Re: How do you compute "delinquency" in terms of SOL?

Posted by Linda on October 17, 2001 at 20:08:50:

In Reply to: How do you compute "delinquency" in terms of SOL? posted by Lori on October 17, 2001 at 12:49:25:

No collection efforts were made between 1994 and the present? If that is the case (most likely) this collection agent has purchased this debt - the original creditor has most likely charge it off a long long time ago. If it isn't out of statute it will be soon. I would send a validation letter - that tells the collection agent to prove that this debt belongs to your friend. She should send this certified Return receipt requested. This will take a while. If she hears nothing back, the collector has most likely given up and gone looking for someone more vulnerable. If she does get something back, wait a couple of weeks and send a letter telling the collector not to contact her any more. She should be home free at that point. They can still take her to court, but if they do (I doubt it) she just has to show up and claim the statute of limitations as her defense. Tell her to keep copies if everything.

Georgia law apply - from lawdog site:

Statutes of Limitation:

Civil actions generally can be commenced only within certain time limitations. The time generally runs from the date a cause of action accrues or from the date injury or damages are discovered or should have been discovered.

When a cause of action accrues is a critical issue and may be different on a case by case basis. A creditor should always consult actual legal counsel to determine its right to action under the applicable statutes. Some of the time limitations relevant to credit and collection matters are as follows:

Open account, oral contract 4 years
Section 9-3-25

Written contract 6 years Section 9-3-24

Sale of goods 4 years Section 11-2-725

Recovery of personal property 4 years Section 9-3-32

Goog luck!

Linda

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