Gotta question about OC charge-offs

[MadinKS]

With regards to the SOL, can you safely assume that the DOFD is 6 months prior to the Charge-off date? Say the charge-off occurs in Jul 2002 on a credit card.

So then the DOFD should be Jan 2002. So, would the SOL (3 yrs for cc in KS) be Jan 05 or Jul 05? Gettin' myself confused and the CR's are so different in format it's crazy. I think there should be a standard format for CR's that require all information, DOLA, DOFD, etc. to be easily distinguished! Any help appreciated. Thanks.

MadinKS

[shan2themax]

With regards to the SOL, can you safely assume that the DOFD is 6 months prior to the Charge-off date? Say the charge-off occurs in Jul 2002 on a credit card.

So then the DOFD should be Jan 2002. So, would the SOL (3 yrs for cc in KS) be Jan 05 or Jul 05? Gettin' myself confused and the CR's are so different in format it's crazy. I think there should be a standard format for CR's that require all information, DOLA, DOFD, etc. to be easily distinguished! Any help appreciated. Thanks.

MadinKS

I believe that it is 6 months after the DOFD

[IHateCAs]

Where are you getting 3 year SOL in Kansas? I think it might be 10.

You cannot ever safely assume anything, although it gives you a frame of reference.

[IHateCAs]

Might be confusing with kentucky though.

[willingtocope]

With regards to the SOL, can you safely assume that the DOFD is 6 months prior to the Charge-off date?

Nope. There is nothing that mandates a TL be changes to "CO" at 6 months. Could be anywhere from 60 days to 3 years after the last attempt to collect.

And...just to make it harder yet, SOL is a state by state thing, and some of those use Date of last payment or Date of last activity.

[MadinKS]

Where are you getting 3 year SOL in Kansas? I think it might be 10.

I have check several sites and all state:

STATUTE OF LIMITATIONS ON ENFORCEMENT:

Open Account (credit card): 3 years

Written Contract: 5 years

Domestic Judgment: 5 Years (renewable)

Foreign Judgment: 5 years (renewable)

In addition, the statute regarding SOL for Kansas states:

60-520. Part payment or acknowledgment of liability. (a) Effect. In any case founded on contract, when any part of the principal or interest shall have been paid, or an acknowledgment of an existing liability, debt or claim, or any promise to pay the same, shall have been made, an action may be brought in such case within the period prescribed for the same, after such payment, acknowledgment or promise; but such acknowledgment or promise must be in writing, signed by the party to be charged thereby.

So, it is safe to assume that even had my wife made partial payment here and there, if the agreement was not in writing, the SOL date remains from the original date DOFD. Right? Am I mis-interpreting this statute? Just trying to get a solid understanding of the Federal and State laws and a with the help of you I just might be able to be more informed and not just talk out of my behind when I finally get all the ammunition I need to fight these guys. Thanks.

[kevin3344]

I think there should be a standard format for CR's that require all information, DOLA, DOFD, etc. to be easily distinguished!

I agree. Believe it or not, there is a standard format...they just don't show it! According to the FCRA, the DOFD must be provided within 90 days by a CA. You know when your report says 'this item to be removed on XX date'...they have to calculate it from somewhere! However, they don't show it to you.

But pull your report up online and you'll see Last Reported Date, Status Date, Balance Date and every other date that doesn't mean anything. I wonder why...

________

SecretLies cam

Edited September 9, 2011 by kevin3344

[MadinKS]

Irratating isn't it. Not very consumer friendly that's for sure.

[divemedic]

In any case founded on contract, when any part of the principal or interest shall have been paid

note that part as well.

[MadinKS]

Dive,

Let me see if I understand what you are saying. Are you saying the part you quoted trumps the other? What? You're confusing me. Sorry.

[thomassl]

The statue of limitations for Kansas is 5 yrs. for written contracts and promissory notes and 3 yrs. for oral contracts and open ended accounts.

[MadinKS]

Right, so a credit card is considered an open-ended account right? So the SOL for a card with a charge-off date of Jul 2002 and no other activity to date should be out of SOL. Right?

[MadinKS]

Okay, just checked mail and received TU report today. Her reports for the cc accounts charged off in 2002 show being removed in 2/2009. So, does this mean that I can go back to 2002 to estimate SOL?

[IHateCAs]

Okay, just checked mail and received TU report today. Her reports for the cc accounts charged off in 2002 show being removed in 2/2009. So, does this mean that I can go back to 2002 to estimate SOL?

I'm betting SOL began to run Feb 2002, but that's a guess. One year to go to be outside the longest SOL to be sure.

[MadinKS]

I would think that if the SOL began to run in Feb 2002 then the longest SOL of 5 years (written contracts) would have past in Feb 2007. Right?

[divemedic]

(a) Effect. In any case founded on contract, when any part of the principal or interest shall have been paid, or an acknowledgment of an existing liability, debt or claim, or any promise to pay the same, shall have been made, an action may be brought in such case within the period prescribed for the same, after such payment, acknowledgment or promise; but such acknowledgment or promise must be in writing, signed by the party to be charged thereby.

There are parts to this that you need to pay attention to. It says any payment, acknowledgment, or promise to pay. It goes on to say the acknowledgment must be in writing.

I haven't seen the rest of what the law says, but it probably goes on to say that payment, acknowledgment, or promise to pay tolls or even resets the SOL.

[MadinKS]

Part 1:

(a) Effect. In any case founded on contract, when any part of the principal or interest shall have been paid, or an acknowledgment of an existing liability, debt or claim, or any promise to pay the same, shall have been made, an action may be brought in such case within the period prescribed for the same, after such payment, acknowledgment or promise; but such acknowledgment or promise must be in writing, signed by the party to be charged thereby.

Part 2:

( Joint debtors. If there be two or more joint contractors, no one of whom is entitled to act as the agent of the others, no such joint contractor shall lose the benefit of the statute of limitations so as to be chargeable by reason of any acknowledgment, promise or payment made by any other or others of them, unless done with the knowledge and consent of, or satisfied [ratified] by the joint contractor sought to be charged.

History: L. 1963, ch. 303, 60-520; Jan. 1, 196

Dive, I've added the rest of the statute. Nothing about resetting or tolling. Am I safe?

[divemedic]

I read the statute online at http://www.kslegislature.org/legsrv-statutes/statutesList.do

and it seems to say that the SOL period resets from the events listed here:

1 when any part of the principal or interest shall have been paid

2 an acknowledgment of an existing liability, debt or claim, or any promise to pay the same, shall have been made, as long as the acknowledgment or promise is in writing, signed by the party to be charged.