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Question about SOL for Maryland... and a charge off

Valued Member

Question about SOL for Maryland... and a charge off

Hey all-

 

So I'm still in the rebuild process slowly but surely. I'm aiming to hit these charge-offs as soon as I have a decent amount in my savings. Using half to pay one etc, save, pay. 

 

SOL to sue in MD is 3 years.. but I want to make sure I'm reading this correctly.

 

Capital One Charge off or repo.. whatever you want to call it.

 

So I owed about $15k on my car when it was repossessed. It sold at auction for $12,600 (luckily). Owe about $3000 dollars.

 

It says date of last payment 03/2016

It says date of first delinquency 03/2015

Delinquency first reported 03/2016

 

My history shows my first 30 day late on March 2015 and continues from there..

So does my SOL hit next month? And I'm at 3 years? 

Or not until 03/2016? I believe I was making small payments to keep the car but the lates were 30,30,60,90,30,30 and so on until Jan 2016 it says FP (failure to pay or CO charge off). 

 

 I know it generally starts from date of first delinquency - 3 years from that date... but my car was repossessed in January of 2016. I think..

So does the 3 years start from the first date I was late and continue, or when the car was repossessed.

 

Any input appreciated. Thanks!

 

 

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AAoA 4 years 2 months, Util 37% Credit Age 11 years 1 month (Feb 18)


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Re: Question about SOL for Maryland... and a charge off


wrote:

Hey all-

 

So I'm still in the rebuild process slowly but surely. I'm aiming to hit these charge-offs as soon as I have a decent amount in my savings. Using half to pay one etc, save, pay. 

 

SOL to sue in MD is 3 years.. but I want to make sure I'm reading this correctly.

 

Capital One Charge off or repo.. whatever you want to call it.

 

So I owed about $15k on my car when it was repossessed. It sold at auction for $12,600 (luckily). Owe about $3000 dollars.

 

It says date of last payment 03/2016

It says date of first delinquency 03/2015

Delinquency first reported 03/2016

 

My history shows my first 30 day late on March 2015 and continues from there..

So does my SOL hit next month? And I'm at 3 years? 

Or not until 03/2016? I believe I was making small payments to keep the car but the lates were 30,30,60,90,30,30 and so on until Jan 2016 it says FP (failure to pay or CO charge off). 

 

 I know it generally starts from date of first delinquency - 3 years from that date... but my car was repossessed in January of 2016. I think..

So does the 3 years start from the first date I was late and continue, or when the car was repossessed.

 

Any input appreciated. Thanks!

 

 


If you caught the payments up after the 2015 date the DoFD changes to the 30 day delinquent that led to the repo and subsequent CO. If from that date in 2015 you never came current then its the DoFD for SOL computations. This could be considered a UCC loan which would be 4 years, depends on how the state statutes are written.

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