When does SOL start?

[tony63a]

I live in Oklahoma. I understand that the SOL for a credit card is a little debatable in this state. The statute says that an "open" account is 3 years and a "written contract" is 5 years. Some judges here have actually ruled that the SOL for a credit card is 5 years (well, actually the majority of these were default judgments and not necessarily judgments on the merits), while others have ruled it's 3 years. Because of this persistent ambiguity, credit card collectors aim for the 5 year mark and claim that they're within the SOL. Well, there is a credit card on my credit report that was first reported delinquent in 12/2004. Because of this, I figure that whether it's an open account and written contract, either way it's beyond the SOL. Well, a bill collector is still calling me and told me that the account is STILL within the SOL (even though it's now January 2010 <--- BEYOND the 5 years). She said that according to OK law, the SOL starts when the account is charged off, not when it's first reported as delinquent. She said that this account will be within the SOL until 06/2010 (since it was charged off 06/2005), and that if I don't pay it her company retains the right to take me to court over it. Any advice on the legality of what she's saying? I've NEVER heard that the SOL starts when an account is charged off. Any help or advice is highly appreciated. Thank you.

Edited January 5, 2010 by tony63a

[admin]

http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

[texaninfl]

For it to be past 5 years, that means you would have to wait until January 2011 to be in the clear since December 2010 would make 5 years.

[tony63a]

The date of first delinquency was 12/2004 and it was charged off 06/2005. I believe that I'm in the clear now (since it's 01/2010), but the collector claims that the SOL starts at the point the account is charged off. She says I won't be in the clear in 06/2010 and that they can sue me if they want and if I don't pay. Sorry for any confusion. Also, if this is a lie, is it legal for a collector to give misinformation in hopes of trying to elicit someone to pay beyond the SOL?

Edited January 5, 2010 by tony63a

[texaninfl]

When SOL starts depends on the state. In Florida, where I live, SOL starts at the Date of First Delinquency and not DOLA. I would check out your state's statutes and case law to get a definitive answer.

[FlaLawyer]

The date of first delinquency was 12/2004 and it was charged off 06/2005. I believe that I'm in the clear now (since it's 01/2010), but the collector claims that the SOL starts at the point the account is charged off. She says I won't be in the clear in 06/2010 and that they can sue me if they want and if I don't pay. Sorry for any confusion. Also, if this is a lie, is it legal for a collector to give misinformation in hopes of trying to elicit someone to pay beyond the SOL?

I would not put too much stock in legal advice given by debt collectors. "[A]fter the cause of action shall have accrued" tends to tell me the period starts from the first non-payment -- or breach if you will. Contact a local consumer lawyer.

See Title 12, section 95 for SOL info.

[MaggieWals]

The SOL starts at the DATE OF LAST ACTIVITY which is almost always the date of your last payment. If you make a payment to a debt collector, even 1 penny, the SOL starts back at zero.

[texaninfl]

The SOL starts at the DATE OF LAST ACTIVITY which is almost always the date of your last payment. If you make a payment to a debt collector, even 1 penny, the SOL starts back at zero.

I thought the date of your last payment would qualify as Date of First Delinquency?

[GH0104]

I think this varies slightly from state to state - the date of first default is the date that of your first MISSED payment. The SOL can run from that date or from the date of charge-off, which is (supposed to be) 180 days from the last payment.

I don't think there is a one-size-fits-all answer for every state, but the charge-off date should be the maximum it runs from.

[Amerikaner83]

The SOL starts at the DATE OF LAST ACTIVITY which is almost always the date of your last payment. If you make a payment to a debt collector, even 1 penny, the SOL starts back at zero.

No. DOLA is not an accurate measure. Also, making a payment, "even 1 penny", does NOT necessarily restart the SOL. Check your state laws on that. It varies. MOST state laws say that any payment that brings the account current again would restart the SOL if you don't pay any longer.....not just paying 1 penny.

I thought the date of your last payment would qualify as Date of First Delinquency?

Not necessarily. DOLP is typically a month before DOFD. Assuming the payment was a full one and kept the account current in good standing. But if you don't know DOFD, then the DOLP is a relatively accurate guesstimate.

[CarolinaBlueEyes]

In NC if you pay one cent the SOL starts over.. other states differ on this, however its the date of FIRST DELinquincy as you mentioned as long as you have not made another payment.. I have had collectors send me stuff 10 years old its like shooting fish in a barrel.. most people are not even aware there is an SOL

[texaninfl]

In NC if you pay one cent the SOL starts over

I've heard there are some states that are like that and it doesn't make sense to me. I'm just glad Florida isn't like that. In this state, you have to bring the account current for the SOL to restart if I recall correctly.