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Interpretation please

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Can someone tell me if I'm interpretting this correctly?

§752. Six years

All civil actions shall be commenced within 6 years after the cause of action accrues and not afterwards, except actions on a judgment or decree of any court of record of the United States, or of any state, or of a justice of the peace in this State, and except as otherwise specially provided.

This is saying it's from the time you go in default. Making a payment will not reset it, right? The CA for our repo called today after receiving a DV letter and tried arguing with me.

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If you make a payment based on a new agreement to pay, you start SOL from 0 again because it will be a new agreement and therefore new cause of action based on this new agreement could arise.

Making a payment on it assumes that you acknowledge the debt as yours (since you're not contesting it by making payment) and your "last activity" will be updated on credit report. But as far as SOL, I don't remember the particulars on that one.

If this debt is over the 6 year SOL, nothing more need be discussed and it'll drop in 1 more year unless you can get it off via dispute w/CRA.

Why are talking to CA on phone anyway?

[Edit by IronMan on Tuesday, March 11, 2003 @ 11:39 PM]

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Thanks for answering me Ironman! I know I shouldn't be talking on the phone with them. I sent the DV letter to try and stop that; they called to find out what the letter was all about (it was the sample from here). So I have been interpretating this statute wrong. They scared the crap out of me with threats of law suit, and I made a payment in October. Will it make a difference if they violated the FDCPA to get that payment? I never got a "mini miranda" or a letter saying I could dispute; plus they threatened legal action, when they couldn't legally do it.

[Edit by melamom on Wednesday, March 12, 2003 @ 10:35 AM]

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