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NEW to forum:? about SOL.


CD0819
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I am new to the forum. I have read the articles and browsed the forum but have some specific questions:

1. So I have read the articles for a while and am still unsure about the SOL. I have a lot of bad debt and stopped paying on it all in 2008. They are all credit cards, which it seems to be an "open account" and the SOL is 3 years. So is it safe to "assume" that since I have not paid in 3 years that I can write it as a zombie debt, or did the SOL start over when my debts were transfered to a collection agency. For example, one of my debt says Capital One and was charged off and a CA has it now. If I AM liable to pay bc it is within the SOL how can I pay it and get it off of my CR with Capital One AND the CA?

2. I am not opposed to paying a portion of the debt but I don't want to pay it and then not get it removed from my credit report (the CA AND credit card co.).

3. Some of my debt on Experian says it will not be removed from my credit report unitl 2016 but I have not paid since 2008. Is this correct?

Thank you in advance for any help.

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The statute of limitations begins when you stop paying on the cards...since you defaulted in 2008, the SOL is up in 2011, absent a payment by you or some other acknowledgment of the debt.

The SOL does not restart if a CA or JDB picks it up - if they do, then it's called re-aging and is a violation of the FCRA and the FDCPA.

Negative items can be reported up to 7.5 years, 10 years for BKs.

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In your searchs here, I hope you caught these facts:

1. There are two time periods you need to be aware of: the credit reporting period, the time a bad debt can stay on your reports, is 7 years from the "Date of first delinquency". the statute of limitations is a state by state law, and each state has differing requirements for when it starts.

2. Neither time limit makes the debt go away. even with the SOL, if the current owner sues, and you don't show up, or don't raise the SOL as an affirmative defense, or the judge doesn't agree, you ccan still get a judgement against you.

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Is the CA collecting on behalf of Crap1, or does the CA own the debt? From your post, it looks like the CA owns the debt and is a JDB, but we need to be absolutely clear here that is the case, because that makes a huge difference when it comes to your options.

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On our credit report it states that the loan was purchased by another lender but when i look on the credit report i see no where where we owe another lender. So who the hell am I paying? I feel dumb in assuming this but they must be legit if a state constable came and delivered papers to us? Why isnt it on our credit report that they are trying to collect?

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On our credit report it states that the loan was purchased by another lender but when i look on the credit report i see no where where we owe another lender. So who the hell am I paying? I feel dumb in assuming this but they must be legit if a state constable came and delivered papers to us? Why isnt it on our credit report that they are trying to collect?

Some companies don't report. There's no law that says a company must report a debt.

Once a debt has been sold, the original creditor no longer owns the debt and no longer updates their entry. You can't offer them a pay for delete because they don't own the debt anymore.

If a debt has merely been charged off, you can try to negotiate a pay for delete with the OC, but they don't have to agree to it. They also have no control over whether or not a collection agency collecting for them reports or not.

What papers are you talking about?

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