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 Posted: Sun Apr 10, 2005 8:56 am Subject: Does the SOL start when??? |
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Hello,
I had a vehicle lease in Florida... had problems with the vehicle.. dealer refused to fix them. I broke the lease, and had them get the car. Car new was worth $21,000... Huntington Bank (leaser) wrote off 18,000, and now collection agencies say I owe $10,000.
My question is :
Does SOL start when I broke the contract.. or when it was written off by the bank.... or what? Last payment I made was 2 months before they picked up the car. If last payment is deciding factor, then SOL is up... if Write Off is factor.. then SOL is good until September 2005.
Thanks,
Charlie
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Charlie
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| Posted: Sun Apr 10, 2005 10:44 am Subject: last payment date |
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SOL starts from the date when the debt first became delinquent.
| Quote: | | last payment is deciding factor, then SOL is up |
Yes SOL starts from the last payment date.
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Denny
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| Posted: Thu Apr 14, 2005 9:15 am Subject: SOL in originating state, or state currently residing in? |
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Hello again, and thanks for the reply! Now I need to know which SOL applies to this... the one from Florida where the incident occurred... or The SOL in Colorado where I currently reside? Collection agency is telling me it is Colorado.. which is a 7 year SOL... where as Florida is 4 years. HELP!
Thanks
Charlie
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Charlie
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| Posted: Thu Apr 14, 2005 9:34 am Subject: |
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I believe it is where the debt was originally incurred.
Jerry
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jtucker
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| Posted: Thu Apr 14, 2005 11:59 am Subject: |
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Hi Charlie,
Start paying off your debt soon otherwise it will keep on mounting higher. Don't delay with your payments as you will have to pay it off sometime.
Roxette
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roxette
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| Posted: Fri Apr 15, 2005 3:50 am Subject: RE: |
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Hi Charlie,
It is not good to escape from your responsibilities, thus it not right on your part to run away from your debts. 
Think positive and remember that it is better late than never. 
So start making your payments and clean up your debts to lead a fresh and happy life ahead.
debt consolidation programs can be of immense help to you during such stages. For more information you can view: http://www.debtconsolidationcare.com/benefits.html
Cheers,
Jason
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Jason
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| Posted: Sat May 07, 2005 9:05 am Subject: Re: last payment date |
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| Denny wrote: | SOL starts from the date when the debt first became delinquent.
| Quote: | | last payment is deciding factor, then SOL is up |
Yes SOL starts from the last payment date. |
Actually that is not quite correct...
Depending on your States Statues it can be the date of "LAST Activity (Last charge made on Card or Last payment made). OR date it was Made diliquent (usually defined as 180 days Past due.
Example in my State of Indiana it is as so:
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IC 34-11-3
Chapter 3. Accrual of Cause of Action;
Time From Which Limitation Period Runs IC 34-11-3-1
Mutual, open, and current accounts
Sec. 1. In an action brought to recover a balance due upon a mutual, open, and current account between the parties, the cause of action is considered to have accrued from the date of the last item proved in the account on either side.
THIS MEANS THE SOL STARTS FROM LAST CHARGE OR PAYMENT ON THE ACCOUNT |
Jerry
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NOTE: Not all will agree with me, nor am I a Lawyer offering adivce, just offering my Opinion.
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jtucker
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| Posted: Mon May 09, 2005 1:52 pm Subject: |
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Hi Charlie
I agree with Jerry as SOL starts when you make no payments or when you paid last. However, you can consult a lawyer in your state to know more about it.
Thanks with regards
Roxette
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roxette
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