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dr618 · Jul 18, 2008, 08:53 AM

I have 3 accounts that I don't know what to do about or really understand the how to calculate. I would appreciate any help on this.
Two of them were opened in 11/01, last payment 11/04, date of first delinquency, 12/02.

The third account was opened at the same time as the other two, except, date of last payment is even older, more like 2002 and it is not on any of my credit reports.

My question is, how do I calculate the sol for these in New York, and I don't really have the money to pay these accounts off, should I leave it alone?

ScottGem · Jul 18, 2008, 08:55 AM

A debt is an obligation. You borrowed the money, then you should pay it back. Try working out a payment plan.

JudyKayTee · Jul 18, 2008, 08:57 AM

Originally Posted by dr618

I have 3 accounts that I don't know what to do about or really understand the how to calculate. I would appreciate any help on this.
Two of them were opened in 11/01, last payment 11/04, date of first delinquency, 12/02.

The third account was opened at the same time as the other two, except, date of last payment is even older, more like 2002 and it is not on any of my credit reports.

My question is, how do I calculate the sol for these in new york, and I don't really have the money to pay these accounts off, should I leave it alone?

Statute of limitation runs from the date of the last ACTIVITY on the account - not from when it was opened. That could be the last time you used the card, the last payment. Telephone calls do not extend the statute - it's based on activity. In NYS the statute on open accounts (charge accounts) is 3 years.

Are you being pursued for these debts?

dr618 · Jul 18, 2008, 09:01 AM

Judy,

No, I am not being pursued.

JudyKayTee · Jul 18, 2008, 09:08 AM

Originally Posted by dr618

Judy,

No, I am not being pursued.

Are they out of Statute?

dr618 · Jul 18, 2008, 09:09 AM

That's why I posted what I found on my credit report, I'm not sure.

JudyKayTee · Jul 18, 2008, 09:23 AM

Originally Posted by dr618

That's why I posted what I found on my credit report, I'm not sure.

You would have to see if that info is on the credit report or wait to be sued and then ask for documentation -

Or call the companies but that will certainly call you to their attention and I don't think that's what you want.

Otherwise unless you have your statements there is no way to tell.

farmgirlmo · Jul 18, 2008, 09:32 AM

Originally Posted by dr618

That's why I posted what I found on my credit report, I'm not sure.

You can find your SOL here Statutes of limitation for delinquent debt (Page 2 of 2)

Did you make payments/acknowledge the debt after the date they went delinquent?

SOL runs from date of last activity. Who is reporting the accounts on your credit report, the original creditor or a collection agency?

In NY, paid collections are removed after 5 years, that is only in NY(to my knowledge)

Unpaid, they will remain for 7-7.5 years from the date of first delinquency.

TheCleaner · Jul 18, 2008, 11:24 AM

In NYS SOL for credit cards is 6 years.

213. Actions to be commenced within six years: where not otherwise provided for; on contract; on sealed instrument; on bond or note, and mortgage upon real property; by state based on misappropriation of public property; based on mistake; by corporation against director, officer or stockholder; based on fraud.

TheCleaner · Jul 18, 2008, 11:31 AM

So at least one of the accounts still inside statute. To my knowledge the best thing to do at this point is to send validation request to both original creditors and collectors, the chances are they have no records to backup the claim, in that way you probably will prevent them from filing suit, they should know that filing suit after they fail to validate the debt would be hopeles if you respond to the summons. Also if they are listing the accounts in you credit reports ask them to delete and put the accounts in dispute with the CRAs

That account you paid last in 2002 must be about to drop from your report or already outdated, it is 7 years since date of first delinqueny.

You don't want to call them,you want everything on writing and definitelly you want to call their attention on this one but in the right way, in your favor.

Carl.-

JudyKayTee · Jul 18, 2008, 02:27 PM

Originally Posted by TheCleaner

In NYS SOL for credit cards is 6 years.

213. Actions to be commenced within six years: where not otherwise provided for; on contract; on sealed instrument; on bond or note, and mortgage upon real property; by state based on misappropriation of public property; based on mistake; by corporation against director, officer or stockholder; based on fraud.

You are absolutely right about the six years and I was absolutely wrong when I posted otherwise.

With apologies to the OP for leading him astray -