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Statute of Limitations?

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justjade1
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Subject: Statute of Limitations?
 
 Posted on Mon Mar 16, 2009 7:14 pm  
In the state of PA, I found that the Statute of Lim is 4 years.

1. Which credit "date" does this go by? The date opened..or late?
2. Most of my negative credit is older then 4 years old. SO what does that mean? How do I get it off my credit report...? Do i have to write the Validation Letters...and go through the whole process??

Someone PLEASE help..im so confused. Question
goodnatured



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10 Magic Points
 
 Posted on Mon Mar 16, 2009 10:28 pm  
statute of limitation is only for the time that you can be sued, the negatives will stay on your report for seven years from the date of last activity.

The magic date is the date of last activity.
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carol

carol

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29555 Magic Points
 
 Posted on Tue Mar 17, 2009 4:05 am  
Statute of limitation starts after six months from the date you have become delinquent towards the debt. Statute of Limitation gives the creditor the time limit within which they can legally collect the debt. If the SOL on the debt expires, the debtor no longer becomes liable to the debt, but if the debtor makes even a small payment towards the debt after the SOL expiry, then the SOL clock restarts and the creditor can sue you to the court and bring judgment against you to recover the debt.
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Justin

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28942 Magic Points
 
 Posted on Tue Mar 17, 2009 4:43 am  
Yes, I agree with Carol. Expiry of Statute of Limitation does not mean that the negative item will go out of your credit report. It will stay on your report for seven years and six months from the date of your last payment towards the debt. However, after four years, the creditor can no longer legally collect the debt provided you have not made any payment within this 4 years period.
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justjade

justjade

Joined: 16 Mar 2009
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244 Magic Points
 
 Posted on Tue Mar 17, 2009 6:32 pm  
So Justin and Carol...

does this mean i cant get that off my credit?? Most of my negative credit is over 4 years old.

I just send the Validation letters today after reading this board. I thought that even though its past the SOL dates, if they dont validate the debt then i can still get it removed...is this true?

oh i hope i didnt just send all those letters for nothing:(

jade
Mary

Mary

Joined: 06 Jul 2006
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17396 Magic Points
 
 Posted on Wed Mar 18, 2009 10:26 am  
Yes, if the creditor or the collection agency cannot validate the debt properly within 30 days of receipt of your debt validation letter, you can get it removed from your credit report just by sending a dispute letter to the bureaus. You can find sample letters if you visit the link letters of credit.

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