Posted on: 27th Aug, 2012 01:44 am
I'm being sued by Discover card for monies owed. I have already received a summons by the Superior Court of Ca. Now, the account was last paid by a debt settlement company on Jan 2011. Before that I was still enrolled in another debt management program run by this same company. Can anybody clarify if the SOL applies to only money paid directly by me to Discover or does it still take into consideration payments on my behalf through a third party such as the debt settlement company in my case. I read recently that the SOL for CA is 4 years . This one is very close if the debt management/settlement company is not considered as it is a third party.
Yes, it is true that the SOL period in CA is of 4 years. The SOL will come into effect from the day when you stop making the payments. If you make payments within this 4 year term again, then the SOL period will start off again and the creditor will be able to come back at you in order to collect the debt.
Hi CA!
Welcome to forums!
The last payment on that account was made on January, 2011. In that case, the SOL period will get over by 2015. During this time period, your credit can sue you for your debt in order to recover the amount in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The last payment on that account was made on January, 2011. In that case, the SOL period will get over by 2015. During this time period, your credit can sue you for your debt in order to recover the amount in full.
Feel free to ask if you've further queries.
Sussane
Debt has a kind of expiration date, which is known as the statute of limitation (SOL). Once this period is over, lender can not do anything on the amount that the debtots owe to them.The SOL period starts from the day you stop making payments.