Re: Whychat's Notes on Last Item/Payment States
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Posted by Why Chat (209.240.205.61) on August 07, 2004 at 08:54:23:
In Reply to: Whychat's Notes on Last Item/Payment States posted by MeToo on August 06, 2004 at 23:00:21:
This is a VERY difficult area to explain easily. In MOST States, the "legal"SOL starts the same date as the "reporting" SOL, i.e. the first delinquency preceding a chargeof. These States are "cause of action" States, and if the words "cause of action" appears in the SOL statute for THAT State for THAT type of account, then even if your account was frozen and unuseable,it would be technically difficult legally to claim the SOL started at an earlier date. There ARE some alternative defenses to an earlier SOL in those States IF the creditor CHANGED THE TERMS, for instance reducing your credit limit to below what was currently owed.In that case THEY have breached the contract, and you CAN claim that earlier SOL date. SOME States, like California, do NOT start the SOL from the "cause of action" but from the LAST ITEM on a mutual, open and active account. In THOSE States, (which are CLEARLY remarked on the State pages on my website) your last payment or charge on a USEABLE account starts the SOL, even if the account was NEVER charged off.
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