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A race 'til the end I guess


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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!!

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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

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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.

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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. 

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