Re: Statue of limitations

Posted by poor lawyer (24.88.34.92) on August 18, 2002 at 12:04:18:

In Reply to: Statue of limitations posted by Judi on August 18, 2002 at 02:31:35:

If you mean the SOL for when to file a lawsuit, then the answer is "when the cause of action accrues." Thats the same for every state. But every state defines "when the cause of action accrues" differently. So we would have to know what state you are in before we can tell you for sure.

I can say that it won't be when the CA charges it off, it would be before that. Usually it is when the "breach" of your contract occurs, and that happens well before it gets sent to a CA.

As for the SOL for reporting chargeoffs, it starts at the first delinquency that results in a chargeoff. i.e. your first missed payment preceding the chargeoff. Thus, if you stopped paying in 6/98 and make no more payments, and they charge it off in 12/99, the clock starts at 6/98. Then it is 7 to 7 1/2 years from that date.

However, some CAs don't exactly follow the law. Others in this forum can give better advice than me concerning dealing with CAs.

poor lawyer, esq.

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