If you you opened an account with terms of no payments or no interest for a 6 months (3 months or a year, doesn't matter) and NEVER made a payment, what is the date used to figure SOL on the debit? The date of the first missed payment? Or the date of the last, and only transaction? TIA DJ
Check the state laws. Some states say date of transaction (in this case), some say date of last payment, some say the date when the creditor could effectively file suit.
THANK YOU THANK YOU THANK YOU! I searched high and low on the web for this info. Its 1:15AM I've been at it for too long. I was able to find tons of info and even the case law regarding no collecting on 'time barred debits', but I couldnt find anything that defines what time-barred is. Then I stumbled on this at Bankrate: "Dear Bankruptcy Adviser, Is there a statute of limitations on a credit card debt? If so, when does it become effective? -- Maureen Dear Maureen, There is a statute of limitations on credit card debt, Maureen. It varies from state to state. In California, it's four years -- and this part is very important -- from the last date of payment, or the last date of use." I am in California, and since there never was a payment on this account, that means date of last use. And last use was only use the initial purchase. I just wish I could find the code that supports that information. Any suggestions from anyone on where to look? ~DJ
Try to Google California statutes. You may check with your local library too, ask the librararian for state statutes regarding banking and credit.
