Collection Accounts...

[Anonymous]

Hello, I live in CO but I'm from CA, I had an auto that was turned in by me couldn't pay it anymore. Since I live in Colorado which SOL should I use the one from CA or CO, does this also go with the collection accounts?

Thanks in advance...

[Anonymous]

They can sue under SOL laws for the state you opened the account or the laws of the state you currently live in, and in some cases, the laws of the state you defaulted in if different from the above states.

So, to be on the safe side, use the longer of the SOL periods. Also read your state statutes regarding tolling SOL when you are out of state.

[Anonymous]

Thanks, so a auto loan would be considered a promissory note? CA if is PN 4 yrs. and CO. is 6 yrs.or open accounts CA 4 yrs. CO. 6 yrs. It should be removed this May, but the collection agency will remain right?

Thanks..

[Anonymous]

This is what I found on line would this be right, it doesn't match up with bankrate.com on the SOL....

Edited due to copyright laws.

You can't copy and paste large amounts of information from another website because of copyright laws. You can post a summary and if it is from a website that is not prohibited, you may post a link to the website.

-sidewinder

Message Edited by sidewinder on 02-25-2009 07:54 AM

[Anonymous]

This one looks rigt...

* CALIFORNIA

INTEREST RATE - Legal: 10% - Judgment 10% (Unless otherwise contracted)

STATUTE OF LIMITATIONS (IN YEARS) - Open Acct: Reduced to writing - 4 - Open Acct: No writing - 2 - Written Contract 4 - Domestic Judgment 10 (renewable at 10) - Foreign Judgment 10 (commencing with judgment debtor's commencement of CA residence)

BAD CHECK LAWS (CIVIL PENALTY) - Amount due, Treble damages - minimum $100 maximum $1500 per check

GENERAL GARNISHMENT EXEMPTIONS - See federal law. Exemptions for necessities of life.

COLLECTION AGENCY BOND & LICENSE - No license or bond required.

COLORADO

INTEREST RATE - Legal: 8% - Judgment 8% (or higher if specified in contract or note)

STATUTE OF LIMITATIONS (IN YEARS) - Open Acct: 6 - Written Contract 6 (signed promissory note) - Written Contract Goods Services: 3 - Domestic Judgment District Court 20 (renewable every 20) County Court - 6 (renewable every 6) - Foreign Judgment 6 in CO

BAD CHECK LAWS (CIVIL PENALTY) - Treble Damages & Reasonable Fees

GENERAL GARNISHMENT EXEMPTIONS - See federal law.

COLLECTION AGENCY BOND & LICENSE - Bond: $10,000 - 20,000 - License: Yes - Fee: Determined by collection agency board

[Anonymous]

The SOL you are talking about is legal SOL. Has nothing to do with reporting on one's credit report. It has to due with the time a creditor has to sue you.

CRTP is 7 - 7 1/2 years from DOFD, regardless of what state you are in......unless you are a NY resident.

See the link titled "state resources" in my signature.