@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:<snip>
Can you tell me what you mean by, as long as the sol doesn't get reset? I'm going through my experian report and the Chase account hasn't been updated since 2018. The Harley updates monthly, sometimes missing a few months. Does that mean each time they report it resets?
Again not a lawyer so not legal advice but first you need to know what statute of limitations applies here so you can see both length and what would actually reset the sol. For my state (Florida) in general the sol is around 5 years, and my understanding is any of the following actions would reset the sol:
- Acknowledging that the debt is yours
- Agreeing to a payment or a payment plan
- Making a payment
So taking any of those actions would reset the sol's date to the date that you took that action.
i.e. Let's say I have an old chargeoff from 2010 that I never acknowledged or paid or did anything with, and let's assume the creditor never filed suit then in 2015 the sol would have expired. However if I were to do any of the above actions right now then the sol's clock starts fresh from the date that I took that action. Or in other words they would have another 5 years time in which they could sue me, and I wouldn't be able to dismiss it by saying it's past the sol.
Your situation though seems more complicated, which is why I suggested seeing an attorney, as I don't know if the other person that you cosigned for was to take an action that would reset the sol, if that would also reset it for you.
Ok ok I understand, thank you so much. I'm in Ohio so I'll have to look up the sol....so many new abbreviations to learn 😆. There's no cosigner. It's just me on the loan. He was my boyfriend and I signed for him to get those two items. So I'm the only responsible party. But I've never agreed to any payment arrangements or made any payments. I do remember talking to someone about the Harley maybe a year or so ago. They called with a local area code and I answered.
Just to add on to what @Anonymous was saying, the SOL and the credit reporting exclusion period (length of time that it can appear on your credit reports) are NOT the same thing. The credit reporting exclusion period for derogatory items is 7 years + 180 days, though usually the bureaus delete it at 7 years (or even earlier sometimes); moreover, once an account goes into default and never comes back current (which typically leads to a CO, or a charge off), then the DOFD (Date of First Delinquency) is set from that first missed payment, and that starts the 7 year exclusion clock. That date can never be reset.
@Anonymous wrote:
@FireMedic1 wrote:Ohio's statute of limitations is six years regardless of the type of debt. The time limit is counted from when a debt became overdue or when a borrower last made a payment, whichever happened more recently. If it's been more than six years, a creditor cannot sue a debtor for debt collection purposes.
What resets the statute of limitations on debt collection?
Making a payment on an old debt, whether in full or part, revives it, essentially restarting the clock on old debt.
Agreeing to pay: If you acknowledge that the debt is yours and agree to pay, the statute of limitations on your debt will start over.
So look up the last payment on the Harley. You might be right on the edge with this one or passed it. If repo'ed in Jan. Last payment is before that.
Same apllies with Chase.
Thank you for this info! You've been very helpful! Looks like last payment on Harley was Nov 2015, Chase was March 2018. I'm not trying to ditch what I owe, but geez I never wanted these bills to begin with.
Least they cant go legal come next month. Thats a whew moment. 
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:<snip>
Can you tell me what you mean by, as long as the sol doesn't get reset? I'm going through my experian report and the Chase account hasn't been updated since 2018. The Harley updates monthly, sometimes missing a few months. Does that mean each time they report it resets?
Again not a lawyer so not legal advice but first you need to know what statute of limitations applies here so you can see both length and what would actually reset the sol. For my state (Florida) in general the sol is around 5 years, and my understanding is any of the following actions would reset the sol:
- Acknowledging that the debt is yours
- Agreeing to a payment or a payment plan
- Making a payment
So taking any of those actions would reset the sol's date to the date that you took that action.
i.e. Let's say I have an old chargeoff from 2010 that I never acknowledged or paid or did anything with, and let's assume the creditor never filed suit then in 2015 the sol would have expired. However if I were to do any of the above actions right now then the sol's clock starts fresh from the date that I took that action. Or in other words they would have another 5 years time in which they could sue me, and I wouldn't be able to dismiss it by saying it's past the sol.
Your situation though seems more complicated, which is why I suggested seeing an attorney, as I don't know if the other person that you cosigned for was to take an action that would reset the sol, if that would also reset it for you.
Ok ok I understand, thank you so much. I'm in Ohio so I'll have to look up the sol....so many new abbreviations to learn 😆. There's no cosigner. It's just me on the loan. He was my boyfriend and I signed for him to get those two items. So I'm the only responsible party. But I've never agreed to any payment arrangements or made any payments. I do remember talking to someone about the Harley maybe a year or so ago. They called with a local area code and I answered.
