Statute of Limitations - Definition
Date: Thu, 01/13/2011 - 13:24
The date that she last paid any creditor was March, 2008.
We are in Washington state. The Statute of Limitations on Open Accounts in WA is 3 years.
However, my research is unclear when this begins. Is it the date of first deliquency listed on the report (April, 2008?)
Some research suggests that this SOL begins at charge-off, or when a "demand letter" is sent, which would be later.
Some information suggests that the "date of first deliquency" on the report - April, 08 - is correct.
Also, realistically, what do you think her odds of avoiding lawsuit are in the interim? She was laid off (again!) in the recession and is still on UI, but would like to avoid bankruptcy if possible and just put this behind her.
Hi! Welcome to the forums! The Sol period on a debt starts from
Hi!
Welcome to the forums!
The Sol period on a debt starts from the date of first delinquency. So, after going through your query, I think that the Sol period on the debts is not yet over. This means that your fiancee can still be sued. It will better to pay off the debts as early as possible. Charge-off remains on the credit report for 7 years and hurts credit score big time. Some employers check credit report before recruiting employees. The employers don't like to recruit individuals with lots of negative items on their credit reports. This means that it may become difficult for your fiancee to get a job.
I would suggest your fiancee to negotiate with the collection agencies and settle his debts. He can even request the creditors to take back the accounts from CAs and settle his debts with them directly. It will be very good if he can negotiate a pay for delete settlement agreement. If the creditors refuse to negotiate a PFD agreement, then your fiancee should ask them to update the account status as "Settled Charge off". In the mean time, ask him to pull financial resources from wherever possible.
