Date Major Delinquency First Reported vs Date of First Delinquency

[MortgageMinded]

Ok,  I just want to be crystal clear.

I had a loan with Santander that the Date of First Delinquency was on 5/2012.  

The vehicle was sold 10/2012 and reported as the date major delinquency was first reported.

What matters most for SOL, the date of first delinquency or the date major delinquency first reported?

[Kutuzov]

The day it went on default, that would be the first delinquency.

[gdale6]

In most states it would be the DoFD but some use date of last payment so you need to check your states statutes on SOL.

[MortgageMinded]

Either way, if it was 10/1/2012, I should be in the clear correct?

[Anonymous]

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@MortgageMinded wrote:
Either way, if it was 10/1/2012, I should be in the clear correct?

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Only if your state has a SOL of 3 years for written contracts.

You would have to check your state's laws.  You can google the SOL for your state.

And 7 years after the DoFD it will roll off your CRs.

hth

[Anonymous]

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@gdale6 wrote:

In most states it would be the DoFD but some use date of last payment so you need to check your states statutes on SOL.

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In the case of a Repo sale of a vehicle - the sale proceeds would not be considered "last payment", for the establishment of SOL as that is not a voluntary payment made by the debtor.

Just wanted to clarify that.

[MortgageMinded]

Thanks to all for clarification.   I just read the law and it's 3 years for Written Contracts.  

I got the sale letter from Santander and am thinking of sending it to the CRA's so they set the balance to zero as they no longer own the debt or have collection authority as of this transaction.  Would this be wise to do at this time?  OR should i just wait until the DV rolls up next month?  I assume that the CA will be sending this to all 3 CRA's shortly.

[Kutuzov]

Just wait, proactive debtors might trigger a more proactive debt collector, as they might think you want to get some sort of credit and you are trying to clean your CR. On the other hand if the debt is beyond SOL for them to sue you, you got a baby shark with no teeth, so you are pretty much freelance!

Personally I would just wait and see if I get any violation worth suing for, and turn the table around.

[MortgageMinded]

I was thinking of waiting to see what type of correspondence will follow.

I'd never settle unless it was in writing anyway!

Thanks...