Posted on: 05th Mar, 2012 11:57 pm
Hello there… I need to know when the clock starts running on a debt. I had incurred some debts in 2005. The debt account on my report has the first delinquency as 1/2006. The SOL in that state is six years. So, if the SOL starts from the date of first delinquency, it would have been up at the end of January 2012. I just want to make sure this is correct? Thanks.
Well, as far as I know about SOL, the clock will start running once you default on the debt for the first time. If the SOL period for debts in your state is 6 years, then the SOL period is over.
Hi Camphor,
I agree with what Niicss has said. Once you default on the debt, the clock starts ticking and the SOL period will start off.
Thanks
I agree with what Niicss has said. Once you default on the debt, the clock starts ticking and the SOL period will start off.
Thanks
When SOL starts depends on the state. In Florida, where I live, SOL starts at the Date of First Delinquency and not DOLA. I would check out your state's statutes and case law to get a definitive answer.
Generally, the SOL starts from the date of the last payment.
Creditors have a limited time window in which to sue debtors for nonpayment of credit card bills. It starts from the day of first nonpayment. That limit is set by a state's statute of limitations. Statute of limitation (SOL) period varies between 3 to 10 years. Since, you have stated that SOL period is 6 years in your state, so it has ended in January 2012.