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I need help on SOL


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Ok, this is my first post. I have been trying to find an answer to this everywhere, but cannot find it. Need help from the experts!

I opened an credit card account with Chase Bank back in 1999. By 2001 my balance was close to $8000. I never missed a payment. Then I began drowning in debt and missed my first payment in April 2002. I missed my next payment also and Chase closed my account in May 2002. I was unable to pay the next four months and my credit report reflects that. In September 2002 Chase called me and offered me smaller payments and a reduced interest rate to start paying off the outstanding debt. The account was still closed and I could not charge anything else on it. But wanting to be responsible I made small payments again for the next 14 months. I again fell on some financial difficulty in 2004, and began missing payments in March 2004. I have not payed the account since then. Chase sold the account to Palisades in 2005, who in turn turned it over to Wolpoff & Abramson in 2006, who are now threatening to sue me in court.

Ok, if you are still with me, my question is this: In Texas the "SOL begins after the day the cause of action accrue". I interpret this to mean that it began at the time I first defaulted on my original contract with Chase, which was in April 2002, and missed the next 4 payments and had my account closed. If I am correct that means the SOL already expired in my case. Or does the SOL clock start ticking when I made my last payment in 2004? I never signed a written contract with Chase when I resumed making smaller payments at a smaller interest rate.

Can some one please clarify this!

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