Ok, I fell into the same trap a lot of high school kids did :/
I got a credit card right after I turned 18 my senior year, there weren't laws to protect me from making the stupid decision at the time, so as you can probably guess, things got waay out of hand.
Today I got a letter from Cavalry Portfolio telling me to pay them $1200 for a credit card that had a $500 limit.
I went online and have a copy of my TransUnion Report. The MBNA entry corresponding to this charge says:
Date Opened:
08/2005
Date Closed:
06/2007
Date Paid:
10/2006
Which if any of these dates would correspond to my last payment/the start date of the PA SOL? This has particular interest for me since the date I think it is (Date Paid) would mean that as of now I can't be forced to pay the debt after October of this year.
I'm worried to send in a request for Debt Validation as I don't want to risk bringing the SOL issue to their attention or possibly suspending/restarting the SOL timer.
I have since graduated college and between student loans and living expenses, there is really no conceivable way for me to cough up $1200.
statute of limitations
Hi Rellex,
Can you tell if the date of payment you have mentioned is the last payment date? If it is then the Statute of Limitations (SOL) on your debt has expired. The SOL in Pennsylvania is 4 years.
You can send them a debt validation letter to the collection agency, though the SOL on this debt has expired. For more details you can refer to http://www.creditmagic.org/repair/reage-card.html .
However, as the SOL on this debt has expired, you can send them a cease and desist letter, requesting them to cease all communications with you.
Hope this helps.
Regards,
Aaron