i have a question? I'm in the military and incurred a debt back in 2005 that i havent paid on forever. The OC says 2006 and sold it to Pallisades who says date opened 2006. They are also running as a 30, 60, 90, and nnow over 120 late evey month. Are they allowed to do that or can they only reort collection account or charge off? Now the real question. I'm originally from Michigan but incurred the debt while being stationed in North Carolina. The SOL for NC is 3yrs for any debt and MI is 6yrs. What SOL would my debt and I fall under? Your help and advice will surely not be taken for granted and much obliged.
Even if you live in Michigan, but the debt was incurred in North Carolina, the state laws of North Carolina will apply. Therefore, the statute of limitations (SOL) of North Carolina should be considered.
As much as I understand from your question, the SOL for your debt has expired. However, the charge off is reported, along with the delinquency details.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.