**IMPORTANT! Calculating When the Statute of Limitations Has Expired {Need Advice} 2 Car Loans 4 yr

[Anonymous]

According to California SOL Laws, Automobile Loan SOL is 4 years, I believe it starts from the date of the first payment default, or possibly from the date a Demand Letter was sent... Unsure if the Contract had an "Accelleration Clause" or "No Accelleration Clause" (SEE BELOW STATUTE OF LIMITATION LAWS ABOUT ACCELLERATION CLAUSES)............... nevertheless my loans show reported in 2012, so I would think I could request that they be deleted from my report due to CA SOL laws?, is that correct? Can anyone provide a Sample Letter for this??

First loan was UNPAID DUE TO JOB LAYOFF:

FORD CRED

Act. # 482****

Past Due: $4,972

Pay History

Opened:

11/01/2012

Closed

Reported:

03/29/2016

Condition:

Derogatory

Joint Account

Limit:

$0

Balance:

$4,972

Payment:

$0

Credit Type:

Installment Account

COMPARE BUREAUS

Remarks:

Account was in dispute - now resolved - reported by subscriber.

Merchandise was taken back by credit grantor; there may be a balance due.

Unpaid balance reported as a loss by the credit grantor.

 **THIS LOAN WAS PAID OFF AND A LETTER OF PROOF WAS SENT -- WILL RESEND IT!!!  **IS IT BETTER TO SEND THE PROOF OF LOAN FULLFILLMENT LETTER OR SOL DEMAND FOR REMOVAL LETTER, OR BOTH!!???

FOREMAN FINANCIAL

Act. # 1032**

Past Due: $5,708

Pay History

Opened:

02/01/2012

Closed

Reported:

09/30/2016

Condition:

Derogatory

Responsible in Case of Default Account

Limit:

$0

Balance:

$5,708

Payment:

$0

Credit Type:

Installment Account

COMPARE BUREAUS

Remarks:

Unpaid balance reported as a loss by the credit grantor.

*********************************************************************************************************************************************************************

Calculating When the Statute of Limitations Has Expired

If you need to find out when the SOL on a debt has expired, do the following:

1. Take the date cause of action begins (date of last payment or demand letter):
2. Add the number of years of the statute of limitations in your state.

For Example:
You last stopped paying on a credit card on January 15, 2011. The company sent you a demand letter for the full amount on July 15, 2011. The statute of limitations for credit cards (usually regarded as open accounts) in your state is 6 years.

The date at which you are "safe" from having a creditor sue you over this debt is:

No Acceleration Clause:  January 15, 2011 + 6 years = January 15, 2017
Acceleration Clause:  July 15, 2011 + 6 years = July 15, 2017

Does a Partial Payment Restart the SOL?

Depending on what state you live in, if you make a partial payment, you could be postponing the statute taking effect on your collection account or charge-off. A collector might call you one day and say you waived your rights when you made a deal with the collection agency. Do not take anything a collector tells you for granted. Make them prove it to you, in or out of court. For about half the population, the statute of limitations started ticking the day they made the last payment for their account.

Some states have laws which specify that a partial payment does not restart the clock on the SOL, unless there is a new written promise to pay. What that means is that you actually write out a new agreement with the original creditor and/or collection agency.

Please review the exact state statutes and the fine print associated with them before relying on this website's info. Your situation may not apply.

Even though a debt is an absolute promise to pay, if the statute of limitations on the debt has expired and the creditor tries to force you to pay the debt, you have the right not to fulfill the promise (debt).

[Anonymous]

The SOL has nothing to due with when an account will be removed from your credit report it is seven years one hundred and eighty days from the date of first delinquency. How ever the CRA's usually remove them at seven years.

[Anonymous]

Right. SOL is about ability to collect and sue, not about reporting.