SOL/CA/OC...confused...?

[Anonymous]

I've been doing a ton of research and I'm a bit confused about SOL. The SOL for my state is as follows:

Oral Contract: 3 years

Written Contract: 3 years

Promissory Note: 5 years

Open-Ended Accounts: 3 years

I have a debt from Time Warner (OC). The DOFD is 10/2008. However, Time Warner is not listed on my CR, NCO Financial (the CA) is listed on my CR, and my debt was reported to the CA on 08/2010. The estimated date of removal is based on the DOFD, as it should be. I want to send out a PFD to NCO Financial, however, I'm confused as to whether or not I'm within the SOL. Since the OC is not listed on my CR, is the SOL based on the DOFD, or is it based on the date that the debt was placed for collection?

Btw, I have been hopelessly searching the site for answers. Any advice, links, etc., would be greatly appreciated. Thanks in advance!

[fused]

Welcome to the forums!

Since your question is really about fixing a negative item on your credit report, I'm moving your post to the rebuilding your credit forum. Good luck!

[MarineVietVet]

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@Anonymous wrote:

I've been doing a ton of research and I'm a bit confused about SOL. The SOL for my state is as follows:

Oral Contract: 3 years

Written Contract: 3 years

Promissory Note: 5 years

Open-Ended Accounts: 3 years

I have a debt from Time Warner (OC). The DOFD is 10/2008. However, Time Warner is not listed on my CR, NCO Financial (the CA) is listed on my CR, and my debt was reported to the CA on 08/2010. The estimated date of removal is based on the DOFD, as it should be. I want to send out a PFD to NCO Financial, however, I'm confused as to whether or not I'm within the SOL. Since the OC is not listed on my CR, is the SOL based on the DOFD, or is it based on the date that the debt was placed for collection?

Btw, I have been hopelessly searching the site for answers. Any advice, links, etc., would be greatly appreciated. Thanks in advance!

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Welcome to the forums.

The SOL is generally basd upon the DoFD so it could be expired depending on the type of debt you have. And even if the SOL isn't expired you can still send a PFD if you have the funds on hand to PIF just in case the PFD is answered with a lawsuit.

Have you sent a DV to NCO yet? I would do that first.

[pizzadude]

Generally it is based off of DOFD, the date you first became delinquent before it was finally charged off.

Based on the dates you posted of 10/2008 and 3 years ~ this debt is out of SOL.

CAs can continue to collect on out of SOL debt, it just gives you a defense if you are sued.

[RobertEG]

What were the terms and conditions of debt established with the OC?

Did you execute a written contract with them for goods or services?  I dont see anythng in the original post that clearly identifies the terms/type of the debt.

If a written contract, the SOL may be 5 years.

If revolving credit, then the debt would be open-ended, with a 3 yr SOL.