Law Regarding when charge off done

[Strawberry Bird]

I know that CC typically charge off debt within 6 months of delinquency.. but is that actually a law or reference somewhere? Need answer asap Please! or do I need to post in another forum?? Thanks

[willingtocope]

There are FDIC rules regarding when a "non-perfoming" debt must be moved from the collectable to the "probably non collectable" category on a CC balance sheet, but I dont see how that would help in a court case.

[Strawberry Bird]

I am arguing that the debt the Plaintiff's is trying to sue for is out of SOL .. they attached a "Last Statement Details" page and it shows Date of Charge Off. That date puts it to where they actually filed the suit 30 days too late, but I was making the point that it could be reasonably assumed that the alleged debt had been delinquent for a period of time prior to that.. I was going to reference that 180 day thing.

Thanks!

[willingtocope]

Ah...yes...the date of first delinquency or date of last payment (whichever your state uses to start the SOL clock) would typically be 120 to 180 days prior to the charge off date (depending on the creditor's policy). Like I said, though, no law governs that.