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WALLSTREETFIGHTER
WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 15666
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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I live in Ohio, my husbands work collapsed with the economy

Resolved Question:

I live in Ohio, my husband's work collapsed with the economy and since October 15, 2006 my Amex credit card is listed as "Open" since October 15, 2006 and also listed on my credit report as "Charged off as bad debt Canceled by credit grantor." Due to our financial difficulty, the collection agency has agreed to allow us to pay $50 a month. However, for this month's payment, I logged on to the collection agency's websit to pay the $50 and it no longer allows me to log on. Two days later, I received a letter from AMEX suggesting settlement or pay $650 per month on CC debt. Since it has been since October 2006, can I still be sued by AMEX? Since I can no longer pay the Collection Agency, and now AMEX is contacting me directly, does this mean legal action will ensue? What could this all mean for me?
Submitted: 1 year ago.
Category: Legal
Expert:  WALLSTREETFIGHTER replied 1 year ago.

WALLSTREETLAW :

Hello I am a licensed attorney. I am here to help answer your questions. Please do not hesitate to ask for clarification

WALLSTREETLAW :

Ohio, has two statute of limitations for credit cards,

Customer:

thank you, XXXXX XXXXX are?

WALLSTREETLAW :

Under Ohio law, credit card companies and collectors in the State of Ohio use state statutes 2305.06 and 2305.07 for the time period they are allowed to file a lawsuit on credit card debts.


Under Statute 2305.07, all collection activity must stop after six years, taking into consideration the amount of debt owed in comparison to the cost and time to pursue a lawsuit. Others will use Statute 2307.06 to continue efforts for as long as 15 years, whether the amount is considered large or small.





WALLSTREETLAW :

In your case, as more than 6 years have passed they may be using the 15 year statute of limitations, which is for written contracts, however it is not clear,

WALLSTREETLAW :

you should contact them and advise them the Ohio statute of limitations is 6 years and the debt is not collectable.

WALLSTREETLAW :

If they argue that the can collect fo 15 years,

WALLSTREETLAW :

let them sue you and in Court try to work out a settlement,

Customer:

thank you. So my question is, Since I can no longer log on to the collection agency's website (First Source), which just happened this month, and AMEX is now contacting me directly, does this mean they are likely to start legal action (garnish wages)? The credit card debt is almost $30,000. Also, since I've been paying the collection agency has the statute of limitations considered to not have started?

WALLSTREETLAW :

In order for them to collect they must sue you and obtain a judgment,

WALLSTREETLAW :

if they are contacting you now, they may be starting a lawsuit, or they may now realize that the 6 years is over and are trying to have you pay them.

WALLSTREETLAW :

If you have been paying the collection agency, that hurts you as it starts the collection time again,

WALLSTREETLAW :

Another option is to call them and state you will file a bankruptcy if they do not settle, and see if you can make a payment plan or cur the amount owed to 10,000 or less

Customer:

Yes, I've been paying Collection agency. Would you say it's pretty safe then to contact them. I've been a little nervous about contacting them because their letter states either settle or increase payments from $50 to $650. I can't afford $650 a month at this time.

WALLSTREETLAW :

yes, you should contact them, and threaten them with a bankruptcy, as they will not get anything if you do

Customer:

Ok, thank you very much! You have been very helpful and I appreciate your time.

WALLSTREETLAW :

Good luck, and if you have any further questions please do not hesitate to ask.

WALLSTREETLAW :

If satisfied with our service please provide us with positive feedback.

WALLSTREETLAW :

Thank you

Customer:

I will. thank you again. You will certainly get excellent rating from me. Take care.

WALLSTREETLAW :

good luck

WALLSTREETLAW :

Thank you

Customer:

very welcome.

WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 15666
Experience: 14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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