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Asset's At Me, but can SOL help?
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Posted by alexander
(164.214.4.62) on January 29, 2004 at 12:31:36:
This is a regarding an old Providian account which I stopped paying on in May or June 1999. The balance of $1359 was not charged off by Providian until April 2001, nearly two years after the last payment I made to them. According to my credit report, the balance was then transferred to Asset Acceptance in July 2001. I received ocassional letters from Asset trying to work out deals (politely) or demanding payment in full (aggressively). I pretty much ignored them all. Earlier this month (about Jan 6th) I got a letter from Asset offering up some settlements since we're so close to tax return time. By the way, the balance has grown to about $2300 since Asset took over. I continued to ignore. A couple of days ago, I received a letter (dated Jan 20th) from a law firm here in my state (Virginia), pretty much demanding that a pay the balance in full within 30 days, or else they would recommend that the original creditor file suit. (Oh, and now the balance is over $2700, up from $2300 earlier this month...) My questions:
The statute of limitations in Virginia is three years for credit card debt. This should make me bulletproof from any attempt at a lawsuit, right? But wouldn't a LAW FIRM in VIRGINIA be aware of the statute? I have not yet acknowledged any letters from Asset, or the law firm for that matter. I intend on sending a Validation of Debt letter, but should I send it to Asset or its lawyers? Since they've threatened to sue me outside of the SOL, does that constitute a violation of the FCRA? Can I send the lawyers a letter stating the SOL in Virginia as a preemptive strike against a potential lawsuit, or should I send it to Asset?
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