I received threatening phone calls from a collector back in 1/1999 and therefore never acknoweldged and/or refused to pay the debt. I have an account that began collection in 3/1999 but was never reported to any of the CRA's. Then the collection account was transferred to another CA on 3/2002. Only then did it show up on my credit reports as a collection account. I know the SOL on written contracts (in this case a promissary note) in NJ is 6 years, but when does the legal SOL for this scenario begin and end? deadbeavis
There are several different types of SOL. Most of them begin on the anniversary of the date upon which you missed your last payment.
If you were making payments, it would begin the month of your first missed payments. If it was a demand note, it would begin the date of the first demand. If you had never made payments on principle or interest the SOL is 10 years, dating from the date of the original note. New_Jersey_Permanent_Statutes_ ____TITLE_12A_____COMMERCIAL_TRANSACTIONS ________12A:3-118._____Statute_of_limitations____ 12A:3-118.____ Statute of limitations_ _ a.____ Except as provided in subsection e. of this section, an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note or, if a due date is accelerated, within six years after the accelerated due date._ b.____ Except as provided in subsection d. or e. of this section, if demand for payment is made to the maker of a note payable on demand, an action to enforce the obligation of a party to pay the note must be commenced within six years after the demand._ If no demand for payment is made to the maker, an action to enforce the note is barred if neither principal nor interest on the note has been paid for a continuous period of 10 years._
