Charge off and Last Day of Activity

[russeal]

What is the name of your state?What is the name of your state?NE

I understand that an account must be charged off with in 180 days of the Last Date of Activity, but does that mean they need to sell it at that time? I know that they can hold it for later collection and I would assume they could sell it at a later date. I would like to verify that it could have been sold at a later date than the charge off. Asset Acceptance claims that the LDA is July 1999. First Select claims it to be June of 2002 which is when they sold it to AA. Bank of America, the original creditor, claims the LDA to be April 1999. I am assuming that AA took their LDA by assuming they sold it when it was charged off, a date which is not correct. This info came from equifax credit report. I am hoping that I can use this in defence by the Statute of Limitations. They filed filed July 2004, just days short of 5 years, the SOL in the state of Nebraska for written contracts. Almost a year to late if I can argue that it is an unwritten contract because it is an open agreement, and so therefore an unwritten contract.

Thank you in advance for any assistance. I have already filed a SOL letter to the attorney.

 

[Ladynred]

The date of last activity reported by the ORIGINAL CREDITOR is the ONLY one that counts in this case, especially if you've never paid on the debt since you defaulted with BofA.

When they sell the debt is irrelevant and it does NOT count against the running of the SOL at all (nor for the reporting period).

If First Select and ASSet has is reporting a different DOLA than BofA, then they are guilty of illegally re-aging the debt.

As for charge-offs and selling to CA's or JDB's, they can sell it at any time or they don't have to sell it at all. Crap1 charges-off but rarely sells the debt, they keep it and usually farm it out to collect. Since Crap1 is also in the business of BUYING other bad debts, its no stretch to see why they would not sell their own.