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SOL question?

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Anonymous
Not applicable

SOL question?

Hi, Wanted to ask about SOL.  How can this benefit me in regards to a collection?  I know that this means that they cannot sue for the money, but if its past SOL does this mean they will do a PFD?  And what is the SOL for California? 
 
Also, if a collection is listed on my report, without specifics. I.E. if the dates and balances are not being reports will this benefit or hurt me?  Is it better if it is reporting details? And same for regular accounts such as SL's and CC's.. Should these also be displaying specific dates and balances? Thanks!!!!
Message 1 of 4
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Junejer
Moderator Emeritus

Re: SOL question?



@Anonymous wrote:
Hi, Wanted to ask about SOL.  How can this benefit me in regards to a collection?  I know that this means that they cannot sue for the money, but if its past SOL does this mean they will do a PFD?  And what is the SOL for California? 
 
Also, if a collection is listed on my report, without specifics. I.E. if the dates and balances are not being reports will this benefit or hurt me?  Is it better if it is reporting details? And same for regular accounts such as SL's and CC's.. Should these also be displaying specific dates and balances? Thanks!!!!



http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8    
The previous URL will help you figure out your SOL for your state.  If a debt is past SOL, the CA can still try to sue you, but will not be able to win, if you answer beyond SOL.  If there is a collection reporting on your credit report, it is hurting you period, whether or not it has details.  You need to first figure out SOL.  If past SOL, DV the CA.  If close to SOL, but not past, let the sleeping dog lie until past SOL, then DV.  Never sign DV, just type in your name and send it CMRRR.






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Message 2 of 4
Anonymous
Not applicable

Re: SOL question?

The debt being past SOL gives you leverage to obtain a PFD - there is NO way they can legally collect (now the legally is contrary to being a CA) -so it is to their benefit to take your offer to make money on the debt.
 
If they refuse and you stand firm - it will be on you CRs until it drops - there is nothing that says you can't wait a month or two and then offer again (eventually someone with some sense will receive your mail)
Message 3 of 4
Anonymous
Not applicable

Re: SOL question?

So would this refer to credit cards that have been sold to other companies?  My mom has a credit card that raised her interest sky high and she continued to pay all her other bills but she refused to pay this one...  if they have not sold this account which date does she need to check or does this even apply to the OC if it is a CCC?
Message 4 of 4
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