clarifying the start date of SOL

[recycbride]

What is the name of your state? ohio Scenerio: credit card company closes your account for lack of payments/late payments. You, at some time, get on a payment plan with the credit card company and pay a minimal amount towards the balance on a monthly basis. Since the account is closed, is the date that credit card company closed it the start date for an SOL date?

 

[JETX]

First, it is important to clarify WHICH SOL you are asking about. There are (at least) two of them.

The first is the SOL for enforcement of the judgment. That start date for the SOL is the DOLA (date of last activity).

The second would be the date that the debt drops off of your credit report. This date is dependent on the type of debt and is set by the FCRA as:
"§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years."

 

[recycbride]

sol-clarification--jetx

I'm referring about the statute of limitations which would prevent the credit card company from even collecting on this debt--minimal payments, etc. Their is no judgment at this time--and it is not with a collection agency--the minimal payments on the payment plan are going directly to the credit card company. The credit card company closed the account in 1998, maybe earlier. So I'm just wondering if they even have a right to attempt collection on it at this point in time, however small the payments on the payment plan are. It could've even been closed in the late 80's --husbands account--we think there was a time period where after he didn't make any payments after they closed it, of 2 or 3 years where they would just continually call--finally after getting tired of their calls he agreed to a payment plan with them directly. We don't have any really old credit reports to verify the exact date this was closed.

 

[JETX]

In that case, since this is the original creditor, and you are making recent payments, the SOL clock would start on your last payment date. And be 'refreshed' with each new payment.

BTW, the SOL for credit cards (open accounts) in Ohio is four years. So, if you have made a payment since Nov 1999, the SOL is has not 'tolled'.

 

[recycbride]

sol--thanks jetx

Thanks for your clarification, jetx. It's much clearer now.