When does SOL begin

[IssacFair]

Does anyone know when the clock begins for SOL for delinquent debt? Is it DoFD?

[Brian_Earl_Spilner]

Should be from date of first default

[Remedios]

Actually, SOL on credit card debt most often starts with last activity such as last payment or last time account was used, not DOFD.
DOFD is more important when it comes to establishing when reporting period should end.
You can still be sued past SOL, but SOL can be used for defense.

[Brian_Earl_Spilner]

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@Remedios wrote:
Actually, SOL on credit card debt most often starts with last activity such as last payment or last time account was used, not DOFD.
DOFD is more important when it comes to establishing when reporting period should end.
You can still be sued past SOL, but SOL can be used for defense.

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That seems odd to me. I would think that it would start the moment you miss a payment because until then, you're not in default so you're not in breach of contract. That would work better for a person as it could basically, shave a month off the SOL.

[Remedios]

It starts when you miss the payment removal wise, but SOL is different.
SOL can be restarted by payments or promise to make a payment while DOFD and removal would not be affected by either.
Those two are frequently convoluted and mixed up.

[gdale6]

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@Brian_Earl_Spilner wrote:

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@Remedios wrote:
Actually, SOL on credit card debt most often starts with last activity such as last payment or last time account was used, not DOFD.
DOFD is more important when it comes to establishing when reporting period should end.
You can still be sued past SOL, but SOL can be used for defense.

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That seems odd to me. I would think that it would start the moment you miss a payment because until then, you're not in default so you're not in breach of contract. That would work better for a person as it could basically, shave a month off the SOL.

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There are events that reset SOL in each state and they are different in the states. You would need to look up the law of limitations in the state you live in and the state the creditor is incorporated in to ascertain what can reset it. DoFD is a set in stone date for credit reporting only.

[AverageJoesCredit]

To me SOL begins when a person applies with Penfed

[RobertEG]

Running of an SOL period begins when the relevant state statute says it begins.

It varies by state, with some SOLs beginning on "date of cause of action," which is the date you initially defaulted, establishing when the creditor could first have brought civil action, while other states begin on a date of last payment.

Some SOL statutes also provide for a new period if certain actions occur, such as a firm offer to pay or any actual partial payments are made.

Some states also have "borrowing provisions" in their statute, which permit the use of the SOL statute of another state under certain conditions, such as if the consumer resided in another state at time of default.  That would then involve the consideration of the SOL provisions of another state.

Finally, creditors or debt collectors may have an option as to the state/jurisdiction in which they can file a civil action.

The FDCPA, for example, gives debt collectors the option of filing in either the current state of residence of the consumer or in the state whre the contract that created the debt was signed.  You thus may not be able to determine the applicable SOL provisions until a civil suit has actually been filed.

First, review your state SOL statute on bringing of civil actions on debt, and if you still cannot determine the precise begin date, consult an attorney.  There may be specific case law that has determined an ambiguous begin date interpretation based on similar facts to your case, and an attorney can review and advise.

I would not, unless your state statute is unambiguous, rely on lay interpretation, such as advice in a forum.