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fungalex



Joined: 12 Sep 2008
fungalex's page
Posts: 5
Location: monterey park


246 Magic Points

Subject: SOL
 
Posted on Fri Sep 12, 2008 9:47 pm  

Hi, everyone. I am a newbie here. This is the most helpful website I have ever known. Thanks to everyone here is very helpful. Anyway I need help immediately as I am trying to fix my credit score asap. I currently have a few debt in collection now, all debts that I have are since 2002 from the last payment I have made.

I have researched a couple web site stating that the statue of limitation in California is 4 years from the date of breach. What is the date of breach?
Dose that means one of the following?

date from the last payment made to original creditor?
date from the charge off or write off from the original creditor?
date from the last reported as shown on the credit report from the collection agency?

The last reported date changes every time the debt is sold to another collection agency. It is not fair if the SOL is based on the last reported date. It will never end.

Any info or advice will be greatly appreciated. Thank you.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



627 Magic Points

 
Posted on Fri Sep 12, 2008 11:28 pm  

SOL is the date of last activity to any of them, if you have not made payment. If you made a payment to the collection agency then or to the orginal credit, the LAST payment activity.

So if 2002 is your last activity as far as payments, then you should be good to go as far as them having a right to sue you.

Hang out though, I am sure that others will be around to help you out some more.

Oh yeah, welcome to the forum, hope to see you here contributing and participating. We always welcome new members, welcome aboard.
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erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

 
Posted on Sat Sep 13, 2008 3:43 am  

Hopefully you have not made any payments to the collection agency that have the accounts now, nothing worse than a collection agency kicking up the statute of limitations.
anthony

anthony

Joined: 31 Jul 2006
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Posts: 516



13628 Magic Points

 
Posted on Sat Sep 13, 2008 9:02 am  

As far as I know, the Statute of Limitation starts after from the date you first missed your payment. Now since the last payments on all your debts has been made in 2002 and you stay in California where the SOL is four years, your SOL period has expired and so you are no longer required to pay back the debt. SOL is not based on the last reported debt. However, if you make any payment after the SOL expiry, the SOL will rewind, and the creditor or the collection agency can take steps to collect the entire debt from you. Once the SOL rewinds, the CA can even sue you to the court and bring judgment against you.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Sat Sep 13, 2008 9:14 am  

Yes, Anthony is right, but the thing is that although the Statute of Limitation in your state has expired, the negative listings will stay in your credit report for seven years and affect your credit score. However, if you make regular payments on new debts you have opted for, the credit score will start improving slowly because the payment history will improve. Since the last payment has been made in 2002, your seven and a half years will expire somewhere around 2009, when the negative listing will get removed from your report.
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fireyone



Joined: 26 Feb 2008
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Posts: 4246



143 Magic Points

 
Posted on Sat Sep 13, 2008 2:06 pm  

Here I go with this delimma again. I am hoping the SOL is after the FIRST missed payment. I have asked and reasked this question and get two answers every time. The first is as soon as you miss the first payment and the second is after the OC charges off the debt (which is 180 days/6months).
I am thinking it is after teh first missed payment that the SOL starts and it is being confused with the 7.5 years it stays on your report.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



627 Magic Points

 
Posted on Sat Sep 13, 2008 10:09 pm  

I found this for you.

According to the FCR Act Section 605 a debt can remain on a credit report for 7 years and 180 days after the delinquency that caused the account to go bad. Sometimes creditors will sell their bad accounts or post information on the credit report to show an activity date that is less than 7 years. THIS IS PROHIBITED. (I ended up having a judgement removed, the collection accounts removed, and the original creditor account removed.) In short, the time clock starts on the month the original delinquency started by the original account, regardless of whether the account has been sold to a collection agency, was paid at a later date, or a judgement was placed. The FTC has ruled this to be the law when it comes to time periods. If the credit reporting agencies are showing an account on your record that orginally went bad more than seven years ago, regardless of date of last activity, dispute the information and they will have to remove it. The reasoning behind this is similar to chapter 13 bankruptcy which stays on your credit for just 7 years instead of chapter 7. The courts have ruled if you did not file a bankruptcy and had several bad credit items they would strictly fall in under the chapter 13 guidelines. I ended up paying on debts that were less than 7 years old and had all the collections, judgements, and original creditors of more than 7 years removed. Even though the judgement was only 2 years old and unpaid and the collection account was only 3 years old, they were still bound to the time line of the original creditor. This regulation prevents accounts from staying on your credit forever.
_________________
Goodnatured,
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for all the ways I make $$ online
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erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

 
Posted on Sat Sep 13, 2008 11:06 pm  

there you have it
alexfung
Guest






Subject: thank you
 
Posted on Sun Sep 14, 2008 6:15 am  

thank you, all of you. I will have to wait just a couple more months to get those removed. YOU are all wonderful!! I feel such a relieved by knowing what to do now!! Wink
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



627 Magic Points

 
Posted on Sun Sep 14, 2008 3:49 pm  

Hey alex,

why don't you register and hang out with us, we will help you through the process, besides it gives us something good to do!!!! Very Happy Consider registering with us and hanging out and participating. If you register you can get paid for posting instead of always coming on as a guest all the time, it don't cost you anything.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



143 Magic Points

 
Posted on Mon Sep 15, 2008 12:22 am  

Yes then this really helps me also (no Alex you aren't alone). I kept seeing the fall off date change from credit report to credit report. The latest was Sept. 2010. When I was trying to figure if I was protected by the SOL I was getting confused. 6 months would make alot of difference.
Because it would have been 4 years as required by PA in Dec. 2007 The account fell into past due on Dec. 2003. with 180 days it was really cutting it close.
anthony

anthony

Joined: 31 Jul 2006
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Posts: 516



13628 Magic Points

 
Posted on Tue Sep 16, 2008 10:08 am  

Hi Fireyone
SOL starts from the date you first missed your payment or in other words you became delinquent. However, the negative listing in your credit report stays for seven years and 180 days except for bankruptcy which may stay in your credit report for ten years. Actually what happens is that the creditors report the negative listing after 180 days has expired from the date of your first missed payment and so the negative listing enters your credit report after 180 days and from that day it stays in your report for seven years.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: sol
 
Posted on Tue Sep 16, 2008 11:30 am  

I know SOL's are different in every state. However...and please correct me if I'm wrong, but......( unless I'm misunderstanding the above post..) the debt will ALWAYS stay on your credit for 7 years REGUARDLESS of the SOL in 'your' state? The' SOL thing' can get confusing.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



143 Magic Points

 
Posted on Tue Sep 16, 2008 11:53 pm  

Yep actually itsd about 7 and a half years. Even if the SOL is 4 years in your state it just means they can not sue your for teh debt. No matter what it stills stays on for 7 years.
anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 516



13628 Magic Points

 
Posted on Fri Sep 19, 2008 7:10 am  

Hi Chargers
The negative listing on your credit report will stay for seven years and six months from the date you first missed your payment, even if the Statute of Limitation in your state has expired. What happens is that as soon as the SOL expires, your credit score starts improving if you make other debt repayments on time. But don't ever make any payments on the debt on which the SOL has expired. If you make any payments, the SOL will rewind, and you may be required to pay back the entire debt amount.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.

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