Update Re: Asset Acceptance & SOL Lawsuit
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Posted by hsmom22 (216.51.153.180) on May 15, 2003 at 18:10:48:
Long story short, we lost. My husband went back to court on May 8th. They threw out the Montgomery Wards account because they could not validate it. The judge told Asset that credit cards are open-ended accounts with a 5 year SOL and that it didn't look good for them. Well, today we get the court papers saying that she ruled against us as these cards are considered WRITTEN CONTRACTS with an SOL of 10 years. These are credit cards. One was Citibank Visa and the other was Radio Shack. I am so disgusted with Iowa's legal system I could scream. We have contacted a lawyer in Illinois referred by someone on this forum and he's interested in suing Asset on our behalf over reaging our accounts on our credit reports. My husband and I are now considering if it would be in our best interests to file an appeal or just give in and file for bankruptcy. We lost a similar case in 2001 and we had absolute proof that SOL had run just as we did this time. We truly feel we can't win in Iowa on this even though the law is plain. My husband's wages are being garnished from the 2001 judgment. We cannot afford to have this happen again. We are barely scraping by. Sorry to whine but I am truly discouraged. We sincerely thank everyone from this forum who helped us with this case. We have appreciated everyone's support and help. Thanks you!
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