How to get to SOL

[lcwba]

My elderly mom received a letter from LTD Financial Services/LTD Acquisitions, with a 30 day reply as you mention. She is hard of hearing & doesn't take phone calls, so I am it. It looks like the last payment was June of 2005. Here in NC there is a 3 yr limit statute. Is this too much time time to let the thing expire if I start the validate process? I can find no information on LTD. Thanks for your wonderful site.

[ShortBus]

Follow the DV flowchart listed in one of the stickies in this topic. While the debt may or may not be past the SOL, you don't want to let that magical 30-day window elapse without requesting validation.

If a debt is past SOL, they may not be able to (successfully) sue you for payment, they can certainly keep bothering you for it. Head them off at the pass with a DV letter. Check her CRs and begin the dispute process there as well if it's reporting.

[flacorps]

My elderly mom received a letter from LTD Financial Services/LTD Acquisitions, with a 30 day reply as you mention. She is hard of hearing & doesn't take phone calls, so I am it. It looks like the last payment was June of 2005. Here in NC there is a 3 yr limit statute. Is this too much time time to let the thing expire if I start the validate process? I can find no information on LTD. Thanks for your wonderful site.

The last payment may not accurately reflect when the account became delinquent, and depending on how SOL laws are written and interpreted in your state, SOL may have already come and gone and may not have been tolled or restarted by any payments occurring after delinqency. You need to check all that out as thoroughly as possible.

[Feel violated]

Flacorps probably has the best case scenario for you. But especially in your case, because you are only representing your Mom, your job one is to find the facts. And technically, as a third party, LTD should not even give you the time of day without a power of attorney.

So basically you can wait most of the 30 days, send the DV within the 30 day window CMRRR for proof, then perhaps tie LTD up for most of February getting an answer back to you. Once LTD answers the DV, crapola answer or not, its game back on and there are few real ways to freeze LTD for all of March, April, May, and far enough into June. You can bet that that is the first thing the LTD rep looks at, when their court options expire programmed right into the computer data display

under her case #.

So in that sense, you can control you and not them. And the more knowledge you have, the better you can understand how to approach the problem. And if nothing else, you send the DV and see what they have. Meanwhile mastery of all the facts is what matters.

[rmuse00]

I would definitely check on DOFD. It seems really close to SOL which is probably why they are calling. Trying to get her before it does expire.

[lcwba]

Dear posters:

Thanks for all the insight; following are answers to some of your comments;

- I do have POA for mom, & responded to CA/JDB (love the TLA's!) with a DV sent CLRRR, -did I get all that right?-

- Original creditor is Chase.

- Last payment was 06/2005, found docs.

- I read through the state-specific stuff about NC SOL on this site. Guessing the 3 year SOL starts from last payment, very confusing.

- EFx has a history date of 11/2004. If I read the 24 month history right, it shows 90 days at month 24, 120 days at month 23 & 120 up till Jan when LTD bought the thing, so Jan2008 shows current, go figure.

- XPN has a history date of 11/2007. It shows 120 at month 24, then 150 at month 23, then 'C', for charge off? If the last payment was 06/2005, this appears off by several months. Or does the history date do something?

Yours worriedly,

[flacorps]

Have you found statements? She may have been delinquent long before the last payment. As long as she's delinquent, they can sue. As long as they can sue, the SOL clock runs (at least in most states).

TLs on the CRA reports are not reliable indicators.