Need Credit Help!!

[Anonymous]

Hi,

I have been reading a lot on the posts on here and was wondering if anyone can help me get through this tough time I am going through...I am getting harrassing letters from a debt collector in regards to a loan in the amount of $5,981 ( Original amount was $4000)..Initially he had given me 10 days to contact him, when I did nothing he extended 10 more days which is due up on Dec 30th or else he will turn it over for civil judgement...What can I do about this?...I am very new at this so I need understanding what all I should do...That's not all...I got a summons on Dec 23rd for a Sears account I had 4 years ago..They have given me 20 days to respond..The amount on that is $4,091...I talked to a lawyer yesterday and she had asked me to fax her all the paper work and said she'd call today...She hasnt called and I called her and left her msg..I am freaking out and need help!! Also I need help on how I can clear all my debts.

[SmartCookie]

hi AH786 and welcome!

Please start here:   http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Respond to any summons!   No matter what!

Grab a coffee and start reading that link.  Study up here on DV letters to CAs.

Get a DV CMRRR out TODAY if possible to the CA with the $5981 amount.  Worse comes to worse overnight it signature only requested with UPS or FEDEX etc.  They pick up until 7pm or so.  While you are at it DV the Sears situation as well even though there is a summons.

Were these both resulting from credit card accounts?  What state are you in?  You need to know what your collecting SOL is.  I will assume the debts occured in the same state you are residing in unless you tell us otherwise.

Line up some other attorneys just in case this one does not call you back today.

[Anonymous]

Thanks SmartCookie for responding,

How do I write a debt validation letter..what should I say?...I live in Nebraska..well moved here in 2003..The sears is a store card and had incurred the debt here in Nebraska...As for the other account it was a Beneficial loan that I had taken out to help a family member that was supposed to pay me back and naturally didnt...That was in Jan of '03 but I was residing in NY and moved to Nebraska in Feb of '03...Attorney's secretary just called and said she'd get a hold of me tomorrow.

[SmartCookie]

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AH786 wrote:

Thanks SmartCookie for responding,

How do I write a debt validation letter..what should I say?...I live in Nebraska..well moved here in 2003..The sears is a store card and had incurred the debt here in Nebraska...As for the other account it was a Beneficial loan that I had taken out to help a family member that was supposed to pay me back and naturally didnt...That was in Jan of '03 but I was residing in NY and moved to Nebraska in Feb of '03...Attorney's secretary just called and said she'd get a hold of me tomorrow.

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All about DVs:  http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4328  Keep it simple.

Collecting SOL for Nebraska is 4 years, NY is 6.  Find out the DOFD or DOLA dates for all of this stuff, this is the date that the clock starts ticking.  Your atty should be the one to answer the summons properly... and they should do so close to the end of the 20 days in my opinion. 

If the atty does not see or speak with you in depth tomorrow think about finding someone else due to the time constraints... I think she should have called you at some point today even if only for a moment to say you will be given full attention tomorrow, so I'm not impressed with that.  My DH is a lawyer and he will call people back at any hour just to put them at ease if they have a legitimate concern that they are freaking over. 

[Anonymous]

Thx for your help smartcookie...I called my attny and set up an appointment on sat...hope all goes well!!

[miz]

Smartcookie:

So if the SOL for NE is 4 years, if my DOL is September 2003, they cannot legally report it?  I can have it removed?  TIA.

[octavia]

Hi Miz,

Im sure SmartCookie will respond soon; but, it is my understanding that a bad debt will be reported for 7-7.5 years (CRTP) from the DOLA. 

It is totally different from SOL.  SOL is the amount of years in which they can sue you for an unpaid debt.  The amount varies from state-to-state and it depends on whether the original debt was a credit card/open agreement, written agreement, promissory note or oral agreement.

So if you live in NE and your SOL is 4 years, your DOLA is September 2003 then you are past SOL (again, it depends on the type of original agreement).

This debt will continue to report until 2010.

I hope this helps.

Octavia.