SOL and rebuilding my credit

[Anonymous]

So I finally decided to get serious about fixing my credit.    I have a lot of negative things on my reports.  I understand those will be with me for a while.   

 I have a 'foreclosure started" on my report from last year.  The place was sold and the full amount was paid off before anything was filed with the courts in the US Virgin Islands.  But the damage was done.

I have 3 credit card accounts that are charged off.  The last payments were in spring of 2011.    All 3 were opened in the USVI.  The bank is out of PR.  All chargers were made in the VI.  Both USVI and PR have an SOL of 3 years.  However, I now live in CO which is 6 years (just moved here a few months ago).  I have not received a phone call or letter from them in the last 3 years.  

Is the SOL where I live now , where the account was opened, where the bank is out of, all of the above?

 I do not have the funds to pay them off right now.   So I'm wondering what my course of action should be?  If the SOL is up I would love to be able to settle with a PFD.  But I'm afraid if I contact them they will reset to CO time or maybe it's CO time anyway?     Should I just sit back and wait for them to contact me?     I do not know what to do right now.

I do not have to apply for any loans in the near future, so that is good.  I now have a secured card which I pay off every month which is helping.   I just want to start getting my credit and debts under control.

[Burned2manybridgesB4]

Potentially it can go by any of the three locations, in regards to declaring location SOL, which I'll use loosely, as only a judge, or in your case, a magistrate can declare officially. SOL is a defense, not an absolute.

You cannot change the DOFD on a CO, in regards to trying to clear the debt, as it's an accounting term, and deemed non-collectable in their eyes. Different rules apply to CAs, in this scenario though. They can update the listing to paid charge off, or settled for less, which will cause an account updating, making it hurt like it's new.

IMO, have the money to pay, before tackling this, just in case things don't go in your favor.

[Momof5]

Check your facts:

All contract actions, including personal contracts and actions under the UCC: 3 years (C.R.S. 13-80-101), except as otherwise provided in 13-80-103.5; All claims under the Uniform Consumer Credit Code, except sections 5-5-201(5); All actions to recover, detain or convert goods or chattels, except as otherwise provided in section 13 -80-103.5.

Quoting the CRS itself

C.R.S. 13-80-101 (2013)
13-80-101. General limitation of actions - three years



(1) The following civil actions, regardless of the theory upon which suit is brought, or against whom suit is brought, shall be commenced within three years after the cause of action accrues, and not thereafter:

(a) All contract actions, including personal contracts and actions under the "Uniform Commercial Code", except as otherwise provided in section 13-80-103.5;

(b) Repealed.

(c) All actions for fraud, misrepresentation, concealment, or deceit except those in section 13-80-102 (1) (j) or section 13-80-103 (1) (g);

(d) and (e) Repealed.

(f) All actions for breach of trust or breach of fiduciary duty;

(g) All claims under the "Uniform Consumer Credit Code", except section 5-5-201 (5), C.R.S.;

(h) All actions of replevin or for taking, detaining, or converting goods or chattels, except as otherwise provided in section 13-80-103.5;

(i) All actions under the "Motor Vehicle Financial Responsibility Act", article 7 of title 42, C.R.S.;

(j) All actions under part 6 of article 4 of title 10, C.R.S.;

(k) All actions accruing outside this state if the limitation of actions of the place where the cause of action accrued is greater than that of this state;

(l) All actions of debt under section 40-30-102, C.R.S.;

It appears that CC debt has an SOL of 3 years.  The only time the CO law overrides in SOL is when the other state is Longer  (see k above) which would reduce it to 3 years.. 

It also appears via this statute

13-82-104. Conflict of laws - limitation periods



(1) Except as provided in section 13-82-106, if a claim is substantively based:

(a) Upon the law of one other state, the limitation period of that state applies; or

(b) Upon the law of more than one state, the limitation period of one of those states chosen by the law of conflict of laws of this state applies.

(2) The limitation period of this state applies to all other claims.

that your debts are SOL @ 2 years..