Just to add on to what @Anonymous was saying, the SOL and the credit reporting exclusion period (length of time that it can appear on your credit reports) are NOT the same thing. The credit reporting exclusion period for derogatory items is 7 years + 180 days, though usually the bureaus delete it at 7 years (or even earlier sometimes); moreover, once an account goes into default and never comes back current (which typically leads to a CO, or a charge off), then the DOFD (Date of First Delinquency) is set from that first missed payment, and that starts the 7 year exclusion clock. That date can never be reset.
Thank you for this. Looks like the last payment dates for Harley was Nov 2015 and Chase Mar 2018. Looks like 7 years is coming up for the Harley.
Well like I said, the fall off date isn't based on date of last payment, it's based on Date of First Delinquency, or the first missed payment that subsequently led to a charge off. In other words, what month/year did those 2 accounts first have a late payment and never get back current?
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:<snip>
Can you tell me what you mean by, as long as the sol doesn't get reset? I'm going through my experian report and the Chase account hasn't been updated since 2018. The Harley updates monthly, sometimes missing a few months. Does that mean each time they report it resets?
Again not a lawyer so not legal advice but first you need to know what statute of limitations applies here so you can see both length and what would actually reset the sol. For my state (Florida) in general the sol is around 5 years, and my understanding is any of the following actions would reset the sol:
- Acknowledging that the debt is yours
- Agreeing to a payment or a payment plan
- Making a payment
So taking any of those actions would reset the sol's date to the date that you took that action.
i.e. Let's say I have an old chargeoff from 2010 that I never acknowledged or paid or did anything with, and let's assume the creditor never filed suit then in 2015 the sol would have expired. However if I were to do any of the above actions right now then the sol's clock starts fresh from the date that I took that action. Or in other words they would have another 5 years time in which they could sue me, and I wouldn't be able to dismiss it by saying it's past the sol.
Your situation though seems more complicated, which is why I suggested seeing an attorney, as I don't know if the other person that you cosigned for was to take an action that would reset the sol, if that would also reset it for you.
Ok ok I understand, thank you so much. I'm in Ohio so I'll have to look up the sol....so many new abbreviations to learn 😆. There's no cosigner. It's just me on the loan. He was my boyfriend and I signed for him to get those two items. So I'm the only responsible party. But I've never agreed to any payment arrangements or made any payments. I do remember talking to someone about the Harley maybe a year or so ago. They called with a local area code and I answered.
Just to add on to what @Anonymous was saying, the SOL and the credit reporting exclusion period (length of time that it can appear on your credit reports) are NOT the same thing. The credit reporting exclusion period for derogatory items is 7 years + 180 days, though usually the bureaus delete it at 7 years (or even earlier sometimes); moreover, once an account goes into default and never comes back current (which typically leads to a CO, or a charge off), then the DOFD (Date of First Delinquency) is set from that first missed payment, and that starts the 7 year exclusion clock. That date can never be reset.
Thank you for this. Looks like the last payment dates for Harley was Nov 2015 and Chase Mar 2018. Looks like 7 years is coming up for the Harley.
Well like I said, the fall off date isn't based on date of last payment, it's based on Date of First Delinquency, or the first missed payment that subsequently led to a charge off. In other words, what month/year did those 2 accounts first have a late payment and never get back current?
Ohhhhh ok I see, sorry I'm new to all this. Yea looks like the Harley first missed payment was Nov 2015, repo Jan 2016, charge off Mar 2016.
The Chase account had a few missed payments but the one leading to repo was Mar 2018, repo in May 2018, charge off June 2018.
So I can dispute this after Sol has passed? Can the creditor fight to keep in on my credit? Thanks again I appreciate your advice.
Got it, so then the fall off date for Harley is around Nov 2022, and the fall off date for Chase is Mar 2025.
And no, SOL and credit reporting exclusion period are 2 separate things as mentioned above. So the SOL is the period during which they can sue you to collect. The SOL varies by state, and, depending on state laws, can potentially be reset. The credit reporting exclusion period is 7.5 years (though usually stops at 7) from DOFD and is set in stone. So no matter what, those 2 items will fall off your reports after the 7 year period; however, the SOL may or may not still be valid when they do. It all depends on state laws and whether you did something that qualifies as resetting the SOL. Something as simple as acknowledging the debt is enough to reset the SOL in some states.
My point is, even if the SOL has expired, that has NOTHING to do with the account showing on your credit reports. For example, the SOL might be 4 years, and assuming you didn't do anything to reset it, those 4 years will go by and the creditor/collection agency will no longer be legally allowed to sue you for the debt. However, the debt will still be on your reports for another 3 years and you should NOT by any means dispute it - it would just come back verified.
