Do I pay them??

[gtbusnardo]

What is the name of your state? CA
In May 2001, I stopped paying credit card debt. All, except for two, were sold off. I've settled all of the debt, except for one, which was bought by Credigy. They are unreasonable in their negotiation (they want $2,000 more than the debt originally charged off at in September 2001). This is affecting my employment. Credigy tells me that the SOL will not run until 2007, I understand that it ran in 2005 (4 years). At the time of default, I was living in CA. One month later, I moved abroad to start work, and have remained since. In 2003, I changed permanent residence to CO. Other than meet their demands, have I any alternatives? What is the SOL?What is the name of your state?

[seniorjudge]

Originally Posted by gtbusnardo

What is the name of your state? CA
In May 2001, I stopped paying credit card debt. All, except for two, were sold off. I've settled all of the debt, except for one, which was bought by Credigy. They are unreasonable in their negotiation (they want $2,000 more than the debt originally charged off at in September 2001). This is affecting my employment. Credigy tells me that the SOL will not run until 2007, I understand that it ran in 2005 (4 years). At the time of default, I was living in CA. One month later, I moved abroad to start work, and have remained since. In 2003, I changed permanent residence to CO. Other than meet their demands, have I any alternatives? What is the SOL?What is the name of your state?

Q: One month later, I moved abroad to start work, and have remained since.

A: The CA SOL stopped running that day.




Standard answer on expired SOL and/or validation and/or dispute letters. There are thousands of posts similar to yours on this forum so I have prepared a standard answer.

SOL (Statutes of limitation are DEFENSES to lawsuits; they do NOT provide a method to stop someone from suing you. This defense means when they sue you, you answer with the defense that it is barred by the SOL.)

[url]http://www.bcsalliance.com/y_debt_sol.html[/url]

[url]http://www.fair-debt-collection.com/Disputing_Collections/SoL-dispute-letter.html[/url]


Validation letter samples you can get at :
[url]www.creditinfocenter.com[/url]
and [url]www.creditboards.com[/url]


Disputes: You can write a letter of dispute to the three credit reporting agencies.

Go this website to find instructions and samples for how to dispute: [url]http://www.creditinfocenter.com/creditreports/[/url]

Sometimes errors are easy to remove and sometimes they stick like glue. It is inexpensive to try and not difficult.

I am NOT a creditor-debtor lawyer; stand by for further help.

I am NOT vouching for the accuracy of these websites!

Debt settlement:

[url]http://forum.freeadvice.com/showthread.php?t=293829[/url]

[gtbusnardo]

Thank you for your response. I did, in fact, see your standard response before and I followed through as suggested. I understand that the SOL is a defense; what I need to know is when it runs out. If I understand your response, the SOL was tolled because I left the country. I thought that occurred only if the debtor intentionally hid from the debt, which I did not do. I want to pay this debt as I did the others, just not $2000 more than the original debt. I imagine they bought the debt for pennies. This matter is affecting my employment and I need to resolve, which means that I need to pay it. 'm trying to determine whether I have to pay them what they are demanding or whether I have other alternatives.

[Chien]

I don't understand.

You give your state as CA (presumably, where the debt arose), but your permanent residence as of 2003 is CO, and you moved abroad "and have remained there since"? Advice would be easier, if it was clear whether you're in CO or still abroad.

It's easy to say that the SOL is tolled if you move out of state. Actually, it's tolled when you become unavailable for service of process, and could not be located by reasonable, due diligence. If you had debts in CA and you send a certified letter to all creditors that "as of 1/1/06, I am relocating, and my new, permanent residence will be 1234 Main Street, Denver, CO 90000 on and after that date", there's a very good arguement that the SOL is never tolled. As for moving abroad . . . .

[gtbusnardo]

Thanks to you as well. Both responses were very helpfu.