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donnak

SOL Question Again????Please

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On the acct in question, on the Experian report it shows

Proidian Financial

Then it lists sev. different things but on the balance date it shows Jan 31, 2003 but we haven't made a pmt since 5/01. It shows at the bottom on the year scale that as of June 2001 it was 30 days, then July 2001 it was 90 days past due.

Would this mean that the statute of limitations would go from the day of the last payment?

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There are several sites on the Internet that list the various states' Statute of Limitations. The SOLC generally begins with each payment that is made. Each payment, whether timely or late, re-starts SOLC. This is the critical concept in understanding SOLC, because when you default, the last payment made is where SOLC is counted from. Here in Arizona SOLC generally is 4 years. If a creditor has not commenced suit within that time frame, the Statute of Limitations doe not BAR a suit, but it becomes an Affirmative Defense against the suit

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I have alot of debts that are out of SOL in FL. Are you saying that the OCs can still try to take me to court? If they do, does the affimative defense completely protect me?

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The bottom line is that once a debt is past the SOL, a creditor will not take any legal means to get it back.

It is not practical for them and they have bigger fish to fry.

But that doesn't preclude them from selling your debt to a debt collector or spending 37 cents on a stamp and asking you to pay up.

There are plenty of people here including myself that have had charged off debts that are over ten years old and debt collectors who are still trying to collect on them.

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