Kathy Y Posted October 21, 2004 Report Share Posted October 21, 2004 I apologize for this question, I have read through SO many posts on here that my eyes are crossing. I am trying to figure out how to calculate the SOL (I'm in Texas) I used a link from this forum and found that it's 4 years and this is it:§ 16.004. FOUR-YEAR LIMITATIONS PERIOD. (a) A person must bring suit on the following actions not later than four years after the day the cause of action accrues: (1) specific performance of a contract for the conveyance of real property; (2) penalty or damages on the penal clause of a bond to convey real property; (3) debt; (4) fraud; or (5) breach of fiduciary duty.I think this is it, but what does 'after the day the cause of action accrues' mean?I've found so many different answers: after the last payment, after the last charge, after the first time you became late and never got current... I don't know what to use and we're talking about a month or two difference and they're taking me to court, so it really matters which answer is correct. I appreciate any help! Link to comment Share on other sites More sharing options...
retmar Posted October 21, 2004 Report Share Posted October 21, 2004 Accrue means to grow or increase, which relates to when the debt went delinquent.I say this as the norm when an account goes delinquent, the balance grows due to added interest and fees. I would say this is just their way of identifying the date of first delinquency to begin the count for the 4 year period. Link to comment Share on other sites More sharing options...
LadynRed Posted October 21, 2004 Report Share Posted October 21, 2004 The cause of action, in this case, would be the date that the account went into default. Basically its when you went 30 days late and never paid on it again. Link to comment Share on other sites More sharing options...
Kathy Y Posted October 21, 2004 Author Report Share Posted October 21, 2004 I went late in 6/03 and was never current again, but there were payments made after that. In the Tx law it says a payment doesn't make the contract new, it has to be in writing, so I thought that would mean 4 years from when I never got current again.Now the credit report says it should stay on record until 7/2008 and the first late it shows is 30 days as of 1/2001. (I thought that was because they only kept data from so far back.) What's interesting to me is that I disputed it with Experian and they deleted it. So if that means if Wells Fargo can't prove it, then the lawyers can't either, correct?Thanks Link to comment Share on other sites More sharing options...
Kathy Y Posted October 21, 2004 Author Report Share Posted October 21, 2004 I'm sorry-first late was 6/03/2000, I've been looking at these numbers too long. Link to comment Share on other sites More sharing options...
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