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03-28-2005, 08:52 PM
| | Member | | Join Date: Nov 2002 Location: delaware
Posts: 71
| | | Am I past the SOL
What is the name of your state? DE
In spring of 1999 i got 3 school loans from BankOne and the money went straight to me. I paid the bills on time till the middle to end of 2000 and then my income slowed down so i became late and behind on them. They total together about $26,000. then it got bought by wells fargo and they told me i had 24 months to pay this and to pay $1,100 a month together and i only made $1,200 a month gross. so i paid them not knowing at the time it was not legal. from 2001 april to july 2002 i paid off about half of that 26,000 and then asset acceptance now owns it. am i beyond the SOL for these debts? they want me to pay more than I can afford a month and they dont even try to work with me. I have to pay rent and other bills which leaves me with only $40 a month i can pay on each. |
03-29-2005, 12:54 AM
| | Member | | Join Date: Mar 2005
Posts: 87
| | Quote: |
Originally Posted by shorti1 am i beyond the SOL for these debts? | Answer: Nope. As long as they are backed by the government, they will never be beyond the SOL. |
03-29-2005, 06:50 PM
| | Member | | Join Date: Nov 2002 Location: delaware
Posts: 71
| | | but these are not federal loans i got them from bankone who sold or assigned to wellsfargo then to asset acceptance |
03-29-2005, 06:56 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | | The loans are written contracts. That means the SOL in DE is 3 years. However, you were paying Wells Fargo for this debt, which means you reset the SOL with ever payment. Ypu probably are NOT beyond the SOL.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
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03-29-2005, 07:35 PM
| | Member | | Join Date: Nov 2002 Location: delaware
Posts: 71
| | | wells fargo took them over in early 2001 then in end of 2002 or maybe the beginning of 2003 asset acceptance took over but they say they are collecting for wells fargo so when would they run out. |
03-29-2005, 07:58 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | | The SOL would start up again when you stopped paying and never paid again. If that was more than 3 years ago, and you can prove it, you may be beyond the SOL. ASSet loves to buy out-of-statute debt, they RARELY take assignments to collect for others. Chances are pretty good they bought it from Wells Fargo.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
|
03-29-2005, 08:55 PM
| | Member | | Join Date: Nov 2002 Location: delaware
Posts: 71
| | | i made 1 payment to one of the 3 accounts asset acceptance since they bought it does that change anything? what should i do if the sol is past? |
04-02-2005, 03:15 PM
| | Member | | Join Date: Nov 2002 Location: delaware
Posts: 71
| | | What is the SOL for a credit card debt? |
04-02-2005, 07:08 PM
| | Member | | Join Date: Mar 2004
Posts: 216
| | | I live in DE also. Some websites say 3 years, others say 4 years. Before I filed bk at the end of August 2002 my bk lawyer said it was 3 years. |
04-03-2005, 06:08 PM
| | Member | | Join Date: Nov 2002 Location: delaware
Posts: 71
| | | well i will check my payment records but i know my last payment to wells fargo was june of 2002 so i guess my SOL would run out July or august? | |
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