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How does SOL work?

Valued Member

How does SOL work?

I live in VA. I believe the SOL is :

 

Open account: 3 years from the last payment or last charge for goods or services rendered on the account.

Written contracts (non-UCC): 5 years.

Sale of goods under the UCC: 4 years.

Virginia Judgments: 10 years, and renewable (extended) to 20 years.

Foreign judgments: 10 years.

 

I have an old Citi credit card that was opened 03/04. It was charged off as of 05/06 per EQ CR from 05/07. Midland bought this acct 08/10. How does the SOL apply to me? Someone please respond soon!!


Starting Score: 671
Current Score: Wal-Mart TU 683 (1/21/13)
Goal Score: 710


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4 REPLIES
Super Contributor

Re: How does SOL work?

 

Credit cards are always classified as Open Accounts from what I have read.

 

When the SOL clock starts is open for debate, but I think it would likely start no later than the point of being charged off, so I believe that the SOL has expired for this debt.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Super Contributor

Re: How does SOL work?

 

And to add ~ the SOL doesn't prevent you from being sued, it just gives you a valid defense in court....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Moderator Emeritus

Re: How does SOL work?


Lthomas356 wrote:

I live in VA. I believe the SOL is :

 

Open account: 3 years from the last payment or last charge for goods or services rendered on the account.

Written contracts (non-UCC): 5 years.

Sale of goods under the UCC: 4 years.

Virginia Judgments: 10 years, and renewable (extended) to 20 years.

Foreign judgments: 10 years.

 

I have an old Citi credit card that was opened 03/04. It was charged off as of 05/06 per EQ CR from 05/07. Midland bought this acct 08/10. How does the SOL apply to me? Someone please respond soon!!


The DoFD (Date of First Delinquency) isn't listed but it looks like the SOL started a few months before the charge off in 5/2006. That means the SOL in VA has expired on this.

 

ETA: I was outyped big time on this.  Smiley Happy

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Valued Member

Re: How does SOL work?

Hi there!! Thank you so much!! I will try to find another old CR other than this one to take with me to court.


Starting Score: 671
Current Score: Wal-Mart TU 683 (1/21/13)
Goal Score: 710


Take the myFICO Fitness Challenge