So I received a letter from the CA in regards to my DV ... essentially "they know how important it is to me, but they need more time to get back with me" Not sure if this is a good, bad or indifferent sign - but regardless, it led me to finally pull my credit report and immerse myself into all things ugly. My question ... This particular debt is shown as 'charged off as bad debt', with an account closed date of 2007. The issue .. 2007 is when I went on a 'repayment plan' with them and made payments faithfully each month (not all of them in the full amount, which is why they said they turned it over to CA). So -- does the SOL starts @ 2007 or from when I made my last payment to them? I realize it doesn't matter at this junction (I have several yrs left), but want to be as informed as possible when/if this ends up in a courtroom. Thanks!!
I'm not a lawyer, but I believe the laws vary from state to state on this. Generally speaking, the SOL starts the day you made the last payment on this account. In some states, partial payments that are part of a new written agreement, like the ones you made before it was charged off and turned over to a CA, restart the SOL. If I'm understanding you correctly, it sounds like both dates fall in 2007 anyway. What state are you in?
No, unfortunately the 'repayment plan' payments started in the beginning of 07 and my last payment made on the account prior to it getting turned over to a CA was just last month (May 2010). So, sadly over 3 yrs of struggling to make these huge payments all to end up where I was trying to avoid from the get-go anyway. My credit report shows no history of payment whatsoever, just the date the acct was opened and then the date the account was charged off as bad debt. Im in Indiana .. which if I've read correctly means the SOL is 6 yrs for a cc.
Yes, I believe the SOL in IN is 6 years. Take a close look at your state laws to make sure your partial payments that were part of the new agreement haven't restarted the SOL. IN may not be one of those states.
