Statute of Limitation

[serryjw]

on debt. Was watching Suze Orman on TV and she was explaining that personal debt does have a statue of limitation.ONCE the compnay has written off your debt, you are off the hook. PULL YOUR CREDIT REPORT!! You may still get calls from collection agencies that are hoping you don't know this. ***** The moment you make any arrangements to repay the debt AFTER the SOL, the clock starts again!
Since every state is different of the SOL, verify the internet info with state AG. I think some of you may find this handy! Hope it helps!!
http://www.bankrate.com/brm/news/cc/20040116b1.asp
http://fair-debt-collection.com/statue-limitations-explained.html
http://www.cardreport.com/laws/statute-of-limitations.html

[OldLeftieLawyer]

1. Not very sound advice

That's a terribly inaccurate blanket statement to make. Just because a company "writes off" your debt does not mean that you're excused from the obligation to repay. Writing off a debt very often means making a discounted sale to any number of organizations, who then own your paper and can come after you in all sorts of ways.

Just remember that this kind of advice is worth as much as you're paying for me - even mine - but what you just quoted is bad, bad, and wrong.

[Another Bill C.]

2. In our state

the statute of limitations on debt is 6 years. I believe that's 6 years from the first delinquency but I haven't verified that.

[serryjw]

3. I believe it is as of last payment or

communication. Read carefully and verify with AG, but a start