Re: WhyChat...? about SOL

Posted by Drew (24.59.27.46) on October 24, 2003 at 13:29:16:

In Reply to: WhyChat...? about SOL posted by Papertrail on October 24, 2003 at 13:02:44:

180 days after you miss the payment and don't get caught up, it is a charge off. For filing of lawsuit purposes, a creditor may file a lawsuit within the statue of limitations with starting time being based on the date of last activity (the 180 days before charge off).

WHat does your credit report say that the DATE OF LAST ACTIVITY occurs. This is the starting point of the statue of limitations.

For example.

You last payment to them was 5/02 and you make no more payments. They charge it off 11/02. Statue of limitations begins with 5/02. Statue of limitations for filing suit is always calculated from the DOLA not the charge off. The reporting period for a charge off is calculated seven years from the charge off.

However the reporting limits and the statue of limitations for lawsuit is different.

If you have a situation where you make a payment of 5/02, then miss two payments, but then make a full payment and get your account completely caught up with all back payments and interest charges so you are current once again, then you fold and stop paying where the last payment is 8/02 and you make no more payments or cannot maintain the minimum payment and keep current, then the DOLA will be 8/02 with charge off date of 2/03.

The key is the date of last activity. Look at your credit reports for that account. If the lawsuit filing is passed the SOL with regards to the date of last activity (you will need your credit report and copies of it as proof if you have to go to court), then you can make a motion to dismiss the case based on it being past the statue of limitations. (Look at your state...do you have an attorney). If it still falls within the statue of limitations, you will have to answer and appear in court.

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