Author Topic: SOL Question  (Read 45 times)

0 Members and 1 Guest are viewing this topic.

Sandy Toes

  • Valued Member
  • Posts: 14
SOL Question
« on: Yesterday at 10:40:12 PM »
Hello All

Quick question.

When SOL expires in NJ for CC debt if my last payment to creditor was 05.17.2010 ( Just checked my bank statements. All 3 CRA report different delinquency dates for it  ) Citi is OC, now owned by Unifund. South Dakota ( per Citi Contract ) & NJ SOL is 6 years.  Will it be 06.17.2010 ?
Is there a chance that applying for mortgage now can trigger them to action.
( Problems with landlord, have to move, exploring an option of buying instead of renting )

Thank you

Flyingifr

  • -DEAN EMERITUS-
  • Valued Member
  • Posts: 7795
  • Welcome to my Temper Tantrum
Re: SOL Question
« Reply #1 on: Yesterday at 11:41:50 PM »
I suggest you rent for another year just to make sure. It is much easier to get a suit dismissed when the SOL expired a year before the SOL date than a day before the SOL date. It shouldn't be harder, but some jurisdictions and some judges are pro-creditor and they will look at the law (or twist it) any way they want to.

Also keep in mind there are two SOL's - one for suit and one for credit reporting. Guess which one counts more to mortgage lenders (hint.... it's not the SOL for suit). There have been several DB members who have applied for mortgages after the SOL for a collection account had run out but the SOL for credit reporting had not and the mortgage company still insisted they pay off the debt before they would make a mortgage, and in that instance they had NO leverage to get a favorable settlement.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Sandy Toes

  • Valued Member
  • Posts: 14
Re: SOL Question
« Reply #2 on: Yesterday at 11:54:51 PM »
Flyingifr
Thank you for your response

When do you think would be a safe time to start trying to remove it from CR ?

 

credit