I am not a lawyer but here are some links and info that may help.
https://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php
SOL for CT and NY is 6 years.
The article indicates WF uses South Dakota law of 6 years which is the same for both states you reside in.
Barclays utilizes Delaware law which is 3 years but would think the state you live in would make the primary case for which laws are applicable.
Starting date would be at best DOFD which appears to be September 2015 for WF and Aug 2016 for Barclays. I am uncertain as to the exact start date for SOL so hopefully others can lend advice.
I would think the probability exists that SOL would not run out for either account till at least late 2021 for WF and late 2022 for Barclays.
@acavaliero wrote:Hi Everyone,
Very happy to be part of this community. I have been working on my credit for a while now and I've hit a wall. I'm benefitting immensely from being an authorized user and paying as much debt as possible. I'm currently paying AMEX Collections 100 per month and 600 more I'll be done with that. I have a $32,000 student loan reported in 2014 - 2015 that has 9 late payments. I just sent a goodwill letter and I'm starting from there. On the new line item with the same student loan account, I'm current.
The serious issues are :
Wells Fargo Credit Card Charge-off - Past due amount $14,168This account was opened in Connecticut, I maintained an address in CT and NY. I believe CT and NY have different statutes of limitations however I have not wanted to poke the sleeping giant to find out what state this account is associated with - thanking God that they have not come after me in ANY way.How do I find out when the clock started on the statute of limitations? Any advice on this account would be amazing!!Barclays Card Charge-off - Past due amount $1,766Also would like to find out when the clock started on the statute of limitations on this account? Thanking God here as well that a law firm-collection agency sent a letter once and that has been it, nothing since.Also, any advice on this account would be amazing!!Also, I have a LOT of other questions, I've done a lot reading on this forum and I've found many answers however I'm open to paying for a consultant to give me tips. I'm not looking for a credit repair company but someone to answer my questions.Thank you so much,AlEXP - 614EQUIFAX - 612TU - 610
I'll give @Anonymous a ring on the SL part.
@acavaliero wrote:Thank you Satio for your response. I have responded below in blue.
@satio wrote:I am not a lawyer but here are some links and info that may help.
https://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php
SOL for CT and NY is 6 years.
The article indicates WF uses South Dakota law of 6 years which is the same for both states you reside in.
Barclays utilizes Delaware law which is 3 years but would think the state you live in would make the primary case for which laws are applicable.
I see what you say here and below. I did a little research Barclays does utilize Delaware so I don't understand the language used here : https://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php.
If it's 3 years then the SOL is over for Barclays. If WF or Barclays is using either one of my residences then it LOOKS like what you have stated is accureate - 6 years. I'd like to be able to find out exactly when the clock started. Upon more research I can call / contact each bureau to get the exact date, right? Futhermore please educate me on one thing : the SOL is the period in which they can SUE me or collect? and then the other time period is when the item falls off my credit report, correct? Each one has a different clock? and different start date?
Thank you so much for the info!
Starting date would be at best DOFD which appears to be September 2015 for WF and Aug 2016 for Barclays. I am uncertain as to the exact start date for SOL so hopefully others can lend advice.
I would think the probability exists that SOL would not run out for either account till at least late 2021 for WF and late 2022 for Barclays.
By law, the age something can remain showing on your CRA reports is 7.5 years from the date of first deliquency - DOFD from when then debt went delinquent and was never brought current again. However, CRAs typically drop items at 7 years and sometimes even a few months earlier than that, ie: Early Exclusion. CRAs can provide earlier removal (EE) and in my case happens to be 3 months early of the 7 year mark showing for Experian. TU and EQ are different animals with some indicating that if you call them few months preceeding the fall off date and request that the item be removed for reasons that it is "obsolete" you can sometimes get an EE.
SOL - Statute of Limitations - The period of time that an action can be taken on a criminal or civil matter according to certain laws in each state or federal in the case of federal cases. In this situaton, it is the ability of the creditor to file suit against you for the debt that you owe in order to get a judgement against you that you owe the debt. With a judgement, even though the item may "fall off" your credit report, the debt does not dissappear and a creditor or CA having a judgement against you can continue to pursue it. In some states that allow garnishment, they can contact your bank and/or your employer and garnish amounts owed. Fortunately I live in Texas so garnishment is not allowed in the case of judgements but there is (was) a filing on my public record that I had a judgement until such time as I paid it at which time the public record judgement was removed. (This is separate public record than my CRA reports).
Once an item has outlived its SOL, with a few exceptions, there is no suit that can be filed against you so little a creditor or CA can do at that point to actually cause the debt to be paid.
The exact date for where "SOL" starts, I am not 100 percent certain of. Would expect it is either the DOFD or it may be the Charge Off date when the account was actually "written off" by the Creditor as unlikely to collect. Others will have to chime in on this specific point.
I will share some info from my personal recovery for three particular accounts:
1. Capital One - Charge off $1900 - Sued by Moss Law (I'm in Texas, this the typical atty Cap1 uses in Texas for suits) and judgement won against me back in 2015 for a debt that charged off in 2014. I settled with them in 2019 for about 50 percent of the balance owed. That account now shows 0 balance, settled in full for less amount. Up to that point in time the account updated monthly showing CO (Charge Off) every month since 2014.
2. Capital One - Charge off $6000 also from 2014 - No action ever taken by Capital One or any other agent on their behalf. Cap1 had been reporting this account monthly as CO up until Dec 2018 at which time the reporting to CRAs stopped. At the time I was cleaning up my COs and Collections in 2019, I contacted Capital One as they still owned the account. The CSR informed that no further action would be taken with the account. (They didnt state this but I knew the reason is because the SOL is 4 years in Texas so state law prevents them from pursuing it). I stated that I would like to settle the account. They indicated because of its current status, they were unable to accept any payment from me. I responded with, if you will not let me pay it and there is nothing I can do to change that, then the tradeline should be removed. I didn't expect that would happen but low and behold within 30 days from that call the tradeline was removed from all 3 CRAs.
3. Capital One - $1000 Charge off in 2014 - Sold to Portfolio Recovery. Capital One removed their original tradeline when the account was sold. Many find that the tradeline with the OC (Original Creditor) will remain but be marked as 0 balance given that the debt was sold. I contacted PRA and settled the debt for about $500. As is their policy, the tradeline was removed within about 30 days of payment.
Item 2 and 3 are gone from my reports. Item 1 remains showing as a charge off account with 0 balance that is set to fall off in September 2020.
In your case, if you do not have intentions of paying the debts, you certainly would want to tread carefully and not wake what might be a sleeping dog until after the SOL has passed. Case in point is the 6k account recited above.
Sorry for the long winded post but felt sharing might help others. If you read this far, please collect your prize from a forum moderator.