nation Beauro Collection or something like that, who seldomly calls me, i read bout them, they are idiots who call you and give you attitutes on the fone. I told them that the SOL has expired and stop calling me or i'll file a complain with the Federal Trade Commission. Since then they leave me alone . Anyhows, if your SOL has expired then you got nothing to worry about being sue. As for the CR, it will continue to be on cr for the 7 years period. If you want to rebuild your credit, start apply for credit cards during the last year of your 7-years bad credit term. they will give u very little credit lines and charge fees here and there, just pay on time and after the last year, your credit will be good solid again. Hope this helps. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Tue Dec 16, 2008 1:15 am
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| I am not so sure there would be nothing to worry about. I read on another post where the SOL had passed and they still filed suit against a person. The person never recieved the summons and ended up the collecotr got a default judgement. I really feel when a matter is this important they should make sure the summons is delivered tpo the person being sued and not left with some relative. We all know how todays families can be. |
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Guest
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Tue Dec 16, 2008 2:25 am
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| if the SOL has expired, that doesn't mean they can't sue you. They still can't but the judge won't rule in their favor mainly because of SOL has expired. My point is they still could sue you but will fail in the case. I also read elsewhere that if for the summon will be delivered to your house, they had 3 attempts to hand it to u in person. |
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