in my situation, I have several credit cards consolidated back in middle 1999. I pay through a consolidation service company every month. As far as I could remember, these accounts were already "closed" since they were consolidated. So does this Statute of Limitation thing apply to my case ? these accounts were closed, but I keep paying back ... so there are activities .... In texas there is a 4 years SOL, does it mean that by middle of 2003, these creditors cannot sue me even if I cancel the monthly consolidated payments ?? also would these bad credit records vanished from my credit report by middle 2006 ? (the 7 years period) any information would be appreciated !
Someone correct me if I'm wrong: Your making payments under consolidation therefore the SOL doesn't apply until you STOP paying under consolidation. Each time you make a payment to a creditor the SOL is extended. Date of deliquency is really what counts and since your not REALLY deliquent anymore, they are still valid.
When you "consolidated" you wiped out any prior delinquencies. If you stopped paying this month, your SOL would start NEXT month,(first "late" notice)
I believe it's 30 days from the date of your last payment that your officially late and now in deliquency. If you wouldn't have consolidated, you would still be under the gun since you consolidated in 1999, unless the SOL in your state is 2/3 years for suing. This wouldn't stop them from placing it on your CR as charged-off or negative for 5-7 years. They probably could've still done it under consolidation.
If he hadn't "consolidated" in 1999 his SOL for both his credit report AND having a suit filed would have started on the date he FIRST was late on any of the accounts.(probably in 1998 or earlier)
