topic Re: No SOL listed... in Rebuilding Your Credit

No SOL listed...

Anonymous — Tue, 05 Jan 2010 06:34:17 GMT

Agencies are not reporting the date of last activity. How can I be sure that I am outside of the SOL if no date given? And If I DV, does that count as activity?

EQ 641

TRU 639

Re: No SOL listed...

RobertEG — Tue, 05 Jan 2010 07:27:10 GMT

SOL begins, in almost all legal jurisdictions, with the date you first went into default, which is usually your DOFD on the OC account.

If you intend not to pay, and rely upon SOL for legal defense of a lawsuit for unpaid debt, then you have to know your state SOL law. Most states peg running of the SOL based on the same DOFD used for credit reporting, but SOL statutes vary by state. So what you have to do is look up your state law by googling on "statute of limitations fir debt (state name)".

Some states, such as Texas, provide for no reset of the SOL after the initial date of default. Others provide for reset of SOL based on subsequent payments made against the debt. A few provide for reset of the SOL due to simple offers to pay, which is what a PFD offer is.

But a DV letter is for debt verification under the FDCPA, not an offer to pay or acknowledge anything, and will not, under any state law, ever reset your SOL.

Re: No SOL listed...

Anonymous — Wed, 06 Jan 2010 06:22:56 GMT

@RobertEG wrote:
SOL begins, in almost all legal jurisdictions, with the date you first went into default, which is usually your DOFD on the OC account.
If you intend not to pay, and rely upon SOL for legal defense of a lawsuit for unpaid debt, then you have to know your state SOL law. Most states peg running of the SOL based on the same DOFD used for credit reporting, but SOL statutes vary by state. So what you have to do is look up your state law by googling on "statute of limitations fir debt (state name)".
Some states, such as Texas, provide for no reset of the SOL after the initial date of default. Others provide for reset of SOL based on subsequent payments made against the debt. A few provide for reset of the SOL due to simple offers to pay, which is what a PFD offer is.
But a DV letter is for debt verification under the FDCPA, not an offer to pay or acknowledge anything, and will not, under any state law, ever reset your SOL.

SOL, by definition, in every jurisdiction begins to run from the date the creditor / plaintiff had a cause of action against you and this is not always the date you missed your first payment. Particularly with installment debt -- but also on some credit card debt -- if there is an acceleration clause in the contract you can find the SOL may start running long after you missed your first payment.

Also, creditors may have more than only one opportunity for a cause of action. If you missed payments and subsequently started paying again, the SOL may start running only after your finally stopped trying to pay.

A PFD can be worded to offer payment yet also deny validity of the debt.