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TraderDog

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  1. Did you have to add the delta from what was owed to what was settled as income on your taxes? I thought if you settled for less than the full amount the remainder is considered income?
  2. Actually I do more than have the means to hire an attorney. The concern is that they have left me alone for quite some time, through a very difficult time in my life, and I am at the point of trying to determine my options. It sounds as if my best bet is to lay low for another year and not try to negotiate anything or attempt to get the charge offs removed... If I am sued for the debt I will engage an attorney which it seems could be helpful but there is no guarantee. If I knew that the debt was outside the SOL utilizing the borrowing statute I am not sure how that would help with my credit but it would provide some mental relief. Thanks for all of the comments and discussion!!!
  3. Theoretical question... Lets say you have charged off accounts with a bank (Citi JPM BOA.....). At the same time you have checking accounts with the same bank. Is it possible that some large deposits in the checking account could trigger collection activity on the credit card debt? In other words does anyone know if banks, utilizing some algorithm or process, have triggering events around such things? I know that when you apply for a mortgage or a loan it seems to trigger some activity with collections - possibly a subscription or something that the CRAs offer? Look they need credit...lets get em kind of thing. It made me wonder if banks review or watch bank accounts of customers that have outstanding debts and if they see a large deposit they spin things up. Thoughts? TIA
  4. Wait.....Corporate HQ OR state of incorporation?
  5. This seems to be in support of legaleagle2012's position...correct? The "where" is the state of incorporation of the bank. When an “injury is purely economic,” which is the case with a defaulted credit card account, “the place of injury, and therefore the place of accrual of the action, may be where the economic impact of the defendant’s conduct is felt, which is usually the plaintiff’s place of residence.” 51 Am. Jur. 2d Limitation of Actions § 91 (Updated Aug. 2014). This is the general rule, which the Kentucky Supreme Court recently adopted in Abel v. Austin, 411 S.W.3d 728 (Ky. 2013).
  6. Sooooooooo......From my earlier post it seemed that the place of injury for credit card debt would - at least in KY - be the home state of the bank? Sorry I’m not an attorney so if I am just misreading the language or just not getting it let me know - not trying to be dense.
  7. This is the article that started me thinking about this.... Here is the quote: Recently, a federal district strongly indicated that credit card debt is subject to a five-year statute of limitations under Kentucky law. Conway v. Portfolio Recovery Associates, 13 F.Supp.3d 711, 715 (E.D. Ky. 2014). See also Fulk v. LVNV Funding LLC, No. CIV.A. 5:14-125-DCR, 55 F.Supp.3d 967, 972 (E.D. Ky. 2014) (same). This is based on the argument that credit card agreements are not sufficiently definite in terms and conditions to be subject to the fifteen-year statute of limitations for contracts in writing. But Conway ultimately determined that the credit card at issue in the case was subject to Virginia’s statute of limitations under a straight forward application of Kentucky’s borrowing statute. KRS 413.320. The borrowing statute provides that The key to triggering to Kentucky’s borrowing statute is accrual of a cause of action in a in another jurisdiction. When an “injury is purely economic,” which is the case with a defaulted credit card account, “the place of injury, and therefore the place of accrual of the action, may be where the economic impact of the defendant’s conduct is felt, which is usually the plaintiff’s place of residence.” 51 Am. Jur. 2d Limitation of Actions § 91 (Updated Aug. 2014). This is the general rule, which the Kentucky Supreme Court recently adopted in Abel v. Austin, 411 S.W.3d 728 (Ky. 2013). This means that when the statute of limitations of the state where a bank is headquartered is less than five years for an action to collect a credit card debt, under the borrowing statute, the statute of limitations of that state applies to an action on a credit card account issued by that bank. This has particular relevance for banks headquartered in Delaware, North Carolina, and Virginia all of which have three-year statute of limitations. This includes a great many banks including Chase Bank USA, N.A., Discover Bank, and FIA Card Services, N.A., which are all headquartered in Delaware; Bank of America, N.A., which is headquartered in North Carolina; and Capital One Bank (USA), N.A.
  8. Thanks Centex! I appreciate your replies! Looking at the agreement I found the following for Sapphire Reserve Card: Governing Law This agreement and your account will be governed by federal law, as well as the law of Delaware, and will apply no matter where you live or use this account. I am less worried about the reporting (for now) than I am any chance of litigation as the amounts owed to Chase are pretty big...at least for me. If this is the case with credit card debt and SOL why are there so many discussions and concerns about borrowers home state if this is written into most credit card agreements? The way this is written I would interpret that anyone with this credit card agreement is bound to a 3 year SOL as that is the SOL for Delaware regardless of where they live. Maybe that is why Chase and others sell the debt so cheaply and collections firms buy it and offer to settle for super small amounts thinking people will pay that small amount even if it is outside SOL? Or maybe they need to fix their score for some reason and pay to settle....
  9. I checked my credit report and see the following: JPMCB Card Services PO Box 15369 Wilmington, DE 19850 Estimated month and year this item will be removed: 05/2022 Date Updated: 12/16/2016 Last Payment Made: 6/14/2015 Date Closed 8/13/2015 So for KY the SOL date would be 6/14/2020 but using that borrowing statute if JPMCB is considered DE then the SOL would be 6/14/2018? I understand that they can still try and collect but concerning my recent life changes it would be somewhat of a break to know that they cannot sue me for the debt. I guess they could sue me but I have a defense of the debt being time-barred...hopefully? I would like to get the charge/offs removed but am afraid to contact them or work on anything concerning payment because I fear that might rattle the cage and I am not really sure I am outside SOL... Sorry for dragging this out. I was formerly a high-flyer in regards to cards and credit and crashed horribly in 2015 and in dealing with divorce. Just trying to rebuild everything including credit life.... TIA
  10. Thanks for the replies. Correct I am in Kentucky and have several c/o that are now 4+ years old. I am recently divorced and the debt was assigned to me and is in my name. The c/o are one issue but another is the concern of getting sued for the debt. I am trying to understand if a 4 year old debt is outside SOL in KY for JPM Chase considering the borrowing statue. It isn’t clear to me what state Would be considered for JPM Chase or even if this is a valid thought. Thx
  11. I have read that some states KY in particular has a SOL for open contracts of 5 years - unless the state of the suing bank has a lesser amount. So for instance BofA is located in North Carolina so a positive defense to a lawsuit in KY for a BoA debt that is 4 years old would be that it is timebarred as North Carolina SOL is 3 years. Can anyone confirm that JPM Chase would fall under New Hampshire? New Hampshire also has a SOL of 3 years so the timebarred date for KY lawsuits by JPM would be 3 years. Anyone have any info on this? Am I way off here? TIA

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