Jump to content

Questions about SOL and Bank accounts


DethRow
 Share

Recommended Posts

I am in California. 5 years ago my Bank of America account was closed due to insufficient funds. The debt was about $250.00, and I never paid it. I have not been able to have a bank account since then.

It has been awhile since I have heard from a CA for this account. I just assumed it had reached it's SOL, and they had given up. But then yesterday I get a collection letter from Arrow with a "Settlement Offer" amount of about 50%.

My questions are:

1. Shouldn't this have reached the SOL for California already?

2. Or are bank accounts considered a different type of debt and exempt from SOL?

3. Is Arrow breaking any laws by sending me this letter?

4. What should I do about this?

Thanks guys. Jeff

Link to comment
Share on other sites

SOL in CA is 4 years for ALL types of debts, so yes, its beyond the SOL.

Send Arrow a cease and desist telling them to get lost, the debt is time-barred per CA statute.

Its not illegal in CA for them to try to collect on an SOL debt, but it IS illegal for them to SUE you for it.

Link to comment
Share on other sites

LadynRed,

I sincerely appreciate your invaluable knowledge and guidance. Until I found this forum I was lost in a sea of assumptions and hopelessness.

Now that i'm traveling on the road to recovery and repair, it feels as if a huge weight is being slowly lifted off my shoulders.

I have felt like I was living in a hole for a long time. But with the help of you and others here, it's as if a rope has been lowered, generously offering me a way to climb out.

Thank you so much for your kind assistance.

Jeff

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.