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I just $15,000 of ugly debt (SOL question)


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Posted by Mr. Procrastinator (198.81.26.74) on November 14, 2003 at 03:15:03:

Here's an SOL question.

I line in California now (and I did at the time I opened the accounts), and I started a Consumer Credit program almost four years. Some of my accts, such as my Americian Express accounts, were already in default (late) at the time. But most of my accounts were current. When the econom went REALLY south in mid-2001, I fell of my CCCS program for one month. I resumed it the next month, but I couldn't afford to keep up the agreed-upon amounts with most of the creditors on the program. Since then, I've inconsistently paid my creditors. So here are a few questions:

1) How can I find out what the SOL laws are in my state for credit card debt (I live in California)?

2) Since the SOL date starts when I first default on the contract, what is considered a "default"? When it's late or when it's been charged off? When I started the CCCS program, I closed all my accounts or they were closed on me. Can I tell by looking for the date of the first "ding" in my credit report?

3) If I closed my acct when it was in good standing, and then made agreed upon payments on the balance, the default wouldn't start until I missed my first CCCS payment, correct?

Thanks.



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