Last payment in January 2014. The statute of limitation is 6 years. Is that in Jan or Feb 2020?

[Anonymous]

Hello guys

I stopped Paying CapitalOne on JAN 15, 2014. My next bill was in Feb 15, 2014. The statute of limitation in my state is 6 years. So when will I be able to start searching for a house without being sued? January 2020? or February 2020?

Thanks!

[gdale6]

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@Anonymous wrote:

Hello guys

I stopped Paying CapitalOne on JAN 15, 2014. My next bill was in Feb 15, 2014. The statute of limitation in my state is 6 years. So when will I be able to start searching for a house without being sued? January 2020? or February 2020?

Thanks!

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Its typically calculated from the accounts DoFD which is the first occurence of a delinquency. To be safe I would verify what the DoFD actually is and then add 2 months to it. Welcome to myFico

[simplegirl]

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@Anonymous wrote:

Hello guys

I stopped Paying CapitalOne on JAN 15, 2014. My next bill was in Feb 15, 2014. The statute of limitation in my state is 6 years. So when will I be able to start searching for a house without being sued? January 2020? or February 2020?

Thanks!

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TransUnion reports usually tell you when items fall off. If you haven’t gotten your free annual credit report I would get it and it will tell you.

[RobertEG]

A state SOL definition has two major components.  First is when the period begins, and second is its length.

The date that the period begins varies under each state statute, and can be the date of initial default (often called the cause of action), the date of last payment, or even a firm offer to pay.

What is the event that begins the SOL tolling period in your state statute?

SOL statutes usually require that civil action be initiated within the stated period, the SOL would expire after the stated number of years.

If the period began, for example, in January, it would normally expire beginning the following February.

[Caardvark]

Worth noting, while you cannot be sued once the SOL has passed, most mortgage lenders are going to require the debt be paid; regardless of the SOL. 

That said, it is still wiser to wait until the SOL has expired before you try and settle because:

• Your negotiating leverage is higher
• Not worth waking a sleeping dog and have them realize the SOL hasn't expired