topic Re: SOL on Chase Auto Loan Question (Edited) in Rebuilding Your Credit

SOL on Chase Auto Loan Question (Edited)

Chestnut1 — Sun, 01 Dec 2019 20:32:34 GMT

First off, i want to thank you all for taking time to answer all the questions here. I also know that i'm rushing in asking a lot of questions, I apologise for that but this one Deliq/Negative account that i have on my report is eating away my mind.

So here it goes. This JCPMB Account was

Opened : 06/19/2012.

DoFD : 07/01/2015

Date of last Payment: 03/01/2016.

Date Reported : 04/30/2018

Charge Off Amount : $11,116

Balance: $3,587 (Does this mean that the Vehicle was auctioned and they recovered around $7.6K and balance $3,587 is showing up on CRs ?)

Amount Past Due: $3,587

i have 2 ways to deal with it. Either wait on it to do its 7 years time and fall off CR in Apr 2022 (or) talk to JCPMB to Pay in Full and ask for PFD.

But, that leaves me with couple of questions about the later part. I have no Knowledge of what an SOL is. I read around that SOL is the timeframe when the OC can actually go after you and sue you in the court.

Now, Questions : (Details in the Screenshot below)

How do i know if my account is STILL in that SOL timeframe and OC could anytime Sue me (or) this account is way past its time for OC to even consider suing me anymore ?
If i now PIF and ask for PFD, will that reset the SOL time (if there is any)

P.S: Auto Loan was taken in California 06/2012. vehicle got Repo'ed in NJ 01/2016.

Edit : Here is what the EX Report says . Account Charged off. $11,116. Written off. $3,587 past due as of Mar 2018

Re: SOL on Chase Auto Loan Question (Edited)

FireMedic1 — Sun, 01 Dec 2019 21:17:49 GMT

@Chestnut1 wrote:
First off, i want to thank you all for taking time to answer all the questions here. I also know that i'm rushing in asking a lot of questions, I apologise for that but this one Deliq/Negative account that i have on my report is eating away my mind.
So here it goes. This JCPMB Account was

Opened : 06/19/2012.
DoFD : 07/01/2015
Date of last Payment: 03/01/2016.
Date Reported : 04/30/2018
Charge Off Amount : $11,116
Balance: $3,587 (Does this mean that the Vehicle was auctioned and they recovered around $7.6K and balance $3,587 is showing up on CRs ?) Yep.
Amount Past Due: $3,587

i have 2 ways to deal with it. Either wait on it to do its 7 years time and fall off CR in Apr 2022 (or) talk to JCPMB to Pay in Full and ask for PFD. Charge off accounts are hard or next to impossible to get PFD. Car loans especially.
But, that leaves me with couple of questions about the later part. I have no Knowledge of what an SOL is. I read around that SOL is the timeframe when the OC can actually go after you and sue you in the court. Each state has their own SOL. And yes its the end for legal actions. But they still can attempt to collect the debt.

Now, Questions : (Details in the Screenshot below)

How do i know if my account is STILL in that SOL timeframe and OC could anytime Sue me (or) this account is way past its time for OC to even consider suing me anymore ? You typed it above: DoFD : 07/01/2015 Then add your states SOL and that will be the date for fall off.
If i now PIF and ask for PFD, will that reset the SOL time (if there is any) Nope.
P.S: Auto Loan was taken in California 06/2012. vehicle got Repo'ed in NJ 01/2016.

Edit : Here is what the EX Report says . Account Charged off. $11,116. Written off. $3,587 past due as of Mar 2018

There's a grey area on SOL from where you opened the account and where you moved to. Its a see saw situation and no clear answer really. CA is 4 yrs NJ 6 yrs.

Re: SOL on Chase Auto Loan Question (Edited)

Chestnut1 — Mon, 02 Dec 2019 14:11:53 GMT

Thanks a lot for clarifying my questions. However, if you noticed on the second screenshot ( Report from EX ). It says Written Off. Now, that leads me into thinking if this Loan Balance was actually written off ?. if yes, i got no communication from the bank whatsoever ex : Form 1099 etc so i could report this to IRS and pay taxes there considering this loan amount is written off. Or or , it is still pending as CO with the bank. That i will give a call and ask the bank.