Internet's first get-out-of-debt community - 128,000 members

TammyS · Posted: Wed Jul 16, 2008 1:21 pm Subject: SOL

What is the SOL in Georgia?

Posted: Wed Jul 16, 2008 1:24 pm Subject:

Georgia Statutes of Limitation

Breach of any contract for sale: 4 years, (OCGA 11-2- 725) NOTE: Parties may reduce limitation to not less than one year, but not extend it. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.

Contract, including breach of warranty or indemnity: 4 years, (OCGA 11- 22A-506) NOTE: The parties may reduce the period to one year.

Written contract: 6 years from when it becomes due and payable and the six (6) year period runs from the date of last payment. (OCGA 9-3-24)

Open account; implied promise or undertaking: 4 years, (OCGA 9-3-25). NOTE: Payment, unaccompanied by a writing acknowledging the debt, does not stopped the statute. Therefore, the statutory period runs from the date of default, not the date of last payment.

Bonds or other instruments under seal, 20 years, (OCGA 9-3-23) NOTE: No instrument is considered under seal unless it’s stated in the body of the instrument.

TammyS · Posted: Wed Jul 16, 2008 1:30 pm Subject: SOL

This would be on a credit card debt that the last payment was made on July 3, 2002.

Posted: Wed Jul 16, 2008 2:55 pm Subject:

Then SOL expired 7/03/08. When did Mann Bracken file?

TammyS · Posted: Wed Jul 16, 2008 3:20 pm Subject: SOL

They filed on 7-14-08

Guest · Posted: Wed Jul 16, 2008 9:18 pm Subject:

I myself am confused about the SOL. It starts from the last date you made a payment? I read somewhere, and don't know if this is correct, that from the last time you made a payment you add 6 months?

In my situation, My account was open in 2001, but the last payment was not to the original creditor, it was to a collection agency in 2003. I am in NY, can they still sue?

Posted: Wed Jul 16, 2008 9:20 pm Subject:

The "clock" for SOL starts from the first date of delinquency and can be restarted by making a payment (and in some states a promise to pay or even acknowledging the debt as yours)

Guest · Posted: Wed Jul 16, 2008 9:31 pm Subject:

If someone were to be sued and they wanted to use SOL as a defense, do they need to show proof of their last payment? What if you dont have anything since the debt is so old, would the collector win?

Posted: Thu Jul 17, 2008 2:52 am Subject:

Tammy, you will need to raise SOL as your defense in you answer to the summons/interrogatories. All other questions, deny everything admit nothing and raise counter-claims.

Posted: Thu Jul 17, 2008 3:27 am Subject:

Guest, it wil always be up to the defendant to supporting documentation if SOL is raised as an affrimative defense. That can be in the form of prior credit reports reflecting last payment with the OC, bank statements, cancelled checks..etc. That is why Discovery questions from you can be valuable as well. Requests fro Production of Documents from the plaintiff many times can work in your favor as well. I would suggest if you are in that situation to make yourself very familiar with your local rules of civil procedure (RCP) and start researching Interrogatories, Discovery, use of Affadavits, etc.....

Posted: Thu Jul 17, 2008 5:38 am Subject:

I think the 6 month issue is that things like tax liens, paid off collections, etc are removed x-number of years (4, 6, 7, 10 etc) PLUS 6 months from your credit report.

I might be wrong but that is the only 6-month thing I can think of?

Maybe someone else knows for sure?

Posted: Thu Jul 17, 2008 5:45 am Subject:

Reporting of delinquency starts with 30(DOFD),60,90 day lates then the CO at 180 days. The TL can then be reported for an additional 7 years from the CO date. Some tradelines will drop at exactly 7 years from DOFD but some OC's (like Cap1) and JDB's(LVNV) will milk out every bit of the 7.5 years.

Posted: Thu Jul 17, 2008 8:38 am Subject:

You have to wonder what companies like Capital One and also LVNV have to gain by punishing us for so long ... they got their money, yes a bit late (our fault, not theirs) but they got it after paying pennies on the dollar for the debt ... why are they so insistent on being so agressive and hardheaded about reporting delinquencies for so many years PLUS 6 months?

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 128,000 members

SOL

Members Area

Free Debt Counseling

Ask the community

Community Photos

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post