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Home > Ask The Get Out of Debt Experts > I talked to someone from Morgan Drexen and was not impressed with them. – Clara

I talked to someone from Morgan Drexen and was not impressed with them. – Clara

I have a couple of accounts that are very past due. I lived in Georgia, a state that has a 7 year statue of limitation, the 7 year limtation will be in 2014. However, I have relocated to Louisiana and I have been told that the statue of limitation is 3 years. My question is; Is this limitation for credit cards only or for any unsecured accounts?

Thanking you in advance for your assistance.

P.S. Also can you tell me the best Debt Settlement Company? I talked to someone from Morgan Drexen and was not impressed with them.

Clara

I talked to someone from Morgan Drexen and was not impressed with them. - Clara by

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  • Clara

    September 2007 and November 2007 for collection accounts that are not credit cards.No I am not being sued or threatened with a suit and no collectors has been calling. I would like to take care of these in a debt settlement. One company I spoke with told me that considering the time status that the statue of limitation may have expired. I am attempting to re-establish my credit and increase my credit scores. I am retired and have a fixed income, but I would like to settle if possible.

    Thanks,

    Clara

  • Michael

    Hi Clara,

    The SOL in LA is 3 years on open accounts. Revolving unsecured credit cards are generally treated as open accounts. See: http://www.legis.state.la.us/lss/lss.asp?doc=110518

    The SOL in GA for open accounts (credit cards) is 4 years. The 7 year SOL in GA is for court judgments. See: http://law.justia.com/codes/georgia/2006/9/9-3-25.html

    Given the timelines you provided above and the fact there is only a week left in 2011, the SOL may have passed in GA as well.

    What month in 2007 did you last make payments on any of the accounts? Did you make any payment (even partial) to anyone afterward?

    What are your goals when considering resolving the unpaid debts?
    Are you being sued, or threatened with a suit?
    Have you received a collection letter from an attorney?
    Are you being harassed in anyway by debt collectors?

    As far as finding a good settlement company to work with – there are several. The key will be consulting with a few and identifying companies who will not charge a fee in advance of providing settlement results.

    Do you currently have funds available to settle with, or will you need to save up over time in order to settle? Do you have a steady and dependable income that would suggest accepting a settlement that also allows for longer term payment arrangements is workable?

    If you can answer these questions with a comment reply you will get some helpful tips and feedback in response.

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