I was just wondering how do I figure out if I am beyond the statue of limitations on a credit card? Or if credit cards even apply? On my credit report it states that my credit card became 30 days overdue in April/2004, meaning the last payment that I sent in was March of 2004. Is it safe to assume the statue of limitations has exceeded?
--------------------
no
not sure if statute of limitations is the right term but 7 years is the magic credit goes away number.
7 years from date of last activity. DLA DOLA
so that would put you at April 2011
Watch out for collections on unpaid credit cards, if the card was not paid in full.
2004 does put you 2 years past today which means the lates have relatively little weight on your credit score. Make sure you have good open and rated credit now with no lates the last 24 months.
-------------------
Thanks. The card is already in collections and they are threatening to sue. It is the only thing on my credit report so I will call and see if I can get a settlement for less than what they say I owe.
Also, I read on your website that I should ask for it to be deleted from my report after I pay it, is that correct?
------------------
you always should ask, but not expect, to get something removed if you pay in full, unless, it is a second party or duplicate account on your credit report.
Collections? are collection threatening suit or whats going on here.
If the original credit card, charged you off, then sold this account, for pennies on the dollar a collections company should not even be able to put the collection on your credit report or threaten to sue.
the original credit card can sue and report bad.
this is why the debt validation form is so needed. Make sure any second party collection has legal cause and documentation for suit.
-------------------
I received a letter from Gordon & Wong Law Group PC stating that there is a pending legal action in Superior Court and I have 30 days to respond. On my credit report it says that the account was sold to another lender.
Should I send in the debt validation form?
----------------------
you need to talk to a lawyer.
but yes you need to know what they know if you can
Friday, March 07, 2008
Am I beyond the statue of limitations on a credit card?
Subscribe to:
Post Comments (Atom)
Posts
2 comments:
IF it's pending in Court, sending a DV letter is useless. You need to hire a lawyer - 1. to answer the summons and 2. to file a "discovery" which is basically like a DV where they have to provide to the court the material instead of directly to you.
My old boss, who is now approaching his 85th birthday, was sucked into credit card debt. He has not been able to pay anything on this old account for at least 7 years. He has now received a Summons from these people, 30 days to respond, etc., and does not know what to do. He is on S.S., lives in a rent-controlled apt., has an old car, no stocks, no savings, has trouble just paying his medical bills. What can he do? He cannot afford a lawyer.
Post a Comment