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Re: sol-home purchase VS. past CC debt-why chat or anyone

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Posted by LadynRed ( on November 05, 2002 at 09:52:46:

In Reply to: sol-home purchase VS. past CC debt-why chat or anyone posted by steve on November 05, 2002 at 04:24:08:

The SOL in CA for open ended accounts is 4 years. So, if the last payment made on ALL of those accounts wasy 5/98, the SOL has expired and they can no longer sue you to collect.

1 - If the CA's come out of the woodwork, as well they might, get their addresses and send them WhyChat's expired SOL cease and desist letter, certified return receipt requested. They usually go away.

2- Yes - SOL does start from the Date of Last activity, which is usually a payment or charge. Charge-offs happen at 180 days of non-payment.

3 - Lines of credit are like revolving accounts, usually. You use some, your available credit goes down, you pay some, it goes back up.. revolving = credit cards = open-ended account.

4 - For the next few years,probably yes. Once all the bad stuff drops off your CR in 3 more years, you should be able to get a better rate.

5 - Becuase, unfortunately, attorneys that don't practice all the time in consumer protection laws such as the FDCPA, FCRA, and FCBA are just not 'up' on what the laws really are. The same holds true for far too many judges.

Bottom line, they CANNOT legally sue you. If they do attempt it, you go to court and cite the expired SOL as your defense and the suit will be thrown out.

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