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Still on Millenium


suzebqueen
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I had posted about a month ago about a Millenium tradeline on my credit report - thankfully my refinance went through and they did not see that new tradeline! Talk about perfect timing.

 

So I have these last 2 bad tradelines....I cannot find any information on Millenium Financial Group anywhere so I do not know how they play. They have one tradeline for an old First Equity account for almost 17K and a second for Juniper for about 5K, both of these are about double what the highest credit limit was. 

 

I tried to do some sleuthing this morning and do see that my last payment on the big account was 4/5/2007 and the statute of limitation in NJ is 6 years.....but I know sometimes the statue does not start until after that time?!?!

 

Can anyone shed some light on this for me - the timing is so close and this could be a game changer on how this is handled.

 

They did finally send me a dunning to which I sent a VOD letter....that was mailed on 4/9/13. I have never had any collection agency validate this debt yet.

 

I just think they will sue since it is so much and so close to falling into way too late land.....

 

I have done some reading about the statutes but cannot seem to find a confirmed answer for whether its date of last pay or date it got sent to collections?

 

Thank you as always!

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I hope you are right! But I know I just read something about a line that could be in the original creditors terms that allows them like 6 months from the date of that last payment - I forgot the terminology and now I cannot find the article?

 

That is what I am unsure of. It seems there are differing scenarios and I want to be clear before I have to deal with them. They have 2 weeks left on the DV so trying to get clarification for my next step. But I hope that I am in SOL timing, that would be SWEET!!!!!!!!!  

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The 6 month grace I believe is for reporting on credit reports, not regarding the legal SOL for lawsuit. Then again, each state is different. For this, I would try a attack with multiple things such as SOL, not validating prior to continued collection activity, lack of standing (will they really have the title chain this long), lack of records, affidavit, affiant, etc. Make them realize they are going to spend crazy money and may not even collect and they will go away.

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Ok I found what I was referring to - here is the blurb - it was acceleration clause I was referring to above:

 

 

You might be asking yourself, "It has been such a long time since my "open account" has had any activity. When does my Statute of Limitations started ticking."

There are various opinions on when the SOL starts:

  • The first time you fail to make a payment on your account.
  • The credit card company sends you a demand letter for the full amount.
Any can be true, depending on the credit card agreement. Here's why:

 

 

The length of the statute varies from state to state and depends on the type of agreement, i.e. oral, written, etc. The one aspect of a statute of limitations that is pretty constant throughout all of US states' laws is when it begins to run.

 

A statute of limitations, or limitations of action statute, begins to run when a cause of action accrues. In plain English, that means the statute begins to run when you have done something contrary to the terms of your agreement for which you can be sued. Most of the time, that "something" is failure to pay your bill. When you don't make your payment on time, you have violated the terms of your agreement and you have given the creditor a cause of action.

 

Some credit agreements include an acceleration clause which must be invoked before a creditor has a cause of action. The acceleration clause could be activated by the creditor sending you a demand for payment in full by a certain date. In these instances, you must fail to pay the creditor after it has invoked the acceleration clause before the creditor has a cause of action, and the statute of limitations starts to run. You need to become familiar with the terms and conditions of your specific agreement to know for sure which event triggers a cause of action and thus, begins the running of the statute of limitations.

 

 

So that is what I am curious about - how do you know if an acceleration clause applies?

And thanks whocares1000 - I plan on making this difficult for them...LHR had this debt for years and I never got it validated from them....Millenium posted this on my credit report BEFORE they even sent me a dunning. I am praying that the long time will find them without any paperwork - I think that was the issue with LHR. The original creditor was First Equity, who I believed closed doors years ago!

 

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To be able to prove the later SOL beginning date, they would have to provide a contract that conforms to the rules to allow for that. Also, they have to produce the last contract that you agreed to before default, not the current contract or last one used before they went out of business. You can request this as part of discovery (as well as any acceleration demand letter).

If they cannot produce this, then the court has to assume the contract does not have such a clause and hence, the starting of the clock for SOL is when the first cause of action happened which would be the day after the due date of the first payment that was missed. Technically, a bank can sue you in court the day after you miss a payment. Reality is though that they are to try less drastic measures, both from a business cost standpoint AND the fact that the courts really would not be happy is the banks did that.

If the original creditor is not in business and none of the records are findable, I would not worry about it. Any defense should stop them dead in the water.

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Thanks so much WhoCares1000 - that is what I was thinking as well, so glad to hear my thoughts may be accurate. Technically then the SOL is not really effective until May 6th then, so I will be biting my nails the next 2 weeks to see if they sue. As of last Thursday when I checked my PO Box there was still no response to my validation letter - and I know they cannot file a suite until the validate...so this is a nail biter.....uugghhh....my concern is they will validate with one of those dump template letters then file suit immediately....I am praying for a no court deal here....

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Thanks admin! Just went to my PO Box and still nothing.....keeping those fingers crossed...but I am guessing they will send something they perceive as validation and jump start filing before that date hits....too much money for them to throw away.....

I have paid off the 4other debts I had after the cards verified, I have these last 2 left that have never been verified and are so overinflated it is insane and I refuse to pay them without proper validation. (I am one of those that really did want to do the "right thing" - but not when the amount is double what I ever charged!).

2 more weeks.....I am on pins and needles.....

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