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Trying to understand SOL


johndoe
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Under NC statutes it reads Open account: 3 years, Note Each payment renews the SOL on all items purchased within the 3 years prior to that payment. Ok my last payment on the account was 8/05 if I'm understanding it correctly that means that all charges 3 years from my last payment on 8/05 which would be 8/02 the statue applies not to any charges before that date of 8/02 correct?I made no charges after8/02

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I'm not exactly sure what you're asking. I'm guessing this is a CC or line of credit, that you last used in 02 and last paid on in 05? And since you posted in the collections thread then I'm guessing a CA has the account?

For the purposes of collecting a debt- the SOL would be from the date of last payment. So, if your last payment was 8/05, and the SOL is 3 years, then the SOL expires on 8/08 regardless of the last time you used it to purchase something.

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your question is a little confusing.. but if your last payment was made in 8-05 your sol would be up in 8-08.,. some here would argue that it would be 9-08 (three years and 30 days) but I find that is NOT true in NC.. I have had this verified with the Attorney general in our state more then once....

HOWEVER if you charged on the card then that has an impact.. its bascially DOLA (date of last activity) or last payment whichever one is most current.. for example.. you paid on 8-05 but were allowed to continue use of your card until 10-05 (for whatever reason) then your SOL would start at 10-05.. the last time any activity is on the card.. in MOST cases DOLA is the last payment as well.. but if your DOLA is most recent that is what they go by.

THIS is the SOL for suit.. not for reporting. .that is seven years from DOLA

again I read your question three times.. its not really clear so perhaps you can repost it

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SOL begins to run the date the first payment was missed.

So based on what you said, you closed the account with a balance remaining.

Based on that info, SOL began to run the date of the missed payment. So if you got a statement that said "due date: 9/3/02" and never paid it, SOL starts running from that date.

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Need some clarification on SOL.

What if the DOLA is from a CA other than OC?

For example: I have a situation where the OC charged off the account years ago and sold it to a CA (JDB). My spouse did make one payment to the CA in 2004 not knowing that is resets the SOL. The CA tried to collect on the account in 2005 but I DV them (also an ITS) about a year after that payment. The CA appeared to have dropped collection activity however, now they are no longer on the CR but the OC is back on it having the DOLA from the CA.

I just recently received a letter from another CA (attorney) in NY offering to settle the account. My question is which DOLA is correct? Is it still the DOLA from the first CA or does it revert to the date the OC closed the account since they are back on the CR?

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