Re: SOL and paying off debt

Posted by AB on November 06, 2001 at 22:44:13:

In Reply to: Re: SOL and paying off debt posted by Linda on November 06, 2001 at 20:20:16:

So in other words even if one did not respond to letters from collection agencies and the time elements had passed (SOL: 6 years, Credit Reporting: 7 years w/documented proof of charge-off) - it's a safe bet they couldn't do anything. I can't say that I enjoy this - but so far everything else I have is on time. Had to laugh, on the news, they are telling everyone to call their creditors if they fall upon hard times because most will work with you especially with the economic downturn. To some degree that may be true - but some are down right nasty. We all suffer from these practices in the form of extremely high interest rates or inability to get loans. There really should be mandatory Federal legislation halting these kind of practices especially if one can demonstrate illness, loss of employment, etc. Just my thoughts!

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