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Does the SOL start when???

Date: Sun, 04/10/2005 - 08:56

Submitted by anonymous
on Sun, 04/10/2005 - 08:56

Posts: 202330 Credits: [Donate]

Total Replies: 7

Does the SOL start when???


Hello,

I had a vehicle lease in Florida... had problems with the vehicle.. dealer refused to fix them. I broke the lease, and had them get the car. Car new was worth $21,000... Huntington Bank (leaser) wrote off 18,000, and now collection agencies say I owe $10,000.

My question is :

Does SOL start when I broke the contract.. or when it was written off by the bank.... or what? Last payment I made was 2 months before they picked up the car. If last payment is deciding factor, then SOL is up... if Write Off is factor.. then SOL is good until September 2005.

Thanks,

Charlie


SOL starts from the date when the debt first became delinquent.


Quote:

last payment is deciding factor, then SOL is up

Yes SOL starts from the last payment date.


lrhall41

Submitted by Vikas on Sun, 04/10/2005 - 10:44

( Posts: 2019 | Credits: )


Hello again, and thanks for the reply! Now I need to know which SOL applies to this... the one from Florida where the incident occurred... or The SOL in Colorado where I currently reside? Collection agency is telling me it is Colorado.. which is a 7 year SOL... where as Florida is 4 years. HELP!

Thanks

Charlie


lrhall41

Submitted by anonymous on Thu, 04/14/2005 - 09:15

( Posts: 202330 | Credits: )


Hi Charlie,

It is not good to escape from your responsibilities, thus it not right on your part to run away from your debts. :evil:

Think positive and remember that it is better late than never. :)

So start making your payments and clean up your debts to lead a fresh and happy life ahead.

debt consolidation programs can be of immense help to you during such stages. For more information you can view: http://www.debtconsolidationcare.com/benefits.html

Cheers,
Jason


lrhall41

Submitted by Jason on Fri, 04/15/2005 - 03:50

( Posts: 2430 | Credits: )


[quote=Vikas]SOL starts from the date when the debt first became delinquent.


Quote:

last payment is deciding factor, then SOL is up

Yes SOL starts from the last payment date.[/quote]

Actually that is not quite correct...

Depending on your States Statues it can be the date of "LAST Activity (Last charge made on Card or Last payment made). OR date it was Made diliquent (usually defined as 180 days Past due.

Example in my State of Indiana it is as so:
[quote]
IC 34-11-3

Chapter 3. Accrual of Cause of Action;

Time From Which Limitation Period Runs IC 34-11-3-1

Mutual, open, and current accounts

Sec. 1. In an action brought to recover a balance due upon a mutual, open, and current account between the parties, the cause of action is considered to have accrued from the date of the last item proved in the account on either side.

THIS MEANS THE SOL STARTS FROM LAST CHARGE OR PAYMENT ON THE ACCOUNT[/quote]

Jerry


lrhall41

Submitted by jtucker on Sat, 05/07/2005 - 09:05

( Posts: 114 | Credits: )