What is the SOL on this, and what should I do?

[coffeeboy]

I have a 5 year old cred card debt originally with Citibank. Last acclivity was 8/2009. They never tried to collect. It has been sold a couple times and re-aged by some company to 4/11/2011, I'm in Iowa and not sure what the SOL is now. My ex wife ran that up and ran out on me and left me with nothing. Any advice?

[MarvBear]

I think WhyChat's site has up to date SOL information on a state by state basis.

[hegemony]

you need to get hard copies of your four major credit reports.

 

welcome to CB

[coffeeboy]

Sometimes it goes with the original creditor's home. In this case it is Citibank in South Dakota, and that sometimes the state of the borrower is in. I also see on some sites it will say 5 years for Iowa, and others it says 7. How about this re-aging of the credit by a credit buyer or collector? How can they do that and continue to add interest for years and years? Last activity was in 08/2009, but the collector re-aged it to 04/11/2011. Is that legal? What charts should I rely on?

Edited August 3, 2014 by coffeeboy

[toreyfusky]

it's best to pull hard copies of all 3 of your reports and go from there

[moosetracks]

Sometimes it goes with the original creditor's home. In this case it is Citibank in South Dakota, and that sometimes the state of the borrower is in. I also see on some sites it will say 5 years for Iowa, and others it says 7. How about this re-aging of the credit by a credit buyer or collector? How can they do that and continue to add interest for years and years? Last activity was in 08/2009, but the collector re-aged it to 04/11/2011. Is that legal? What charts should I rely on?

 

As suggested you need hard copies from each CRA (thru the mail). The DoFD is the key date, this is the first 30 day late that leads to the CO, states SOL and credit reporting times are derived from this date. The 4/11/11 is just the date that the CA got the collection they have to operate from the DoFD that the OC sets as well. Its perfectly legal to add interest and fees for years. For states SOL purpose credit cards are considered open accounts unless there is overriding precedent set in a state. Where you are determines the SOL and if the where the creditor is has a shorter one you can use that one as well. In IA the SOL is 5 years on CC debt.

[ICANHASMUNY?]

5 year SOL for Iowa.

 

GEMINI CAPITAL GROUP v. New, Iowa: Court of Appeals 2011

 

Iowa Code section 614.1 sets forth the statute of limitations for various causes of actions. Generally, those founded on unwritten contracts must be brought within five years of the time they accrue. Iowa Code § 614.1(4). Those founded on written contracts must be brought within ten years. Id. § 614.1(5). With respect to continuous, open, accounts, "the cause of action shall be deemed to have accrued on the date of the last item therein, as proved on the trial." Id. § 614.5. There is no dispute the last payment on the account was made in June 2004. Accordingly, an action brought in July 2009 would be untimely if governed by the statute of limitations for unwritten contracts, but timely if governed by the statute of limitations for written contracts.

 

"When a proposition is in writing, and the acceptance is verbal, the contract is an oral contract." Hulbert v. Atherton, 59 Iowa 91, 93, 12 N.W. 780, 781 (1882); see also Capital One Bank v. Creed, 220 S.W.3d. 874, 878 n.2 (Mo. Ct. App. 2007) (quoting Lively v. Tabor, 107 S.W.2d 62, 67 (Mo. 1937)) ("`Parol acceptance of an offer in writing does not give rise to an agreement or contract in writing, within the meaning of statutes relating to limitations governing actions on contracts in writing.'"). So, without evidence of New's written acceptance to Sears's offer, Gemini's action must be construed as one to enforce an oral contract. We conclude the five-year statute of limitations applies here for lack of proof of a written contract

 

and before anyone files suit in Iowa, they have to send a notice to cure.

[coffeeboy]

Wow! very helpful! I do not understand all the acronym's: CRA DoFd etc. Since my last known payment was sometime in 8/2009, should I wait a month or so before doing anything? Do I need to do anything? No one is suing me at this time. No one is trying to collect.

[ICANHASMUNY?]

CRA - credit reporting agency

 

DOFD - date of first delinquency

 

you should wait until September if you last payment was 8/2009,

[coffeeboy]

Ok, last question. What do I want to do in September if I have no one suing me or contacting me about this debt?

[ICANHASMUNY?]

[cv91915]

Sometimes it goes with the original creditor's home. In this case it is Citibank in South Dakota, and that sometimes the state of the borrower is in. I also see on some sites it will say 5 years for Iowa, and others it says 7. How about this re-aging of the credit by a credit buyer or collector? How can they do that and continue to add interest for years and years? Last activity was in 08/2009, but the collector re-aged it to 04/11/2011. Is that legal? What charts should I rely on?

