Hi,
I just recently moved to Colorado from Virginia this past April. So the SOL for VA is 5 years for written and 3 for oral. So even if it is considered a written contract, the 5 years would have been up this past February while we were still in Virginia. Now that we're back in CO, the SOL would be in 5 months from now. Right?
Since I was living in VA at the end of the SOL, shouldn't it be off my record? Or since I've moved back to CO at this time, has it reverted back to being valid. Well, not off my record, but not a debt that could be collected. Also, is the SOL from the date of the last payment, or the date it got sent to collections...
Thank you so much for any and all answers. I just found out about this debt today, I remember having the card, but thought that I'd closed it out. Obviously not.
SOL on debt
Hi Mistie,
As far as I understand from your post, the debt was incurred in Virginia, right? If it is so, then the Statute of Limitations (SOL) of Virginia will apply on this debt. Else, if the debt has been incurred in Colorado, the SOL of this state will apply.
Whatever, may be the case, if the SOL on this debt has expired, the creditor or collection agency won't be able to win a lawsuit against you. However, this does not make he debt legally uncollectable. The collection agency can still continue with the collection process. The only difference is that they won't get anything by suing you for the debt.
Thanks,
Aaron
Hi
The purpose of the information provided here and elsewhere on this site is to help educate people on some of their rights and a few of the laws and other rules that apply to many debt and credit issues, not to help people avoid paying valid debts. To the contrary, if you owe a debt and it's valid and you have the financial means to pay the debt, then it is your duty to do so.
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bxRj5X Thank you ever so for you post.Thanks Again. Keep writing.