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However, if it is a credit card debt, then the SOL is 4 years

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Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Fri Feb 27, 2009 6:46 am  

Hi Taffy
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.
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Taffy



Joined: 23 Feb 2009
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Posts: 28



1373 Magic Points

 
Posted on Sun Mar 01, 2009 1:55 pm  

Thanks Justin!!!!
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
Taffy
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30070 Magic Points

 
Posted on Mon Mar 02, 2009 7:46 am  

Hi Taffy
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.
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Carol
Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Mon Mar 02, 2009 8:37 am  

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
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Justin

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