Confused about SOL
Date: Wed, 06/07/2006 - 08:42
I have a few credit card accounts that was opened in Jan. 2001, and June 2001 and I haven't made a payment on either of these accounts. How do I calculate when the SOL will expire? Is it from the Date Opened, Date Reported or Date of Last Payment?
Any help would be greatly appericated. Thanks.
carebear.
Hi The date of last payment towards the account determines th
Hi
The date of last payment towards the account determines the statute of limitations. Be aware that each payment renews the timeframe and the calculation starts all over again.
The state where the account was opened will be noted for calculating the statutes. Tell me the name of the state where the accounts were opened and I will confirm it for you.
Since you have not done any payment, you are already into the SOL timeframe. You have to check the state laws for the timeframe.
Also, remember that the expiry of the SOL does not erase the debt completely. It means that no agency can force you to make the payment unless you are willing to pay it. It will be reported in your credit file as a negative item till the 7 years reporting time is over.
Check the FTC link for more information on Statutes of Limitation.
You can inquire the date of last payment from your credit card c
You can inquire the date of last payment from your credit card company. Request them for an itemized statement of your account for reviewing purpose.
The SOL will not get renewed unless you make a payment towards t
The SOL will not get renewed unless you make a payment towards the debt account. You should not even make any commitment to pay while talking with them. Other than this, you can inquire about the account and take necessary actions. CA cannot force you to pay the debt after it is past the statutes of limitation. Be careful while you talk with them. They might have a recording device attached with the phone and will like to record your statement as proof. Never make any agreement unless you are willing to pay for sure.
