Statute of Limitation is the time period by which the creditor can sue you to the court to recover an outstanding debt. It starts after 6 months from the date of your last missed payments towards the debt. The duration of the SOL varies from 3 years to 15 years depending upon the state where you have signed the loan agreement. If the SOL on the debt has expired then you are no longer required to pay off the debt. _________________ All the Best
So anything from 2004 and 2005 just leave alone? (Florida Res) Am send out my DV letters to all the non SOL soon. Learning a lot from all of you. This is the best site I have been on I am so glad I ran across this web site. Also ............. What letter do I send and to whom for ones who are checking my CR and I do not know who they are..........
Thanks To all your help is greatly needed and is very much appreciated
Working to get DEBT FREE
Joined: 27 Jun 2006 carol's page Posts: 1299 Location: Los Angeles, California
Whether the SOL has expired or not depends on the type of debt. If it is a written contract or a promissory note, then the SOL is 5 years in Florida. However, if it is a credit card debt, then the SOL is 4 years.
Now, if your last payment towards the debt has been made in 2005, then the SOL has not yet expired. But if your debt is a credit card debt and the last payment was made in 2004, the debt is past SOL and you need not make any payment towards the debt. _________________ Keep in touch
If a creditor pulls out your credit report, it is known as hard inquiry and it affects your credit score. According to the Fair credit reporting Act, only authorized hard inquiries should remain in your credit report. If you find any unauthorized hard inquiry, you should send letters to the inquirers asking them to validate the listing or remove it from your report. In most cases the creditors remove hard inquiries because they cannot verify your authorization. You can find sample letters if you visit the link letters of credit _________________ All the Best
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.