NC SOL i dont understand

[Anonymous]

Can someone explain this?  Does this refer to CC's?  Does this refer to the state you live in or the state the account is from?

NC SOL.........

Open account: 3 years, NOTE: Each payment renews the SoL on all items purchased within the 3 years prior that payment. If no payment is made, the SoL runs from date of each individual charge. Contracts: From date of breach or default, unless waived or performance under the contract is continued.

[Junejer]

SOL is for your current state of residence, as well as any state that you may have lived when the debt was incurred. CC is open contract.

[jzralnc]

I'm in NC, too. I just about started paying on two debts that are currently in collection. Then, today, I stumbled upon threads discussing SOL. Both purchases were made by acquiring store credit at the point of purchase (Home Depot (Citibank), and a local furniture store (CitiFinancial)).

The original purchase date on one of the items was 8/24/05. I think the first payment was due in 11/05, so the DOFD should be 11/05. However the current CA in possession of the account has the "date opened" on my CR listed as of 12/05/07. The second debt is right around the same time. 9/7/05, and i think the DOFD on that was 12/05.

Again, I almost started paying on these to the collectors. I had contemplated sending PFD letters, asking for GW, or a PFD settlement. Instead i'm now thinking about sweating out the next few months and wait for the SOL. But what i'm unsure of is what it is exactly that i'm waiting for... will these be deleted from my CR like they never existed?

Here's another question, and it's a big one: How would I know if judgments were present that would extend the SOL to 10 years? Would judgments be listed on my CR? My current report is kind of a mess and slightly inaccurate (stuff all over the place: one debt is listed more than one time by two different CA's for two different amounts, and two completely different account numbers). How can I be certain that no judgment exists?

And lastly - does the juice keep running when a debt goes to collections? I was recently in contact with a CA office b/c I had received a letter in the mail and could not attribute what is was. I didn't know who the original creditor was. The guy on the phone implied that the debt could go up - that he could not guarantee the amount would be the same as the money currently owed. The debt in collection on my CR is $633. The debt listed on the collection letter is $909.24. This was the Home Depot account in NC, and the current collector is OCWEN. they further list the original creditor on their letter as Idt Carmel, not Citibank.

Oh... one more thing... does speaking with the CA about that account reset the SOL? God, I hope not!!!

[Anonymous]

jz,

Speaking with a CA does not.  Paying even a penny would reset it though.

[jzralnc]

Even if it's a PFD? I'll admit i'm learning new things about this every day. I was extremely foolish and neglected my finances for the last few years. It's time to correct the gross errors, or else i'm going to be in major credit trouble - worse off than i am now.

Do you know if there is a way to get rid of an SOL TL before the standard seven years has to run its course?

[Junejer]

If you PFD for an amount less than the full amount, they can come back at you later for the unpaid amount. And yes, in many instances the SOL does reset (check your state laws to be sure).

[jzralnc]

Thanks... i'm going to do as much research as I can over the next six months. My first of two collections will not reach SOL maturity until November. I bought a dryer at Home Depot in August '05 - 90 days same as cash. I can guess (because i no longer have the statements) that the first statement considered DOFD is November '05. Cross your fingers that the OC doesn't decide to do an 11th hour about-face and file a judgment, extending the SOL to 10 years.

[Anonymous]

jzralnc,  you really should have started another thread for yourself. You would have gotten more people reading & answering.

All Ca must be licensed in NC    type in name & click collections

https://sbs-nc-public.naic.org/Lion-Web/jsp/sbsreports/CompanySearchLookup.jsp

If they are not licensed  file a complaint with your ag  their ag and the FTC

make sure that you keep all hard copies of you CR.    If the OC is reporting    that is where you get most of the info. needed to figure your SOL.

     This is link for SOL   go to your state!

http://www.fair-debt-collection.com/SOL-by-State.html#7

As you can see that any payment will reset SOL!!!

Try and match all CAs to the OC.  The dates shown by the CA  usually means......the date that they first reported (not the DOFD)  the date that it was assigned or bought (not the DOFD)

If you want to PFD   make sure who owns the account.  IF the OC owns it  try to PFD them...A PFD must be worded exact....you can use a PFD to pay in full or settle for less...wording wording!!!

Only 1 OC and 1 CA can report the same account at the same time.  When a CA returns an account back to the OC   OR if they bought it and then sell it   they are suppose to delete....they never do tho. But they are in violation if they do not.

When you are sure that you are past SOL  3 years from DOFD    Contact the OC and ask to PFD.....if they accept   pay them   forget the CA for awhile!

It is always better to PFD an OC..........IF the OC refuses    I would not pay  until they do......keep trying even if you pay in full (using a PFD)

NEVER TALK TO A   CA!!!!!  THEY LIE!!!   EVERYTHING IN WRITTING!!!  You always want a paper trail!

If you had a judgment  you should have been served to appear in court.....Judments are shoun under *publec Records*  on you CR!

       And lastly - does the juice keep running when a debt goes to collections? I was recently in contact with a CA office b/c I had received a letter in the mail and could not attribute what is was. I didn't know who the original creditor was. The guy on the phone implied that the debt could go up - that he could not guarantee the amount would be the same as the money currently owed. The debt in collection on my CR is $633. The debt listed on the collection letter is $909.24. This was the Home Depot account in NC, and the current collector is OCWEN. they further list the original creditor on their letter as Idt Carmel, not Citibank

Because you made no payments  the SOL starts at DOFD!!!!!  it doesn not change when a CA takes the debt!

The debt showing on your CR $633   is this the OC reporting?(home depot)  if so look for the DOFD.

 Is this near or past SOL?   If it isn't  you should be ready to pay in full.   

You have 30 days to answer that letter!!!!   send them a DV  CMRRR       if you are within SOL  I would call the OC and see if they will accept full payment using a PFD.

Message Edited by HappyDays on 03-30-2008 12:12 PM