5 years from when?

[indeepdodo]

Think I know the answer to this but I'm hoping I am mistaken! Does the 5 years (FL) SOL start 30 days after last payment or from date of last payment? Or perhaps from the date of the Vernal Equinox? Conflicting info on a few sites.

Thought I was in the clear on the SOL being 4 years. One site stated all CCs are open-ended and are 4 years in Fl. Wrong on that one too! (It's 5:cry: )

Oh well it's been a long and interesting fight. Learned much info.

Thanks!

[LadynRed]

The 'cause of action' is the actual 'breach' of the agreement. So there is no 'cause of action' until you miss the first payment and never get the account current again - kicking off the SOL clock.

[indeepdodo]

Thanks for the info/ But would that be 30 days then? Sorry. Little stupid here!

[CreditLawGuru]

that would be whent he payment was due, and you failed to make it. not 30 days later.

SOL also depends on the type of debt. written contracts it's 5 years in FL. open acts 4 years.

"Store" cards are considered to fall under the 4 year SOL, visa, mc, discover, etc.... are under the 5 year

[thomassl]

that would be whent he payment was due, and you failed to make it. not 30 days later.

SOL also depends on the type of debt. written contracts it's 5 years in FL. open acts 4 years.

"Store" cards are considered to fall under the 4 year SOL, visa, mc, discover, etc.... are under the 5 year

Credit card payments are considered open-ended accounts whereby falling under the 4 yr. rule in Florida! Florida is also one of the states in which payments "does NOT reset the SOL...only a written promise to pay!

[indeepdodo]

I am slightly confused. it goes into the 5 yr period when the first payment is missed? What is the difference from 30 days from the last payment and when the payment is due? Don't mean to be a wiseguy but I don't understand the difference.

[fivetwos]

From what I can understand, if your monthly payment was due May 15, 2003 for example, and you did not make that payment and never again made the account current, the SOL will expire on May 16, 2007. SOL for open-ended contracts is four years in Florida.

[indeepdodo]

According to the CA my last payment was made on 4/10/02. So it goes SOL on 5/10/07? Thnaks again.

[CreditLawGuru]

cc's are NOT under the 4 year SOL in FL, only store cards! it's been established by case law.

the difference on 30 days from when it's made and when it's due, is I can make a payment at any time in my billing cycle, and now that payment's made, the next one wont be due for 45 days....

example: billing cycle 1-31st of January. bill gets sent out on the 5th of february. payment due on Feb 26th. next payment would be due march 26th, then april 26th.. and so on..... with me so far??

i make a payment on february 10th, as soon as i get the bill in the mail. now my next payment still isn't due until march 26th.. more than 30 days later.

[indeepdodo]

Thanks Credit. Is there anyway to find out exactly when it goes SOL? Credit reports aren't so exact. Letter from creditor said last payment made on such and such a date. Would like to know. Help me sleep a little easier!

[CreditLawGuru]

it depends on when the cause of action accrued. when the payment was due and wasn't made. it could be 30ish days after the date they claim your last payment was made, or that could have been a random payment you sent in later. do you have any records for this account?

could you obtain them from the OC?

otherwise discovery if/when sued.

[indeepdodo]

Nah I don't have records from this account. The most it could be would be 45 days though like you stated earlier. Right? Please say yes!

[indeepdodo]

Just another quick thought. If the last payment on this alleged debt was on 4/10/02 then my next payment was due in May. Therefor I go into SOL in June. Makes sense. I hope not.

[CreditLawGuru]

if the payment that was missed that started the SOL accruing was due may 10th, 2002 then the SOL will have run on May 11, 2007, in FL.

assuming you've done nothing that would have tolled the SOL.

[divemedic]

Credit card payments are considered open-ended accounts whereby falling under the 4 yr. rule in Florida! Florida is also one of the states in which payments "does NOT reset the SOL...only a written promise to pay!

Everything about that statement was wrong.

1. The SOL in Florida does not depend on whether it is an open ended account. The statute says "on a contract, obligation, or liability not founded on a written instrument, including an action for the sale and delivery of goods, wares, and merchandise, and on store accounts" are 4 years, and that an "action on a contract, obligation, or liability founded on a written instrument"is 5 years. There are plenty of Florida cases that show cards like Visa and MC are based on a written agreement and are subject to the 5 year SOL, while store cards like Rooms2Go and Circuit City are 4 years because they are store cards.

2 While thye do not reset the SOL, payments DO toll the SOL. Read:

95.051 When limitations tolled.--

(f) The payment of any part of the principal or interest of any obligation or liability founded on a written instrument.

[indeepdodo]

Dive, what is the difference between restetting and tolling the SOL. Last payment I made was 4/10/02. Thanks.

[divemedic]

Think of the SOL as a SOL as being a movie on DVD.

Resetting the SOL starts the movie over from the beginning.

Tolling is like hitting the pause button.

[MissaFraQ]

Think of the SOL as a SOL as being a movie on DVD.

Resetting the SOL starts the movie over from the beginning.

Tolling is like hitting the pause button.

Great analogy Dive!! Now if you could just tell me how to stop the flashing 12:00 I would be golden

[Lecasbas]

How is the CA supposed to calculate last payment to determine if they can actually collect within SOL?

[indeepdodo]

Wondering the same thing. Really do not want to go ask the OC with it being so close. (I think)

[divemedic]

Assuming that your CC is under the 5 year SOL (Visa, MC, etc.) and that the account went delinquent when the payment was due on 5/10/02, then SOL would run 5/11/07. That of course, assumes that you have made no payments that would have tolled the SOL.

How is the CA supposed to calculate last payment to determine if they can actually collect within SOL?

They can collect past the SOL. They can even sue on time barred debts. It is up to you to raise the SOL as a defense in your response to the initial pleading.

[indeepdodo]

Thanks Dive. Here's what I was wondering. Suppose I made a payment on 4/10. That payment could have been for 5/10. Therefore my payment would not be past due until 6/10. Is that possible or am I just going crazy here! Well I know I'm going crazy but is it possible then that even with a payment on 4/10 it wouldn't be SOL until 6/10. blah blah blah blah blah....

[indeepdodo]

Let me beat a dead horse just a little bit more. Was looking at one of the papers released through discovery process (thrown out without predjudice due to lack of service) and I noticed it stated my last payment was a partial payment made in early April. Does a partial payment reset the SOL. I read both ways on different postings (yes and no) A no would make me very happy. This was on a CC account. 5 yr SOL. Thanks!