How do you compute "delinquency" in terms of SOL?
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Posted by Lori on October 17, 2001 at 12:49:25:
Hi -
How do you compute when "delinquency" officially begins for a former GA resident who entered into a credit agreement with a KS company? Is it 30/60/90 (?) days after the first missed payment? Or is some other standard used? Is there a GA/KS state law that defines this, or is it up to the creditor or the credit reporting companies to make determination? Note: According to her 6/01 credit report, the last activity on this account is 9/94. In 1993, friend entered into revolving credit agreement to buy $1000 worth of dishes and pots. She was living in GA and the company was located in Kansas. Her payments were to begin in March 94, and she made regular payments thru Dec 94 (altho the credit report says last activity was 9/94). There were no payments made after that. The dish company's collection agent has recently started calling her offering a setlement, but from our research the SOL has run in both GA (6 yrs) and KS (5 yrs) and she's inclined to advise him that SOL has run and account collection efforts are unenforceable. We think the collection company is hoping that she doesn't know her rights and/or the law. Any advice would be greatly appreciated, and thank you for this extremely helpful forum.
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