 

Specifically what on your credit report leads you to this conclusion?

[CG in TX]

LOL

[coffeeboy]

 

Sometimes it goes with the original creditor's home. In this case it is Citibank in South Dakota, and that sometimes the state of the borrower is in. I also see on some sites it will say 5 years for Iowa, and others it says 7. How about this re-aging of the credit by a credit buyer or collector? How can they do that and continue to add interest for years and years? Last activity was in 08/2009, but the collector re-aged it to 04/11/2011. Is that legal? What charts should I rely on?

 

Specifically what on your credit report leads you to this conclusion?

 

Because I see that they did it on my credit monitoring service with Equifax. It suddenly appeared in 4/2011.

 

[shifter]

Because I see that they did it on my credit monitoring service with Equifax. It suddenly appeared in 4/2011.

that's not re-aging.

 

that's just starting to report.

 

unless they put a fictional DOFD on the account.

[coffeeboy]

 

Because I see that they did it on my credit monitoring service with Equifax. It suddenly appeared in 4/2011.

that's not re-aging.

 

that's just starting to report.

 

unless they put a fictional DOFD on the account.

 

DOFD actual is 8/2009. No payments made since then. 4/2011 is when they apparently purchased it, but shows only that, nothing from original creditor of Citibank, nothing.

[cv91915]

 

Because I see that they did it on my credit monitoring service with Equifax. It suddenly appeared in 4/2011.

that's not re-aging.that's just starting to report.unless they put a fictional DOFD on the account.

Precisely why I asked.

[coffeeboy]

 

 

Because I see that they did it on my credit monitoring service with Equifax. It suddenly appeared in 4/2011.

that's not re-aging.that's just starting to report.unless they put a fictional DOFD on the account.

Precisely why I asked.

 

So do you agree that was re-aging? Is it legal to do what they did?

 

[shifter]

but shows only that, nothing from original creditor of Citibank, nothing.

where does it show that date?

 

account opened?

 

DOFD?

 

big difference.

[coffeeboy]

I stand corrected. It does show the DOFD as 3/2009. I am in Iowa so this should be past the SOL, correct? Date opened must be when this collection group purchased it. What can you tell me from this Equifax shot?

 

Account Number: xxxxxxxxxxxxxxx Status: COLLECTION ACCOUNT Account Owner: Individual Account. High Credit: $12,406 Type of Account : Open Credit Limit: $0 Term Duration: Terms Frequency: Date Opened: 04/19/2011 Balance: $20,204 Date Reported: 06/09/2014 Amount Past Due: $20,204 Date of Last Payment: Actual Payment Amount: Scheduled Payment Amount: Date of Last Activity: N/A Date Major Delinquency First Reported: 06/2011 Months Reviewed: 32 Creditor Classification: Financial Activity Designator: N/A Charge Off Amount: Deferred Payment Start Date: Balloon Payment Amount: Balloon Payment Date: Date Closed: Type of Loan: Factoring Company Account (debt buyer) Date of First Delinquency: 03/2009 Comments: Consumer disputes this account information,
Collection account

[ICANHASMUNY?]

I would dispute DOFMD, if the DOFD was 3/2009, it had to be charged off in 9/2009. they can't reset the DOFMD no more than they can reset the DOFD.

 

Looks like it's past the SOL to me.

[coffeeboy]

You have been great with your advice, Thanks!!!!! Should I just wait for any further actions from this collector or should I act on something now? you have been great with your advice!

[ICANHASMUNY?]

your Credit report addresses are up to date, could they have sent letters to old addresses?

 

did you move since you had the Citi account?

[coffeeboy]

I have moved twice, but my first move was 9/2011, I have been watching on Equifax website ever since I received the letter from the most recent buyer in 4/2011. If charged off in 9/2009 it never shows on any credit report. If it is past the SOL, should dispute it again now, or wait until they make a move, if they ever do. The last buyer tried calling me a few times in 2012, left messages that I never answered, nothing since then. My banker called the collector 2 years ago pretending to be me and he was very suspicious since no report shows any collection efforts from the original creditor Citibank. He gave me a mortgage anyway since I settled with all other creditors. I so very much appreciate your advice, thanks!

[mizliz1011]

Citibank broke a bunch of laws in the 2009/10 arena re the CARD act... they ran like hell and sold my acct in a minute once I had a lawyer write them a letter. Make sure that you read that and see if they played with your interest or the date of their statements varying wildly within each month... just a suggestion if you have the statements.