7 years... Is it true???? Trying to get this off

[credithelp823]

Hi All,

 

I'm looking for some advice with my husband's credit report... He had a repossession for a little over $7K the loan was through Cap 1 Auto 8/2007. Seven years should have been last month 8/2014. This is showing on all 3 of his reports EX, EQ and TU. However, we just pulled all three of his reports and it looks like it was sold two years ago to Portfolio Recovery.

 

By the way we are in PA.

 

Questions:

1) Because it was re-sold, does it restart the 7 years SOL?

2) How should we go about disputing this?

3) Who should we address the letter to? The bureau's, Cap 1, or Portfolio Recovery?

 

Thanks for all the help!

 

[cashnocredit]

Hi All,

 

I'm looking for some advice with my husband's credit report... He had a repossession for a little over $7K the loan was through Cap 1 Auto 8/2007. Seven years should have been last month 8/2014. This is showing on all 3 of his reports EX, EQ and TU. However, we just pulled all three of his reports and it looks like it was sold two years ago to Portfolio Recovery.

 

By the way we are in PA.

 

Questions:

1) Because it was re-sold, does it restart the 7 years SOL?

2) How should we go about disputing this?

3) Who should we address the letter to? The bureau's, Cap 1, or Portfolio Recovery?

 

Thanks for all the help!

 

 

It's 7 years and 6 months for any collection accounts from the date of first delinquency on the loan that wasn't later brought up to current. If the first late was 8/2007 then you should expect it to fall off early next year,

Edited September 16, 2014 by cashnocredit

[shifter]

you should be able to dispute as obsolete

 

right now.

[credithelp823]

I have to take another look at the report to see the actual first date of delinquency .

 

 

How do I go about disputing as obsolete? I send that letter to the CRA?

Edited September 17, 2014 by credithelp823

[mendelssohn]

 

 

Hi All,

 

I'm looking for some advice with my husband's credit report... He had a repossession for a little over $7K the loan was through Cap 1 Auto 8/2007. Seven years should have been last month 8/2014. This is showing on all 3 of his reports EX, EQ and TU. However, we just pulled all three of his reports and it looks like it was sold two years ago to Portfolio Recovery.

 

By the way we are in PA.

 

Questions:

1) Because it was re-sold, does it restart the 7 years SOL?

2) How should we go about disputing this?

3) Who should we address the letter to? The bureau's, Cap 1, or Portfolio Recovery?

 

Thanks for all the help!

 

It's 7 years and 6 months for any collection accounts from the date of first delinquency on the loan that wasn't later brought up to current. If the first late was 8/2007 then you should expect it to fall off early next year,

Although that's true, IME the CRAs use 7 years and you can dispute it off as obsolete as soon as 6.5 years.

[shifter]

I send that letter to the CRA?

call each of the CRAs.

 

should have it done in 20 minutes.

[credithelp823]

All the posts on here say to leave a paper trail... Nothing in writing though???

[shifter]

yes, that is the rule.

 

obsolete disputes are the exception.

[cashnocredit]

 

 

Hi All,

 

I'm looking for some advice with my husband's credit report... He had a repossession for a little over $7K the loan was through Cap 1 Auto 8/2007. Seven years should have been last month 8/2014. This is showing on all 3 of his reports EX, EQ and TU. However, we just pulled all three of his reports and it looks like it was sold two years ago to Portfolio Recovery.

 

By the way we are in PA.

 

Questions:

1) Because it was re-sold, does it restart the 7 years SOL?

2) How should we go about disputing this?

3) Who should we address the letter to? The bureau's, Cap 1, or Portfolio Recovery?

 

Thanks for all the help!

 

It's 7 years and 6 months for any collection accounts from the date of first delinquency on the loan that wasn't later brought up to current. If the first late was 8/2007 then you should expect it to fall off early next year,

Although that's true, IME the CRAs use 7 years and you can dispute it off as obsolete as soon as 6.5 years.

 

 

It often works and can't hurt to try. Just not guaranteed.

[mizliz1011]

Portfolio Recovery is past SOL so tell them to go blow.The Pennsylvania Statute of Limitations on Debt Stops Vulture Debt Collectors

BY PHILADELPHIA BANKRUPTCY ATTORNEY, DAN MUELLER

Last updated:Wednesday, January 8, 2014

Pennsylvania Statute of Limitations on DebtThe four-year Pennsylvania Statute of Limitations on debt is an often overlooked but powerful defense for consumers facing aggressive creditors. Debt collectors do not want you to know this, but sometimes a debt is just too old to collect. All states have “Statutes of Limitation” that prevent a creditor from enforcing a debt, if the creditor does not file suit within a certain period of time. In other words, if a creditor waits too long to sue you, it is simply out of luck. Unfortunately, there are “vulture” debt collectors who will continue to try to collect on debts after the Statute has run out. Therefore, before resorting to bankruptcy or beginning debt negotiations, it is important to know what the Statute of Limitations is and how it can protect you.

 

The Pennsylvania Statute of Limitations on debt

 

The Pennsylvania Statute of Limitations on written contracts, oral contracts, promissory notes, and open-end accounts (e.g., credit cards) is 4 years. (42 Pa. C.S. 5525(a)) The creditor has 4 years to file suit from the date of the last activity on the account, which almost always means the last time the debtor made a payment. If the creditor has not filed suit within 4 years of that last payment, the debt is unenforceable. (If the debtor made no payments at all on the account, the Statute runs from the date that the first payment was due.)

 

Example: Ann owes $2000 on her ABC credit card. She last made a payment on the card on June 10, 2010. If Ann makes no more payments, ABC has until June 9, 2014 (4 years from the last payment) to file suit against Ann. If ABC fails to sue Ann by June 9, 2014, the creditor’s claim is barred by the Statute of Limitations.

[credithelp823]

Wow! Thank you that was A LOT of helpful information! I was up late last night trying to find a letter template. Have you came across any threads?

 

Thanks Again!!!!

[Mustard on Fries]

Wow! Thank you that was A LOT of helpful information! I was up late last night trying to find a letter template. Have you came across any threads?

 

Thanks Again!!!!

There's a forum here on CB that's all letters.

[mendelssohn]

Wow! Thank you that was A LOT of helpful information! I was up late last night trying to find a letter template. Have you came across any threads?

 

Thanks Again!!!!

 

If you are going to dispute as obsolete with the CRAs, this is one of the few times when it's OK to do it online or over the phone.