Can someone answer a credit statute of limitations question for me?

Question

I have bad creedit from a divorce several years ago. I had a foreclosure, 2 cars repo'd and some credit card debt. That was 6-6 years ago. How do I get the creditors to adhere to the statute of limitations? How do I know for sure if it has been long enough?

Answer 1

SOL depends on the state you live/accrued debt, and the type of debt. Here is a link to figure out the SOL for your state:



http://www.fair-debt-collection.com/statue-limitations.html



It only applies to your creditor taking a legal action against your debt; expiry of SOL doesn't have anything to do with your creditor trying to collect the debt from you. Nor does it have anything to do with your credit rating, or how long these things stay on your credit report.

Answer 2

That depend on the statute of limitations in either the state where you currently reside or the statute of limitation in the state in which you accrued the debt.



Check your states' statute of limitation. Credit card debts listed under "open accounts" The foreclosure would be under "written contracts" which is usually longer than the open accounts statute.



Car repossessions fall under the UCC which is federal law. Statute of limitation is 4 years.



If your debts are outside statute, simply write a letter informing your creditors of that fact. Send the letter by certified mail and keep copies for your records.



Keep in mind that just because the statute of limitation has expired doesn't mean that you still don't owe the debt. Your creditors can still attempt to collect. However, you have no legal obligation to pay. Simply informing your creditors of that fact should stop any collection efforts on their part.



Take care

Answer 3

The statute of limitations is determined by the STATE and the type of debt. Some state have 2 years and some are over 7. Also is there is a court judgment against you for any of these debts, the statute of limitations is extended by 10 YEARS from the date of judgment. I am almost willing to bet at a minimum the foreclosure has a judgment against and possible the 2 cars.

Answer 4

Technically, a debt collector can come after you forever for defaulted debt...however, once the statute of limitations is up, .they've lost the power to successfully take legal action. Per the Fair Debt Collection Practices Act, you can send them a "cease communications" letter and that will be all that you need to do. Per this law they must cease collection activity.



In terms of your credit report, there is a completely separate time period for how long bad debts stay on your credit report: This time period is fixed at 7 years from the original default date and this is the same for all states. The statute of limitations does not apply to this.

Answer 5

Just tell me the State you live in and i'll answer it for you. My email is [e-mail]