Credit Card Debt Statute of Limitations
Author: parrothead86
Joined: 22 Apr 2004
Posts: 55
Posted: Tue May 11, 2004 4:27 pm
Post subject: SOL help
Where do I go to find the SOL for my state? Does it go by the state that I live in or the state where the creditor is located. What should I do if the SOL is up, but the creditor is still calling every single day and sending letters etc. Also, I had a phone call from CAp One saying that they bought my debt with Speigal. This was a debt that was over 12 years old and I thought that I had paid it. ( thus explaining why it isnt on my credit report and why no one has called me or sent me letters for a DECADE) The lady on the phone said that I needed to give my checking account number and they would take $50 per month until this debt was paid off and if I didnt give her my checking account number, this debt was going on my credit report immediately. Now I am a new reader... and had no idea that I shouldnt do this, and I was scared ... so I did it. Can it be undone? Can they really add this old of a debt to my report? I really beleive that I paid it off YEARS AND YEARS ago,, but have no proof. I have another credit card with cap one that is in good standing..
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 5:37 pm
INTEREST RATE Legal: 5% Judgment: 7.162 changes semi-annually Usury limit 25% STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6 Written Contract: 6 Sales (UCC) Contract: 4 Domestic Judgment: 10 renewable Foreign Judgment: 10 BAD CHECK LAWS (CIVIL PENALTY) Twice the amount of check-not to exceed $500. Retail Claims - Notice Requirements. GENERAL GARNISHMENT EXEMPTIONS See federal law. COLLECTION AGENCY BOND & LICENSE (RETAIL ONLY) Bond: $5,000 - $50,000 License: Yes Fee: $150 - Investigation $225 - Initial $125 - Annually Exemption for out-of-state collectors: Out-of-state collector are exempt if [1] collecting by interstate means; and [2] have no clients in the state of Michigan.
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 5:41 pm
Post subject: Re: SOL help
parrothead86 wrote:
Where do I go to find the SOL for my state? Does it go by the state that I live in or the state where the creditor is located.It can go by either the state you reside in now, or the state where service was started. Give me the name of the 2nd state & I will pull that over for you as well.
Quote:
What should I do if the SOL is up, but the creditor is still calling every single day and sending letters etc.What you need to do is write them a letter, certified return receipt requested - telling them that you know the debt is outside of the statute of limitation, and that they are to cease and desist in contecting your further on this matter.
Quote:
Also, I had a phone call from CAp One saying that they bought my debt with Speigal. This was a debt that was over 12 years old and I thought that I had paid it. ( thus explaining why it isnt on my credit report and why no one has called me or sent me letters for a DECADE) The lady on the phone said that I needed to give my checking account number and they would take $50 per month until this debt was paid off and if I didnt give her my checking account number, this debt was going on my credit report immediately. Now I am a new reader... and had no idea that I shouldnt do this, and I was scared ... so I did it. Can it be undone? Can they really add this old of a debt to my report? I really beleive that I paid it off YEARS AND YEARS ago,, but have no proof.
Contact your bank immediately to stop payment on this transaction, you might have to open up new checking account at a different bank completely otherwise they will wipe out your account if you are not carefull. Most states only have SOL for up to 6 years at the very most. So this is long out of SOL for any state out there.
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Joined: 22 Apr 2004
Posts: 55
Posted: Tue May 11, 2004 4:27 pm
Post subject: SOL help
Where do I go to find the SOL for my state? Does it go by the state that I live in or the state where the creditor is located. What should I do if the SOL is up, but the creditor is still calling every single day and sending letters etc. Also, I had a phone call from CAp One saying that they bought my debt with Speigal. This was a debt that was over 12 years old and I thought that I had paid it. ( thus explaining why it isnt on my credit report and why no one has called me or sent me letters for a DECADE) The lady on the phone said that I needed to give my checking account number and they would take $50 per month until this debt was paid off and if I didnt give her my checking account number, this debt was going on my credit report immediately. Now I am a new reader... and had no idea that I shouldnt do this, and I was scared ... so I did it. Can it be undone? Can they really add this old of a debt to my report? I really beleive that I paid it off YEARS AND YEARS ago,, but have no proof. I have another credit card with cap one that is in good standing..
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 5:37 pm
INTEREST RATE Legal: 5% Judgment: 7.162 changes semi-annually Usury limit 25% STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6 Written Contract: 6 Sales (UCC) Contract: 4 Domestic Judgment: 10 renewable Foreign Judgment: 10 BAD CHECK LAWS (CIVIL PENALTY) Twice the amount of check-not to exceed $500. Retail Claims - Notice Requirements. GENERAL GARNISHMENT EXEMPTIONS See federal law. COLLECTION AGENCY BOND & LICENSE (RETAIL ONLY) Bond: $5,000 - $50,000 License: Yes Fee: $150 - Investigation $225 - Initial $125 - Annually Exemption for out-of-state collectors: Out-of-state collector are exempt if [1] collecting by interstate means; and [2] have no clients in the state of Michigan.
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 5:41 pm
Post subject: Re: SOL help
parrothead86 wrote:
Where do I go to find the SOL for my state? Does it go by the state that I live in or the state where the creditor is located.It can go by either the state you reside in now, or the state where service was started. Give me the name of the 2nd state & I will pull that over for you as well.
Quote:
What should I do if the SOL is up, but the creditor is still calling every single day and sending letters etc.What you need to do is write them a letter, certified return receipt requested - telling them that you know the debt is outside of the statute of limitation, and that they are to cease and desist in contecting your further on this matter.
Quote:
Also, I had a phone call from CAp One saying that they bought my debt with Speigal. This was a debt that was over 12 years old and I thought that I had paid it. ( thus explaining why it isnt on my credit report and why no one has called me or sent me letters for a DECADE) The lady on the phone said that I needed to give my checking account number and they would take $50 per month until this debt was paid off and if I didnt give her my checking account number, this debt was going on my credit report immediately. Now I am a new reader... and had no idea that I shouldnt do this, and I was scared ... so I did it. Can it be undone? Can they really add this old of a debt to my report? I really beleive that I paid it off YEARS AND YEARS ago,, but have no proof.
Contact your bank immediately to stop payment on this transaction, you might have to open up new checking account at a different bank completely otherwise they will wipe out your account if you are not carefull. Most states only have SOL for up to 6 years at the very most. So this is long out of SOL for any state out there.
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posted by CardRatings.com at 12:43 PM
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