ilujenn Posted September 30, 2004 Report Share Posted September 30, 2004 I read over the pages concerning statute of limitations , but I am still feeling lost.Can anyone help this dumb blonde understand?I am in VA. I have a credit card (Sears) that has had no activity since 96 or 97. No payments and no charges . There is an unpaid balance on the card.A collection agency has purchased the account . Is it too late for them to do anything?Should it still be showing up on my credit report?What do I need to do besides pay it or should I even pay it?Thank you in advance !Jenn Link to comment Share on other sites More sharing options...
anti-something Posted September 30, 2004 Report Share Posted September 30, 2004 hi again i did a quick search, and from what i am reading a CC debt in VA has a SOL of 3 years. so you should be ok there, no-one can make you pay.i guess the important thing is do you have anything (old statements) showing your last payment, or a notice saying your account was being charged off? or an old CR with the DOLA on it?if the account has been purchased by a CA, then its up to you if you want to pay it. they are not the people you owed money to, they didnt spend the amount of money they are asking from you to buy the account either, so they arent making a loss here, they are not an 'innocent purchaser' they knew about the SOL when they bought it, it was a calculated risk on their part. IMHO. Link to comment Share on other sites More sharing options...
ilujenn Posted September 30, 2004 Author Report Share Posted September 30, 2004 I am sorry to be so ignorant .How do I know if it was charged off? How long can they keep it going before charging it off or persuing legal action.I do have old statements , but nothing as to whether it was charged offThank you again Jenn Link to comment Share on other sites More sharing options...
anti-something Posted September 30, 2004 Report Share Posted September 30, 2004 they must charge off an account if you havent made payments 180 days after your last payment, but they can do it earlier. so if you find a record of last payment, or a statement that shows you were already behind at that point you can figure out the charge off date, the date you last paid and from there the SOL.also, it could be on your CR (shouldnt be, but it could be). if you havent got all your CRs yet i suggest you do that next, it may contain valuable information. Link to comment Share on other sites More sharing options...
ilujenn Posted September 30, 2004 Author Report Share Posted September 30, 2004 Wow ! That is good to know .Thank you so much .Last time I checked about a year ago it was still on my CR .I guess I should write to the credit bureau and ask them to remove it .I am trying to buy a house and that damn sears card is the only thing holding me back .It is all just so confusing to me.I really appreciate your help .Jenn Link to comment Share on other sites More sharing options...
anti-something Posted September 30, 2004 Report Share Posted September 30, 2004 first you need the CRs, go to each seperate CRA (equifax, experian, transunion) and buy them, and since you are after a mortgage, it may be helpful to get your FICO scores too.you need to opt-out at the CRAs, this stops the collectors finding out you are shopping for credit and sticking stuff on there that stops you getting a loan.theres a good mortgage forum here too, where if you know your score and CR contents you can go ask about what kind of loan you will be able to get, get great advice on what is the best loan for you etc. Link to comment Share on other sites More sharing options...
Guest Posted September 30, 2004 Report Share Posted September 30, 2004 That account should not be on your reports anymore if it was 96.. if it was 97 then you have a few more months.I would dispute it with the CRA and see what happens.It might get deleted. Link to comment Share on other sites More sharing options...
katwoman Posted September 30, 2004 Report Share Posted September 30, 2004 Looks like you defaulted about the same time I did.First, this debt falls under UCC ( for all of us who had opened accounts prior to Citibank taking over Sears cc's).Second, your credit reports should show $0.00 balance if the account was sold (which it was) and the account should read "closed" on the TL.Dispute with the CRA's but don't do the "not mine" type. Instead, dispute the $ balance as incorrect. Then write a letter to the CEO of Sears thru www.planetfeedback.com. In your letter say you've disputed the validity of the TL with the CRA's. Never admit to the debt; call it the "alleged debt". Remind them that this alleged debt falls under UCC as per their credit card agreement and say the SOL for UCC in VA is long past. SOL is an affirmative defense so you have nothing to fear. In fact, they do since they can't take any action against you.Insist they remove any TL regarding Sears from all credit reports and give them a 15 day time frame. Just for good measure.....let them know that you know what's what they should notify the buyer of this alleged debt of the SOL and should any action be brought against you, you will name Sears as codefendant. Link to comment Share on other sites More sharing options...
ilujenn Posted September 30, 2004 Author Report Share Posted September 30, 2004 Thanks all of you so much !I am glad i found this web page.I have been thinking i would never be able to get a house because that sears card won't go away .Years of crap and I got the answers from you all in an hour !I am going to email , fax, and snail mail Sears right now .Thank You Thank You Thank You Link to comment Share on other sites More sharing options...
ilujenn Posted October 16, 2004 Author Report Share Posted October 16, 2004 Do you all know where I can find sample letters for this ?Also do I write the collection agency ?Thank you Jenn Link to comment Share on other sites More sharing options...
rdahlke1105 Posted October 18, 2004 Report Share Posted October 18, 2004 Thanks all of you so much !I am glad i found this web page.I have been thinking i would never be able to get a house because that sears card won't go away .Years of crap and I got the answers from you all in an hour !I am going to email , fax, and snail mail Sears right now .Thank You Thank You Thank YouJust remember to send all correspondece certified mail with return receipt. It helps prove that you sent it. Link to comment Share on other sites More sharing options...
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