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Scutterbug wrote:I am seeing on the threads that you shouldn't send a DV letter unless the SOL has expired? Is that true? Should I not request that he must "validate this debt"?If you are within SOL, you may wake a sleeping dog. Meaning, you will draw attention to the account, they could realize it is still outstanding and you are within SOL. Then they will probably take the steps to get you in court. You can DV if you want, just be prepared for the outcomes. Check your state laws regarding foreclosures and amounts not covered.What are my rights for this? Will he have to remove this in 10/09 when the 7 year SOL runs out?I think you are referring to the 7 year CRTP(Credit Reporting Time Period). This goes from the date you went deliquent on the account and is 7-7.5 years and yes it will have to be removed. SOL goes by state and type of account. Check SOL here-
@Anonymous wrote:When I was going through the foreclosure I also was having credit card issues and went with Consumer Credit Counseling and I paid off all my debts in full, but those companies were even reporting delinquencies when I was paying them on time each and every month. So hopefully, they'll remove those. I don't know if they can do that or not, but it certainly seems wrong to report something being paid late just because you are with a credit counseling company.
I'm sure it would be promissary note, maybe written. Just b/c SOL is out doesn't mean you can have it removed, it means that if they sue and you appear in court and use "expired SOL" as your defense, they won't win.
Scutterbug wrote:Thanks Sidewinder! On the website you gave me, for North Carolina, there's not a listing for collection accounts, would I go by Promissory Notes? If so, then that's 5 years and that would be up right? Since it was a mortgage to begin with but he is reporting as an installment loan? Let me know that would be awesome if I could get it taken off!Thank you again!