Re: WhyChat....Re: After Chargeoff posted Nov. 26, 2003

Posted by Why Chat (209.240.205.61) on November 28, 2003 at 01:51:40:

In Reply to: Re: WhyChat....Re: After Chargeoff posted Nov. 26, 2003 posted by StringBean on November 28, 2003 at 01:11:00:

If this is a credit card debt, the SOL in NJ is 3 years,not 6.
If you go to my website,and read the NJ statutes posted on the NJ page you will see the appropriate laws.

If this was an installment loan account, it would depend on the kind it was, if it was for goods and services, the SOL is 4 years.

If it was a personal loan or note, then the SOL in NJ is 6 years.

If you opened this account, and made NO payment beyond the initial payment for 6 months, and the OC THEN accepted a payment from you,it would depend upon the circumstances of the payment. If there was a mutual agreeent to rescind a "chargeoff" then even if the account was not brought "current" an OC is permitted to re-age an account and CONSIDER it brought current with a mutual agreement in writing.

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