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:<snip>
Can you tell me what you mean by, as long as the sol doesn't get reset? I'm going through my experian report and the Chase account hasn't been updated since 2018. The Harley updates monthly, sometimes missing a few months. Does that mean each time they report it resets?
Again not a lawyer so not legal advice but first you need to know what statute of limitations applies here so you can see both length and what would actually reset the sol. For my state (Florida) in general the sol is around 5 years, and my understanding is any of the following actions would reset the sol:
- Acknowledging that the debt is yours
- Agreeing to a payment or a payment plan
- Making a payment
So taking any of those actions would reset the sol's date to the date that you took that action.
i.e. Let's say I have an old chargeoff from 2010 that I never acknowledged or paid or did anything with, and let's assume the creditor never filed suit then in 2015 the sol would have expired. However if I were to do any of the above actions right now then the sol's clock starts fresh from the date that I took that action. Or in other words they would have another 5 years time in which they could sue me, and I wouldn't be able to dismiss it by saying it's past the sol.
Your situation though seems more complicated, which is why I suggested seeing an attorney, as I don't know if the other person that you cosigned for was to take an action that would reset the sol, if that would also reset it for you.
Ok ok I understand, thank you so much. I'm in Ohio so I'll have to look up the sol....so many new abbreviations to learn 😆. There's no cosigner. It's just me on the loan. He was my boyfriend and I signed for him to get those two items. So I'm the only responsible party. But I've never agreed to any payment arrangements or made any payments. I do remember talking to someone about the Harley maybe a year or so ago. They called with a local area code and I answered.
Just to add on to what @Anonymous was saying, the SOL and the credit reporting exclusion period (length of time that it can appear on your credit reports) are NOT the same thing. The credit reporting exclusion period for derogatory items is 7 years + 180 days, though usually the bureaus delete it at 7 years (or even earlier sometimes); moreover, once an account goes into default and never comes back current (which typically leads to a CO, or a charge off), then the DOFD (Date of First Delinquency) is set from that first missed payment, and that starts the 7 year exclusion clock. That date can never be reset.
Thank you for this. Looks like the last payment dates for Harley was Nov 2015 and Chase Mar 2018. Looks like 7 years is coming up for the Harley.
Well like I said, the fall off date isn't based on date of last payment, it's based on Date of First Delinquency, or the first missed payment that subsequently led to a charge off. In other words, what month/year did those 2 accounts first have a late payment and never get back current?
Ohhhhh ok I see, sorry I'm new to all this. Yea looks like the Harley first missed payment was Nov 2015, repo Jan 2016, charge off Mar 2016.
The Chase account had a few missed payments but the one leading to repo was Mar 2018, repo in May 2018, charge off June 2018.
So I can dispute this after Sol has passed? Can the creditor fight to keep in on my credit? Thanks again I appreciate your advice.
Got it, so then the fall off date for Harley is around Nov 2022, and the fall off date for Chase is Mar 2025.
And no, SOL and credit reporting exclusion period are 2 separate things as mentioned above. So the SOL is the period during which they can sue you to collect. The SOL varies by state, and, depending on state laws, can potentially be reset. The credit reporting exclusion period is 7.5 years (though usually stops at 7) from DOFD and is set in stone. So no matter what, those 2 items will fall off your reports after the 7 year period; however, the SOL may or may not still be valid when they do. It all depends on state laws and whether you did something that qualifies as resetting the SOL. Something as simple as acknowledging the debt is enough to reset the SOL in some states.
My point is, even if the SOL has expired, that has NOTHING to do with the account showing on your credit reports. For example, the SOL might be 4 years, and assuming you didn't do anything to reset it, those 4 years will go by and the creditor/collection agency will no longer be legally allowed to sue you for the debt. However, the debt will still be on your reports for another 3 years and you should NOT by any means dispute it - it would just come back verified.
Omg thank you so much. I fully understand what you're saying now. You and the other responders have been so helpful to me, thank you. Now I just have to get a game plan. Question. Do you think filing bankruptcy would be beneficial or just stick to what I'm doing?
You're doing good, you said your scores are pretty decent and you're getting pre approvals in the mail. I'm not quite sure why you'd file for bankruptcy unless you're struggling to make ends meet right now. If it's because of those 2 auto repos, well, one is about to fall off (the Harley one, which is the bigger amount, right?!), and then Chase would be 2025. The Chase one it's likely they will come after you for the remaining balance, and if/when they do, are you prepared to deal with it?