Where do we get that DOLA is relevant to SOL? What is considered activity? Choice 1 - last payment Choice 2 - charge off date Choice 3 - date account turned over to CA Choice 4 - All of the above This is Georiga SOL law: All actions upon simple contracts in writing shall be brought within six years after the same become due and payable. However, this Code section shall not apply to actions for the breach of contracts for the sale of goods under Article 2 of Title 11 or to negotiable instruments under Article 3 of Title 11. (Is this for written contracts?) All actions upon open account, or for the breach of any contract not under the hand of the party sought to be charged, or upon any implied promise or undertaking shall be brought within four years after the right of action accrues. However, this Code section shall not apply to actions for the breach of contracts for the sale of goods under Article 2 of Title 11. (I am confident this is for credit card accounts.) See this link to the TILA. All other actions upon contracts express or implied not otherwise provided for shall be brought within four years from the accrual of the right of action. However, this Code section shall not apply to actions for the breach of contracts for the sale of goods under Article 2 of Title 11. (Is this for verbal agreements?) Please help. Any input is appreciated.
Re: Doc, Whyspers, WhyChat, Butch, The FCRA and the FTC's subsequent interpretation and enforcement of that federal law are what establishes the relevance of the date of last activity to how the alleged debt may be reported to CRAs. Here's an FTC opinion letter that gives much more detail: http://www.ftc.gov/os/statutes/fcra/amason.htm Specifically: Section 605(c)(1) provides that the seven year period begins 180 days from . . . "the month and year of the commencement of the delinquency that immediately preceded" the chargeoff. So, the last activity for an unpaid debt is established by adding 6 months to the date of last delinquency which immediately preceded the chargeoff. Hope this helps. Doc
Re: Doc, Whyspers, WhyChat, Butch, Doc, I do not see the relevance since this is referring directly to the FCRA. Sorry, I am a flake when it comes to this legal stuff.
Re: Doc, Whyspers, WhyChat, Butch, Ack, are we talking about two different SOLs? There are two: 1) The "reporting" SOL which has to do with how long something can appear on your credit report. (That's the one I thought you were asking about.) 2) The "collections" SOL which has to do with how long an unpaid creditor is legally entitled to the debt. This thread (link) had a bigger discussion of the two clocks. Now I realize that you were referring to the second type... or am I still confused, lol? Sorry for being so mixed up. Doc
Re: Doc, Whyspers, WhyChat, Butch, I see two key phrases used in the Georgia Code as to when the SOL starts: "after the right of action accrues", and "after the same become due and payable". This is too freaking vague... I think that they get this 'right of action' and/or a debt becomes 'due and payable' once an account/agreement has went into default. What ya think?
Re: Doc, Whyspers, WhyChat, Butch, Love, I agree. Once the account goes into default, the SOL would start to run based on what you posted about Georgia law. JMHO. L
Re: Doc, Whyspers, WhyChat, Butch, Oh Boy!! Here we go again!! You MUST separate the "reporting" (FCRA) SOL and the "suing" SOL COMPLETELY in your minds! The reporting SOL is clearly spelled out in the FCRA and applies to ALL STATES, (although N.Y. does have a 5 year reporting limit on PAID judgments &tax liens). The reporting (FCRA) starts at your FIRST delinquency prior to chargeoff, IT CANNOT BE RE-AGED. The suing SOL is based on EACH State's codes and statutes, NOT ONLY for the "time" ,but also how they decide the starting of the time,(cause of action). In Ga. as in many other States, they start at the SAME time as in the FCRA, i.e. first default or delinquency prior to chargeoff.In Ga. and several other States,there is a DIFFERENT SOL for store (sale of goods) credit cards than for regular credit cards.That is why it is a very good idea to consult with a lawyer in your OWN State on these matters.
Re: Doc, Whyspers, WhyChat, Butch, P.S. Some States have VERY different laws about "cause of action" so don't assume YOUR State follows Ga. law. For example,in Va. even if you reaffirm your debt IN WRITING,the starting date stays the same, NOT your "first default" as in Ga. or the FCRA, but your LAST PURCHASE ! or PAYMENT on the ACTIVE account!.Whereas,in Ark. if you make ANY payment on the account,you start all over again on your SOL(although I think this could be challenged in court).
