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Question
Hello,
I am in Texas and believe that the statute of limitations has passed on my
debt. I received something from a deputy saying that I was being sued by
MBNA & CACV of Colorado. Anyway, I submitted a letter to the courts saying
that the statute of limitations has passed. I'm trying to figure out what they
go by based on 4 years? Is it from the date of when you first become
delinquent or from the date of the last payment? And is it four years to the
exact date? Another words, do you have to physically be in court by the date
of the last payment? How is this handled?
The statute of limitations runs from the date of last payment on the account. You might check your credit report to see what is being reported. And yes, it is exactly four years from the date of last payment. They must have a judgment by that date in order to extend the SOL.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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