SOL Applies to State of Origin or State of Residence?

The SOL applies to the last time you contacted anyone acknowledging that the debt was real. For example if you have a debt in another state from many years ago and someone called you on the phone to collect it and you sent them a payment or agreed to payment the SOL begins at that time not the date of the original debt. It does not matter what state you live in. One of collectors tricks on old debts is to say just send in anything for now. Once you do you are screwed out of the SOL. Beware of what you say or do!

Thanks for the reply!

Anyone know where I can find this information in official form?

I cannot and will never know everything about SOL's. But here is some things I do know:

1) Generally, contracts/agreements are governed in the state in which they were executed. Usually the agreement will say in the fine print "this note is governed by the laws of the State of XXX." Of course, if you applied for credit through the mail, you can always argue that the agreement was consummated in the state where you actually signed the agreement. How successful that argument would be, I don't know.

I have had some customers sign contracts in Illinois, and later they move next door to Indiana and stop paying. I have sent my attorney over to IN and sued in an Indiana court, citing Illinois laws, and the IN courts have awarded judgments in my favor.

2) Some states "toll" the SOL at any time the debtor leaves the state. Illinois and Florida are two states that I know of that do this. This means if you leave the state, it's like pressing the pause button on the SOL timer. Say SOL in Illinois is 5 years for unwritten contract. Your last payment on account was 2/2002. SOL starts ticking 2/2002. In 2/2005 you leave the state, 3 years elapses and the SOL begins its toll. You return to the state 2/2007 - SOL starts ticking once you come back in the state, you've got 2 years left before SOL runs out.

Does anyone one know what a Providian credit card contract says? Does it say the name of the state where the credit card holder resides?

DebtCruncher is right. It depends on what sort of debt it is. As said, contracts, agreements, etc. the SOL to use is the state where these occurred. As to things such as unsecured or credit card debt, The it's the SOL of your state of residence. Never make any payment on an item on which you feel the SOL might have run.

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I had those same thoughts myself. There's gotta be a cutoff somewhere; I don't think they could hold it over you your whole life, hoping one day you'll return. I don't know...

I've been thinking about getting out of this state too. Indiana is looking better and better every day.

I need to get out of the mid west, get back to the desert where I belong. Beside once IM there its open season on PDLs that try to hide under NM's loose laws.

Which part of Illinois?? Im about 30 miles west of chicago off 355 and 88.

Yay for the desert!!!! I am from NM!!!! I am in the midwest too and can't stand it here!

LCM, if you don't plan on moving back to Illinois you're ok.