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My brother, who lives in Albany NY has a couple of old charge off accounts approaching the SOL for NY state (6 years). HE showed me his credit report and it read date of first delinquency 9/2008. Most are small under $1000.00 but one from Cap One is 7K. He hasn't been contacted by any of them, but he moved a few times and hasn't worked. HE credit reports have old addresses on them. So what to do? I don't see that the big one has been assigned to any collection agency (not showing on his report). What are the chances that the SOL will pass in 2 months? Anyone have any advice?
my complaint with the NY AG was registered after screening on June 16th... This is the process... they send a letter of concern, if valid, to Experian. they wait about three weeks A second request is sent with a copy of the complaint after another two weeks( 5 weeks total). If the situation is NOT resolved, they contact the company verbally and try to suggest "voluntary mediation" obviously presenting it as valid. Ms. Andrienne Walters of the AG's office, Bureau of Consumer Frauds and Protection, has only received TWO complaints (Bravegirl, they hear you)... they need more for more formalized legal action. They believe that the complaint is valid and cogent. Ms. Walters can be reached at 519-474- 5481. She is aware of the issue and it is already 'screened". She WELCOMES more complaints as they need more to take legislative action. Until then all that they can do is to strongly suggest that the issue be mediated in the consumer's favor, assuming it has been screened. address is: Ms. Andrienne Walters/ AG's office of Bureau of Consumer Frauds and Protection/The Capitol/ Albany NY 12224-0341. Although it is better, letters do not have to be CMRRR... Please, if this issue of Experian not purging a paid account after 5 years from DoFD or not removing both the OC and the CA applies to you, you will save two and a half years of waiting for the fall off. I strongly urge you to write off a quick letter or you can PM me and I will send you a template. Good luck... and don't complain- write a letter because they are on it and need your support to make this not a letter by letter case... thanks to all/ MizLiz
did not read this until I settled, hope I save someone else some money...! Update! In April 2010, New York’s highest court, the Court of Appeals, confirmed that the statute of limitations that applies to a credit card debt may beshorter than six years, depending on where the credit card issuer is based. (See here for the Court’s decision, from Portfolio Recovery Associates v. King.) Here’s how it works: New York has a law stating that the statute of limitations on a credit card debt is six years. But New York law alsostates that a creditor cannot take advantage of NY’s six-year statute of limitations if the creditor’s home state has a shorter statute of limitations. (This is what New York’s highest court recently confirmed.) Some of the biggest creditors – such as Chase, Bank of America, and Discover – have home states with three-year statutes of limitations. If you are sued on a Chase, Bank of America, or Discover credit card debt, a three-year statute of limitations will generally apply. Example #1: Let’s say you had a Big Bank credit card. The last time you made a payment was in January 2007. You therefore “defaulted” in February 2007 (you usually “default” on a credit card debt about 30 days after your last payment). The statute of limitations starts running from your default, in February 2007. Big Bank sues you in a New York court in August 2010. Big Bank is based in Delaware, which has a three-year statute of limitations for credit card debts. Question: Has Big Bank waited too long to sue you? Answer: YES. Since Big Bank is based in Delaware, which has a three-year statute of limitations for credit card debts, New York law says that Delaware’s three-year statute of limitations must apply. Big Bank cannot take advantage of New York’s longer six-year statute of limitations just because it sued you in New York. Because Big Bank waited more than three years to sue you on the credit card debt, the statute of limitations has expired, and the court must dismiss the case. This same rule applies even if you are sued by a debt buyer on a credit card debt and not by the original creditor. Example #2: The same facts as in Example #1, except now, instead of Big Bank suing you, a debt buyer called XYZ Funding has sued you on your Big Bank credit card. Question: Has XYZ Funding waited too long to sue you? Answer: YES. You still look at where the original creditor is based – the debt buyer does not get any more time to sue you than the original creditor would have had. In Example #2, the statute of limitations that applies is still Delaware’s three-year statute of limitations, since Big Bank is based in Delaware. (It doesn’t matter where XYZ Funding is based.) Since XYZ Funding waited more than three years to sue on the Big Bank credit card debt, the statute of limitations has expired, and the court must dismiss the case.
I have lost my job a few months ago, got behind on bills and racked up a few judgements (one from an eviction). My only money is my unemployment that is direct deposited into my Fidelity Checking account. I have a a small (its being rapidly depleted to pay bills) IRA with Fidelity. I know in NY the law is that about $2500.00 of money in a checking account is protected from levy's if its direct deposited unemployment. Here is my concern; Fidelity is not a bank, its a brokerage. Also, Fidelity uses various clearing banks across the country to hold funds. So with this in mind, is the money in Fidelity still covered under New York's garnishment and levy laws?