Dell, DFS/Webbank

[mizliz1011]

Do the OC's only make it -0- balance after charge off if they sell the account? It is past SOL in Texas(although they moved to UtahI think but this is an oldie). They are like a tick... anyone else have experience with the yokels? last pay was 10/11/2008!

[mizliz1011]

bump*

[moosetracks]

Yes the OC must report 0 balance if they have sold the account to a JDB, they would also make it a 0 balance if you pay off the amount owed. SOL is where you are not where the creditor is located. I have no experience with them.

[mizliz1011]

At least in NY, the lesser SOL prevails...Ergo, Dell, who was in Texas at the time, which has a SOL of three years...is chocolate out of luck.. however, I believe that they re-dated my account... I am waiting for the statements.. This is a small amount in all but I don't trust them with anything after they re-dated my account.

[ICANHASMUNY?]

both UT and Texas has a 4 year SOL

[mizliz1011]

thanks, thought texas was three for some reason. i appreciate it.

[ICANHASMUNY?]

Dell Finacial services is incorporated in DE...... it's a three year SOL.

 

 

http://www.sec.gov/Archives/edgar/data/826083/000082608312000006/dell10k020312.htm

[mizliz1011]

even better... last pay was 10/11/08 and they will not remove and will not validate with my statements which would prove the re-dating. Very aggrevating. This may be one that I lose for $429... but it is irritating to me...plus they charged off one amount and then RE-CHARGED if off with another amount... what are these crazy people doing?

[HooahDOC]

So each state has its own SOL that could be less than the Federal SOL of 7 years? Is it the state that one resided in when the debt was incurred, where one is physically located in, or the one claims as legal residence? For example, if I changed my state of residency to a state with a 4 year SOL and the DOLA was more than 4 years ago, could I then dispute for ti to be removed?

Edited June 3, 2014 by HooahDOC

[mizliz1011]

There is not a federal SOL... there is a credit reporting window of 7.5 years from date of first delinquency leading to the chargeoff/sale of the debt instrument (what you owe to the OC, the ORIGINAL CREDITOR). Then there are CA (collection agencies) or JDB (junk debt buyers) who often buy the credit owed/// but generally it is the state that you were in when you ran up the debt... although a lot of the big OC's such as Master card, etc. are HQ (headquartered) in Deleware.. which has a SOL of 3 years. Not every state does this- where do you live and you need to post a topic on who are your creditors and where were you when you went into default. It is a dicey thing and sometimes you can move but if you ran up the debt in NY (6 years) and move to SC (three years) it is questionable. go online and look up SOL by state... it is civil debt, usually written for a credit card. Good luck.

[HooahDOC]

So this only applies to their ability to seek litigation to collect a debt and has nothing to do with reporting it to the CRA? Also, I read that the clock starts, "once there is a breach of the contract". Would this be, say, the first missed payment when payment was due?

The location stuff is a bit confusing because I am military, so I'm not sure what they would go by. Fortunately, my state of legal residence was SC until about 10 months ago.

[ICANHASMUNY?]

SC SOL is three years too.

 

however, please start your own thread, it's not polite to hijack others.