xavi72 Posted October 4, 2013 Report Share Posted October 4, 2013 I have this scenario in which I'm very close to reaching SOL on an alleged debt (I defaulted in 10/2009). During the past 4 months, I was waiting on a response from the collection attorney about validating the debt and my options for arbitration. So today, I received a letter in which Citibank stated they would honor arbitration and that either they or I can initiate through AAA, or for me to initiate via JAMS. Of course, they also threw in a settlement offer. I have 15 days to respond or else they will take the initiative to file a lawsuit and request arbitration via AAA. If I'm correct, SOL has not been reached until the end of this month so now I'm trying to see how I can prolong this so that I can buy myself 15 more days past the deadline they proposed. I have a feeling they will be filing on the very last day if I don't come up with a creative or legal way to postpone any decision by the CA. Any ideas are welcomed!! Link to comment Share on other sites More sharing options...
Public Enemy Posted October 4, 2013 Report Share Posted October 4, 2013 How are you calculating the SOL? Four years from last payment, four years from last scheduled payment or four years and 30 days from last scheduled payment? 1 Link to comment Share on other sites More sharing options...
xavi72 Posted October 4, 2013 Author Report Share Posted October 4, 2013 I don't actually have any statements but looking at an old credit report, it states that the first 30 day late (breach of contract) occurred in 10/2009. So exaclty 4 years from october is the end of the month. I'm not sure if this is how you calculate the SOL correctly though Link to comment Share on other sites More sharing options...
1stStep Posted October 4, 2013 Report Share Posted October 4, 2013 It'd be 4 years from the date of default... Link to comment Share on other sites More sharing options...
Seadragon Posted October 4, 2013 Report Share Posted October 4, 2013 Tricky wicket, you are not going to make it so go jams early but as far as possible default is when the payment was due which is usually around the 15th. any grace period may figure into it if you used the grace period in the past. Tough decision, I don't envy you. Link to comment Share on other sites More sharing options...
xavi72 Posted October 4, 2013 Author Report Share Posted October 4, 2013 Tricky wicket, you are not going to make it so go jams early but as far as possible default is when the payment was due which is usually around the 15th. any grace period may figure into it if you used the grace period in the past. Tough decision, I don't envy you. Maybe a lawyer (Hopefully Calawyer) can confirm this but I've read on attorneys blogs that the date of SOL's starts to run as of the last payment or charge made with the alleged credit card. Court rules are not specific, they just state that legal actions can be filed within 4 years that the written contract was breached. Luckily I just found some old statements and I;ll be able to better tell if the SOL have run out or not. Link to comment Share on other sites More sharing options...
xavi72 Posted October 5, 2013 Author Report Share Posted October 5, 2013 Does anyone have a case referencing the specifics of how to calculate the SOL's here in California? Link to comment Share on other sites More sharing options...
Public Enemy Posted October 5, 2013 Report Share Posted October 5, 2013 @calawyer Hopefully he can point you in the right direction. Link to comment Share on other sites More sharing options...
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