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bloodywolf

Guest
What is the name of your state? N.M. I submitted a letter some time ago about a second party that was trying to collecton on an old debt. I used one sample letter to them to reply within 30 days
with debt verification. they replied today this has been over 30 days and they send some form of validation. I believe that this has fallen into the sol but I am not sure when the debt was finalized
re the last activity.

do they have a case or should I just send them a cease and desist letter or get a lawyer.
 


bigun

Senior Member
According to www.creditinfocenter.com the SOL on an open account in New Mexico is 4 years. If it has been over 4 years, I think you're safe. But, since you mention it, I sure would see a lawyer and let them send the C&D letter or their letterhead. That might bring you permanent peace.
One thing I would do prior to meeting with a lawyer and that is get familar with the Truth in Lending Act. The TILA specifically defines a credit card as an open account.
 
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bloodywolf

Guest
hey bigun

thanks or your reply,

Yes a lawyer would be a fine thing however this would be costly don't u think. I suppose my question would be to say that i am reasonably sure that the account has had no activity in about 7 years. Is there someplace I could get a free credit report. As so to check the date and viablity of the debt in question. And if this report shows this much time should I then send them a letter of cease and desist. And would this be enough to make them stop completely and forever. Several questions are on my mind:

1. Is the state where the account originated the state that would be used for the SOL clause.
2. And if i send this letter can they still attack my credit report.
3. Do I have legal recourse should they try the above tactic.
 

bigun

Senior Member
You can get a free credit report by applying for credit and if declined, the CRA that provided the report must provide a free one upon request. Derogatory stuff will stay on your report for 7 years.
 

bigun

Senior Member
Bloodywolf,

Don't know why I didn't think of this last night. Go to www.creditnet.com and click on "feedback". That will take you to a FAQ bullet. The last entry is a website hosted by a retired lawyer named Why Chat. He has a very detailed section dealing with SOL issues on a stste by state basis complete with links to state laws and the TILA section that defines credit cards as an open account. He also will accept questions on the discussion forum at www.cardreport.com and he accepts email.
 
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bloodywolf

Guest
read the stuff

some was hard to understand but I think i understand. the sol for an open end account is 4 yrs in N.M. however I dont understand the part about when it was to start if said there was some confusion about it then some jargen that I didn't have a clue about. It said from the time that it was turned over to a collection agency I think. so does that mean it has just begun after 7 years. or did I miss something inthe translation.

forgive my ignorance but hey Iime not a lawyer just aworking joe
could u perhaps read it and put itin simple layman terms if u have time.

If not perhaps it is posted somewhere else in simple terms.

thanks for all your help so far.
 

Ladynred

Senior Member
The SOL starts with the date of last payment.. when it went into delinquency. If you have proof that the last time you paid on the account was 1996, then the SOL has expired !

If its expired, the debt is uncollectable. They can TRY suing you, but you could have it thrown out based on the SOL expiration. If you're certain its expired, send these jerks a cease and desist letter, certified, return receipt requested. In it you tell them never to contact you about the debt again as it is past the SOL expiration.. they'll usually go away.
 

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