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Debt Counseling Service & SOL


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Posted by NeverAgain (152.163.189.170) on December 13, 2002 at 04:28:45:

This is long just to give a little history of our problem. In 1996 our credit card debt being very high, we were robbing Peter to pay Paul. Although we paid our minimums with maybe an account being delinquent one month or so now and then, we decided to go with a counseling service to reduce interest rates, eliminate fees etc. and a hope to get out of debt quicker. This of course caused the creditors to close the accounts. After less than a year I decided to save the $25 fee being paid for their service and go it alone. We have continued to pay all these years with very few if any delinquencies.

Our income dropped considerably this past year and we have not been able to pay anything on these accounts for at least 3 months now. We have always had excellent credit other than the bad mark the counseling service gave us and we have in good faith tried to pay these debts. Unfortunately after all these years the balances have not been lowered much due to the high interest rates these companies charged.

I feel guilty right now because we can't pay but at the same time I know we have paid at least twice the original amount charged and then some due to interest So they have gotten their money and don't feel we have taken advantage of credit and then run.

My question is regarding the 4 yr. SOL for Nebraska. I'm confused by the "original" date and activity on the cards. If the first delinquency was in 1996 but we continued to pay all these years with no charges because the accounts were closed, do we start over now with the last 3 months or would it have begun back then? I'm trying to think ahead of the consequences should we not be able to start paying again before the credit card companies turn us over for collection. Thanks in advance for any help.


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