What is SOL for CC with last payment of Oct 2002?

[gcmoore]

CC account opened March 1998, made last payment October 2002, and it was charged off soon after that. The SOL in my state is 5 years. When is the last day I can be sued for this debt? Is it November 1, 2007 or sometime in December?

[Debt Guy]

In most states the SOL begins to run from the date of first harm (or the date of default).

If, for example, the last payment made was October 15, 2002, for this analysis one presumes that was the date the payment was due. Which means the next payment would have been due November 15, 2002. When that payment was missed, the SOL started to tick.

In this example, your 5 year SOL would expire on November 14, 2007. In your case, to know the exact expiration you would need to know the due date of the first payment NOT made (after which the account was never current).

Of course, this presumes that nothing happened to toll (or stop) the SOL. Generally, the SOL will toll if you leave the state or evade service.

[CarolinaBlueEyes]

In most states the SOL begins to run from the date of first harm (or the date of default).

If, for example, the last payment made was October 15, 2002, for this analysis one presumes that was the date the payment was due. Which means the next payment would have been due November 15, 2002. When that payment was missed, the SOL started to tick.

In this example, your 5 year SOL would expire on November 14, 2007. In your case, to know the exact expiration you would need to know the due date of the first payment NOT made (after which the account was never current).

Of course, this presumes that nothing happened to toll (or stop) the SOL. Generally, the SOL will toll if you leave the state or evade service.

check with your state AG... in my case it was three years to the DATE... not three years and 30 days (our sol is three years)