topic Re: SOL confusion and debt verification in Rebuilding Your Credit

SOL confusion and debt verification

Anonymous — Sat, 13 Oct 2018 13:05:47 GMT

This is an embarrassing question but I want to make certain I am understanding this correctly. My vehicle was repossessed in December of 2015. It was a voluntary surrender. It went into default in June 2015. May of 2015 was when I made my last payment. The statute of limitations in Mississippo for a rep is 3 years. So therefore, it is too late for them to sue correct? I never heard anything back from them once the vehicle was surrendered. Lastly, I want to send a letter to verify the debt because they are reporting a different balance on each of mine and my husband's credit reports. Is this a smart thing to do? What is the best way to do it? Any insight would be great!

Re: SOL confusion and debt verification

Medic981 — Sat, 13 Oct 2018 13:22:51 GMT

@Anonymous wrote:
This is an embarrassing question but I want to make certain I am understanding this correctly. My vehicle was repossessed in December of 2015. It was a voluntary surrender. It went into default in June 2015. May of 2015 was when I made my last payment. The statute of limitations in Mississippo for a rep is 3 years. So therefore, it is too late for them to sue correct? I never heard anything back from them once the vehicle was surrendered. Lastly, I want to send a letter to verify the debt because they are reporting a different balance on each of mine and my husband's credit reports. Is this a smart thing to do? What is the best way to do it? Any insight would be great!

Your DoFD is May 2015 so SOL would be May 2018. As I understand it you are judgment proof at this point. Your creditor should have contacted you after your vehicle was sold and informed you what your delinquency or the amount remaining of your original debt owed. As the repossession is on your CRs I would send a letter requesting validation of the debt to the OC.

Re: SOL confusion and debt verification

bass_playr — Sat, 13 Oct 2018 15:12:55 GMT

I personally don't like the term "judgment proof". There really is no way to be "judgment proof". In some circumstances, you might be in a position where collecting on a judgment proves impossible, but they can always sue and secure a judgment against you.

Yes, the SOL has run on your account. So, while the SOL has run, they CAN still sue you. And if you do not properly fight it, they WILL often win a judgment. They could also perform sewer service with the summons and you'd never even know you were sued until it was all over. Sadly, there are many people today that would not respond to a summons even when a simple motion to dismiss due to the debt being time-barred would take care of the whole thing.

Regarding credit reporting, if I may ask, who is reporting? Different companies do things differently and it's possible that someone here may have dealt with that same company before and could offer you insight. But as far as the SOL having run out, I don't see an issue with you disputing the credit reporting. But that's how to do it--don't send the creditor a letter directly. Dispute through the credit bureaus.

Re: SOL confusion and debt verification

vntrsc — Sat, 13 Oct 2018 15:26:15 GMT

@Medic981 wrote:
@Anonymous wrote:
This is an embarrassing question but I want to make certain I am understanding this correctly. My vehicle was repossessed in December of 2015. It was a voluntary surrender. It went into default in June 2015. May of 2015 was when I made my last payment. The statute of limitations in Mississippo for a rep is 3 years. So therefore, it is too late for them to sue correct? I never heard anything back from them once the vehicle was surrendered. Lastly, I want to send a letter to verify the debt because they are reporting a different balance on each of mine and my husband's credit reports. Is this a smart thing to do? What is the best way to do it? Any insight would be great!
Your DoFD is May 2015 so SOL would be May 2018. As I understand it you are judgment proof at this point. Your creditor should have contacted you after your vehicle was sold and informed you what your delinquency or the amount remaining of your original debt owed. As the repossession is on your CRs I would send a letter requesting validation of the debt to the OC.

Validation of debt falls under the FDCPA and does not apply to original creditors.

Re: SOL confusion and debt verification

RobertEG — Sat, 13 Oct 2018 16:27:17 GMT

Debt verfication/validation per se is, as stated in a prior response, only sent to debt collectors, and is a debt collection practices matter under the FDCPA. See FDCPA 809(a).

However, if the amount of an asserted debt is reported differently with different CRAs, one or more must be inaccurate reporting, and thus disputable under the FCRA. See FCRA 611(a).

A dispute requires that you identify the specific item of information that is asserted to be inaccurate (e.g., the current balance reported to the CRA). Your documentation for asserted inaccuracy could be your own account statements and/or the reporting by the same creditor on the same debt of a differing value with another CRA.

The CRA will forward the dispute to the creditor, who must then conduct a reasonable investigation and either verify the accuracy of the debt balance reported to that CRA or correct to be consistent with the value they have reported to the other CRAs.

Re: SOL confusion and debt verification

Anonymous — Wed, 17 Oct 2018 17:28:07 GMT

I checked our reports again today and noticed that the balance on the accounts has changed again!! They have not reported a payment history since 2016 but between mine and my husband's reports, there are 4 difference balances shown. I read that was a FCRA violation? Should I do anything?

Re: SOL confusion and debt verification

vntrsc — Wed, 17 Oct 2018 21:24:09 GMT

@Anonymous wrote:
I checked our reports again today and noticed that the balance on the accounts has changed again!! They have not reported a payment history since 2016 but between mine and my husband's reports, there are 4 difference balances shown. I read that was a FCRA violation? Should I do anything?

You must dispute with the CRAs as described in RobertEG’s post (Message #5) and wait for the results of your dispute.