Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

Old Man Dirt asked:


When you take into account mortgaged property, both private homes and car dealerships that will close, unemployment benefits, loss of income (due to reduction in benefits), and increased debt that noncollectable for other non mortgaged types (bank cards, credit accounts ETC)(there are other I am sure, like decreased tax income both federal and state). What is the total loss we are looking at in less the six months?
Any guesses or estimates?

Cristopher Zahourek

Cali Dude asked:


Are applicable the Statute of Limitations the ones from the State you are from or from the State where the debt is owed? See, I owe a College 11K, although I am fighting this because I was told I would not be responsible and never signed anything stating I would be. That was in New York, I however, live in California.

Also, the College website which I just checked states:

“Delinquency of outstanding balances, including those from payment plans, financial aid reductions, or third party billings, are subject to collection by the College or its designated agents. There is no statute of limitations for outstanding financial obligations to the College. Student accounts that are sent to a collection agency may be subject to additional collection costs.”

Does that mean that the College does not have to follow the Statute of Limitation laws?
Please do not answer if you have no idea what Debt Statute of Limitations are. Like Dav.
Statute of Limitations for Debt, for the people who have no idea what they are:
http://www.bankrate.com/brm/news/cc/20040116b1.asp

Isidro Forsman