I just read this "OK. That may be the date you "last made payment" but how far behind were you when you made that payment? The SOL starts when the first deliquency occurs (The second your account went 30 days late is when the beginning of the SOL started). Not the last payment. If your account has EVER been 30 days late at ANYTIME PRIOR to that October payment, that's when the SOL began." In the thread titled "Summons" Does this mean that the SOL starts on the first 30 day late even if you made timely payments for say 6-12 months after the first 30 day late? Hypothetically, January 30 day late, February through December, paid on time, January again of following year 30 day late, no other payments made and account charged off. Which 30 day late would commence SOL in the aboce scenario? Thanks, 3 day
when referring to SOL, you need to remember that there are more than one type of SOL. Reporting SOL & your states SOL for sueing... Reporting SOL using the example you gave. if the feb payment was only the regular monthly payment, (not a double payment); then the account would remain 30 days late (then become 60 days late in the next Jan, when that payment was missed, and remain at 60 days late.) State SOL would probably begin on the billing date of the last payment that was made. So if you made a payment on the 1st, statement date was 30th, the SOL would probably be the 30th of the next month; this is why you want to allow an extra month of padding on the SOL to be safe.
jlynn is correct. If you make January's payment late but PRIOR to making February's and then stay current beginning with Feb's payment the SOL will "reset" (for lack of better wording).
