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An "Easy" SOL question ( But Hard for Me!)


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Posted by Mari (63.166.194.2) on April 11, 2002 at 14:35:50:

In 1997 I ran into some financial problems and was unable to pay all my creditors. Some of them worked with me and I took care of them, but the Discover Card people were abusive and mean so I quit paying them.
The account first became delinquent in September of 1997, then I made small payments in March, April and June of 1998. The statute of limitations in my state on open accounts is 4 years. Will the SOL have run in June of this year, or is there a chance it that the time started running on the date of the first delinquency - 9/11/97 - and therefore be over now???

The company that is collecting the debt for Discover Card has been contacting me asking to settle the account for various amounts. (Original credit limit was $2,500, but they are now claiming that $4,125 is owing - after adding late charges and interest for the last four years). I don't have much extra money, especially to make a lump sum payment. Should I let the statute run? Pay a reduced agreed upon amount with the stipulation that negative information be removed from my credit report? I guess the bad stuff will be on my credit report for seven years + 180 days - from when?

Thanks for sharing your knowledge with me!


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