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poormichelle
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I found this site (how, I can't remember) and have been reading since 3 a.m.!

I just want to confirm that this is true:

I had a CC debt and the last time I paid on it was 4/03, and it went to 180 days on 10/03. The SOL in Colorado for CCs is three years.

The OC cannot collect the debt after 10/06, right?

Even if they sold it to a CA earlier this year, the SOL remains the same, right? And the CA cannot collect it either because the SOL is attached in 2003, when I stopped making payments?

So if I decide after the SOL has run out to send a verification letter to the CRAs, and it somehow alerts the CA to where I am (I've moved a lot and they haven't found me), they cannot sue me for it?

Or can I be taken to court and have to take my chances at a judge willing to understand the SOL and rule in my favor?

Thanks for your help. This site rules.

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Or can I be taken to court and have to take my chances at a judge willing to understand the SOL and rule in my favor?

That's essentially correct. The SOL doesn't mean they can't sue...it only means if they do, you should have an absolute defense. But, it is up to the judge to understand that. If the judge rules in their favor, you do have the right to appeal...but, of course, that would cost you time and money.

And, since the SOL is a state by state thing, you need to read the statues for your state to be certain when the date actually kicks in and any other strange rules your state my apply.

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You are mixing 2 laws....

The addition of 180 days since last payment is for the 7 yr reporting clock. You defaulted on the debt in May. (Last payment being April). That means the SOL month is May not October.

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"...I had a CC debt...it went to 180 days in 10/03...The OC cannot collect the debt after 10/06, right?..."

This is not an accurate understanding. This statement would apply if your state has a Statute of Repose. Most don't. SOL is the time during which you may be sued to recover money owed. It is established by state law. Being past SOL doesn't prevent a lawsuit, it becomes an affirmative defense, if raised...Certain states have provisions which affects SOL.

The federal law, Fair Credit Reporting Act, establishes Reporting Time Period as 7 years and gives a set formula for when that RTP begins. That is the 180 days.

So, the SOL can change, but RTP cannot LEGALLY be changed.

Absent a SOR, a debt is owed and may be collected on forever...but only can be reported for 7 years. You can be sued during SOL or afterwards, but SOL would be an excellent defense to a post-SOL lawsuit.

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