Does payment on an account restart the SOL?

[Cabinboy]

There it is.  It was in front of me the whole time.  I've known about Gemini Capital Group v. New (Iowa Court of Appeals, 2011} for 5 years and didn't think it would be as specific as to the situation I was looking for.  I want to thank you BV80 and let you know that I wasn't being lazy.  In fact, I'll bet I seriously put in 30 hours of research just for that subject.  That is one of the laws in Iowa that helps bring relief to debt cases looking not to get bulldozed in court.  Thank you.

[BV80]

7 minutes ago, Cabinboy said:

There it is.  It was in front of me the whole time.  I've known about Gemini Capital Group v. New (Iowa Court of Appeals, 2011} for 5 years and didn't think it would be as specific as to the situation I was looking for.  I want to thank you BV80 and let you know that I wasn't being lazy.  In fact, I'll bet I seriously put in 30 hours of research just for that subject.  That is one of the laws in Iowa that helps bring relief to debt cases looking not to get bulldozed in court.  Thank you.

You’re very welcome.

I know you were not lazy.  Sometimes we are so involved in multiple details that simple or obvious details escape us.  I completely understand.  ?

[Cabinboy]

I just finished reading Gemini Capital Group v. New (Iowa Court of Appeals, 2011} and the only issue cleared up for me and it came down to if the account was still open or closed when 3rd party payments started up.. There was no contract between us and creditor.  There was no contract between us and the 3rd party paying creditor..  Account was closed on 2/27/2015 and charged off on 2/28/2015.  Case states "With respect to continuous, open accounts, "the cause of action shall be deemed to have accrued on the date of the last item therein, as proved on the trial." Id. § 614.5".   First payment which was made by 3rd party started 4/30/2015. 

Last payment on open account was 6/25/2014 and delinquent date was established as 7/14/2014 according to statements sent via DV request.  Hoping nothing happens between now and 7/15/2019.  They sent me the notice of Right to cure Nov. 2018 and there has been no conversation on phone or by mail since February 2019.  Gurstel is the Law firm for the OC and they are at 80% settlement.  

Will the state code figure last payment date of 6/25/2014 as the date it will fall out of SOL, or the date of delinquency of 7/14/2014? 

Hopefully Judge will agree.  Thanks a million.     

[JHFix]

In Illinois, if you pay a settlement offer, can anything negative come of it? I received a 15% offer to settle.

At the back it reads: "The law limits how long you can be sued on a debt. Because of the age of your debt, (Bank Name) cannot sue you for it and this debt cannot be reported to any credit reporting agency. (Bank Name) cannot sue you on this debt and (Bank Name) cannot report this debt to any credit reporting agency.

In many circumstances, you can renew the debt and start the time period for the filing of a lawsuit against you if you take specific actions such as making certain payments on the debt or making a written promise to pay. You should determine the effect of any actions you take with respect to this debt."