Re: SOL info.

Posted by Why Chat (209.240.222.130) on August 21, 2002 at 17:08:45:

In Reply to: Re: SOL info. posted by JJ on August 21, 2002 at 16:11:30:

I have posted La. on my website, it may take a while for it to show up, so click on Illinois, then go to next page.
The 3 year SOL in La for cc debt is "cause of action" that is your first default or late notice.IF your account with the finance company was a revolving one, that is , if you built up available credit as you paid it down,then that is your SOL. If it was for a fixed term, however, with a fixed interest rate and the terms and conditions were spelled out with reference to La. statutes, then it is a written contract with a 10 year SOL. If it was a written agreement, with a payment on demand clause, (also called an acceleration clause) then it has a 5 year SOL, the starting date on THAT is from the date of demand.In other words, if you were late in your payments, and the finance company said "pay in full" or "pay all your past due amounts in full", then your SOL would start from that date.

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