Charge off SOL

[headoff31]

What is the name of your state? Alabama

I recently got a call from a collection agency who bought a charged off debt. I beleive the Statue of limitations has expired. Its been 3 years since last activity. Should i send them a cease comm letter or a validation letter?



Thanks

 

[justalayman]

a SOL defense does not prevent the creditor from suing you, merely collecting.

Don;t knwo how Alabama views things but it seems more and more states are considering credit card debt as written contracts rather than open accounts, which would make the SOL 6 years rather than 3.Might want to get the cleared up before pissing them off.

the term "charged off" is meaningless to a debtor. all it means is the creditor that charged it off is considering it a loss for tax purposes. It means absolutely nothing to the validity of the debt.

 

[headoff31]

Thanks,

That helps. If the SOL is 6 years is it possible to still strike a deal with the original creditor and the CA?

 

[justalayman]

it would be up to the owner of the debt.

if the original creditor sold the debt, the original creditor has nothing to say about the debt anymore.

do NOT take what I said about the SOL to be definative. It was not meant to be. Others here may be able to give more insight. If not, I would seek local advice before acting on anything.

 

[headoff31]

I may check with someone today. From I have read on different forums the company I am dealing with has some very underhanded tactics.

 

[FlyingRon]

a SOL defense does not prevent the creditor from suing you, merely collecting.

Actually, it just keeps them from getting a judgment. They can continue trying to collect (and in some cases they might succeed which is why they try).