@RobertEG wrote:
Possible reset of your state statute of limitations on the period for initiating civil action seeking a judgment varies individually under the provisions of each state's SOL.
Some states provide for a firm agreement to pay as being sufficient, while others requires a written agreement to pay or an actual payment of some amount. You must check your state SOL provisions for details.
Be certain, in any discussions, not to actually admit the legitimacy of the debt or make any firm offers to pay or any partial payments, and you should be OK regarding any potential reset of SOL for bringing civil action.
If, by reset of SOL, you are referring to the credit report exclusion date of derogs reported on the OC account, there is no reset of the exclusion date for monthly delinquencies, charge-offs, or collections. Each is based on the date of your intial delinquency, and is not reset based on any other factors, including payment or non-payment of the debt.
Stated differently, negotiations on terms of potential payment will not reset the credit report exclusion date for such derogs.
This is where it says my state allows up to 6 years to place action against me for my debt. There was no court order so section 893.40 does not apply. It also was not a car insurance thing so sub. 2 does not apply either.
893.43 Action on contract.
(1) Except as provided in sub.
(2), an action upon any contract, obligation, or liability, express or implied, including an action to recover fees for professional services, except those mentioned in s.
893.40, shall be commenced within 6 years after the cause of action accrues or be barred. (
893.40 Action on judgment or decree; court of record. Except as provided in ss. 846.04 (2) and (3) and 893.415, action upon a judgment or decree of a court of record of any state or of the United States shall be commenced within 20 years after the judgment or decree is entered or be barred.) (2) An action upon a motor vehicle insurance policy described in s. 632.32 (1) shall be commenced within 3 years after the cause of action accrues or be barred. A cause of action involving underinsured motorist coverage, as defined in s. 632.32 (2) (d), or uninsured motorist coverage, as defined in s. 632.32 (2) (f), accrues on the date there is final resolution of the underlying cause of action by the injured party against the tortfeasor.
Any chance you can put these into lamest terms for my brain? I believe this is where it discusses admitting ownership of the debt. Does this mean if I did admit ownership of said debt it would NOT be enough to restart SOL? I added the two sections below the first one because it discussed some items I thought applied here as well. Just want to cover my bases.
893.45 Acknowledgment or new promise. No acknowledgment or promise shall be sufficient evidence of a new or continuing contract, whereby to take the cause out of the operation of this chapter, unless the same be contained in some writing signed by the party to be charged thereby.
Judicial Council Committee's Note, 1979: This section is previous s. 893.42 renumbered for more logical placement in restructured ch. 893. [Bill 326-A]
893.46 Acknowledgment, who not bound by. If there are 2 or more joint contractors or joint personal representatives of any contractor, no such joint contractor or joint personal representative shall lose the benefit of this chapter so as to be chargeable by reason only of any acknowledgment or promise made by any other of them.
Judicial Council Committee's Note, 1979: This section is previous s. 893.43 renumbered for more logical placement in restructured ch. 893. [Bill 326-A]
893.47 Actions against parties jointly liable. In actions commenced against 2 or more joint contractors or joint personal representatives of any contractors, if it shall appear, on the trial or otherwise, that the plaintiff is barred by this chapter as to one or more of the defendants but is entitled to recover against any other or others of them by virtue of a new acknowledgment or promise or otherwise, judgment shall be given for the plaintiff as to any of the defendants against whom the plaintiff is entitled to recover and for the other defendant or defendants against the plaintiff.
