Even though I have done searches on SOLs on this site, I'm still confused about how they work. In my situation, I went about five years without paying on a debt and then worked out a payment arrangement. (Last payment recorded April 1997, resumed payments on July 2002.) Then I lost my job and stopped payments in August 2002 and haven't been able to resume them. Did the SOL restart when I re-started payments and stopped in August 2002 or does it go by the first time I stopped in April 1997? In my state of NY the SOL is six years. If the SOL actually ended in April of this year would the CA still be entitled to collect?
As for the reporting time frame, the time is SEVEN years from the first time that your account went delinquent without being caught back up to current before the account is charged-off Note the three parts... If five years ago you missed a payment, got the account caught up the next month, the reporting SOL begins again the next time that you go delinquent, if you keep getting the account caught up before the account charges off, then the tradelines reporitng SOL would keep resetting. Now, in your case, since you stopped making the payments for five years, and about four and a half years before you restarted making payments the account would have been charged off, so the first missed payment that lead to the account being charged off would be the reporting SOL start date. Now, NY residents, and possibly WhyChat could answer your suit SOL question.
Re: Re: Still Confused about SOLs The SOL was re-started by your payment. You can be sued based on the date you made the last payment. However, if the account was never brought current, the reporting clock is not reset.
