SOL Gurus....

As far as I've been told the sol starts on the dola.

 

Whyspers, let me see if I can't throw some confusion in here. From what "I" understand, the 7-year removal begins the date of the first delinquency that "LED TO" the charge-off or collection. I know that I have also heard something about the 150 day something or another, but I cannot for the life of me remember what that was. I saw it on the board here recently or on the FTC site or something.

I am almost POSITIVE that the 150-day rule(whatever that is), has to do with the original creditor sending it to a collection agency.


Someone help us out here )

 

Don't leave us hanging! Now, I want to know! )

 

Guru X here-
If the debt first became delinquent BEFORE Dec. 1997 -the 7 year limit for reporting starts on the date it was CHARGED OFF. If it became delinquent AFTER Dec. 1997, it falls under the ammended creditor reporting laws and the time starts from the FIRST delinquency that led to it being charged off. The CRA's were given a 180 day "extra time" allowance from that date,but they are generally not using it as there have been rulings against them if they really KNEW when the first date was.

 

AH HA ! The SOL for filing suit is MUCH simpler!
It starts from your first "late notice" or "past due charge", UNLESS you have completely brought the account up to date, in which case it will re-start with the first late notice prior to the filing. It is called the "cause of action" and the time "accrues" through whatever payments you make, or ca redating.

 

Well-- I would need to know your State, the definitions of "cause of action" are in each State's UCC. Some, like Wyoming's (linked below) are murkier than others. Wyoming, (to my surprise) even has a 5 year SOL instead of it's regular 10 year for new residents subject to action for debt incurred prior to their move. It defines a contract "cause of action" as from initial breach, as do all others I have seen, but it has a catchy clause about "reaffirmations" and payments subsequent to breach.
http://legisweb.state.wy.us/statutes/titles/title01/chapter03.htm

 

Would someone be kind enough to point me to a website that has ACCURATE SOLs listed? I've done the Google search and visited multiple sites, but they all give different numbers for my state (Wisconsin).

I'm not good with law and nearly pulled my hair out searching through state statutes this afternoon. I think I got close, but gave up because my eyes were bugging out from reading the teeny typeface.

Or, if anyone knows what the SOL is for WI off the top of their head, that would be even better.

Thx.

 

Here is a website that hs accurate SOL information as well as garnishment, community property ,ca requirements etc. It is FOR collection agents ,so I know it is correct.
http://www.edebtnetwork.com/content/collection_laws.asp

Whyspers- The original colonies go back to English common law in all their basic stuff.(the only "legal" citation in N.Y. I found was 1779) The "law" of initial breach of contract commencing the SOL for cause of action is so embedded in their civil code and ucc it is only referred to when there is an exception (like tolling).Any good law dictionary defines breach of contract,in a cause of action, as an initial breach that has not been "healed"

 

That is the maximum interest a collection agency can charge on an account. for example, a credit card account at 24% interest is charged off by stickittoyou bank,assigned to pondscum collections, they can only charge a N.Y.debtor 16%.

By the way, in the formulation of the FCRA ammended 1996 requirement for creditor reporting of first delinquency,it was cited as putting it into compliance with common law breach of contract/cause of action definition.

 

Interesting site Why Chat. I was prowling around in there and clicked on the articles selction. The lead article is "how to select a debt collector". About a 1/3 of the way through the article, the author recommends finding a firm that has liability insurance in case a claim is "mishandled" . The author cites a growing trend towards litigation against debt collectors and the fall out landing on the orginal creditors doorstep.