What should I do

[threetime]

What is the name of your state (only U.S. law)? NC

OK my problem is driving me nuts. I was living in NC and the job market went to the crapper. I lost almost everything I owned except my car which I had to keep to look for work. I had to let four credit cards go. Well I finally got a job in Montana and am getting back on my feet. I have a couple questions. If my original debt was in NC and the SOL is say 7 years and I move to MT where the SOL is 8 years, then what is my SOL now? Also I have tried to pay these accounts to try to rebuild my credit, but the agent I am talking to will not send me in writing that if I pay these accounts off, they want start the SOL all over again nor will they send me a letter stating the new payoff will be final. She said they don't do that. Now reading on hear I have learned that I would be an idiot to pay them anything until I get all this in writing.

Also I had a friend that got hurt and lost his car and had a ton of medical bills that he never could pay because the drunk idiot that hit him didn't have enough insurance for him to cover his bills. Now this friend of mine pay a guy to wipe his credit. It worked and his credit has been fine for 5 years now. Is this legal? And would this fast track me into fixing my credit after I get everything paid off.

 

[ShyCat]

Yes, bankruptcy is legal.

 

[threetime]

This site used to be great for answering questions and giving solid advice. If you don't want to answer the questions ask, then please go XXXX off at your own expense. I ask simple questions looking for correct answers. Shycat, you seem to have learned your bedside manor from DebitCollector.

 

[Proserpina]

This site used to be great for answering questions and giving solid advice. If you don't want to answer the questions ask, then please go XXX off at your own expense. I ask simple questions looking for correct answers. Shycat, you seem to have learned your bedside manor from DebitCollector.

I believe you will find that Shycat's response was completely correct.

From which date do you believe the SOL will start ticking? The date you opened the account? The date of your last payment?

 

[ShyCat]

I'm sorry, I should have been clearer. I was only answering this particular question:

Now this friend of mine pay a guy to wipe his credit. It worked and his credit has been fine for 5 years now. Is this legal?

I chose not to answer the first question re SOL simply because I didn't want to take the time to write out a well-researched and complete answer. So shoot me.

 

[TigerD]

I believe you will find that Shycat's response was completely correct.

From which date do you believe the SOL will start ticking? The date you opened the account? The date of your last payment?

Why does it matter? If he pays the accounts off, there will no debt left to which the SOL applies. Unless, the OP is trying to say that he is seeking a settlement. 1. The SOL applies from the state you signed the agreement or location the contract specifies. 2. The SOL tolls while you are out of state (there are exceptions and you can look them up, but it is a pointless waste of time for me to do it when you are simply going to argue with everything I say). 3. Ask for a settlement offer in writing. If you have the money, tell the collector you'll wait on the phone while they fax it and you'll make the payment as soon as it is received.

DC

 

[Proserpina]

Why does it matter? If he pays the accounts off, there will no debt left to which the SOL applies. Unless, the OP is trying to say that he is seeking a settlement. 1. The SOL applies from the state you signed the agreement or location the contract specifies. 2. The SOL tolls while you are out of state (there are exceptions and you can look them up, but it is a pointless waste of time for me to do it when you are simply going to argue with everything I say). 3. Ask for a settlement offer in writing. If you have the money, tell the collector you'll wait on the phone while they fax it and you'll make the payment as soon as it is received.

DC

I got the impression OP may have been wanting to use the SOL as the reason the creditor cannot sue to collect the debt. The reason I asked was to make sure OP is clear as to how the SOL applies in that situation

(ie from the date of the last activity - payment in this case - on the account, and not the date the debt was actually first incurred...)

 

[Antigone*]

...and in case the OP doesn't know what "tolling" the SOL means (and we do because we are "smart-blanks") it means the time left for the SOl to expire stops.