From what date does the SoL begin?

What is the name of your state? California

I have a Citibank credit card that I stopped paying on back in 7/98. I got the card when I lived in Texas, however I moved to CA in 6/99. I don't plan on paying this debt as it is quite large. This account has been passed from 1 agency to another and then another(3 times total). My questions are: How long can this stay on my credit? What date do I use as the start date for that period, 7/98 or 120 days after that or the Collection Reported date for the first agency that handled my account ? I was told by the FTC that if the SoL for my state were for example = 10 years, that it could actually be reported for up to 14 years if say one collection agency had the account for 7 yrs and then sold/passed it to another collection agency which would also be able to report it for 7 years because the SoL of 10 years hadn't been reached at that time. This is somewhat confusing to me.
:confused

[bigun]

It will stay on your credit report 7 years from chargeoff or, 7 years plus, 180 days from first deliquency. If you stopped paying in 7/98, you went into default on 8/97.
Here are 3 FTC opinion letters that may help:
[url]http://www.ftc.gov/os/statutes/fcra/johnson.htm[/url]

[url]http://www.ftc.gov/os/statutes/fcra/kosmerl.htm[/url]

[url]http://www.ftc.gov/os/statutes/fcra/amason.htm[/url]

The SOL for state purposes refers to how long they can legally file a lawsuit to recover. In both Tx. and, Ca. the SOL is 4 years.
I've no idea what anyone could posibly be talking about with the 14 year stuff. Either they misunderstood your question or, you misunderstood the response but in any event, it's just incorrect.

[JETX]

"How long can this stay on my credit? "
*** It can stay on your credit history for 7 years from DOLA (Date of Last Activity). That being the date of last payement or last charge, whichever is latest.

"What date do I use as the start date for that period, 7/98 or 120 days after that or the Collection Reported date for the first agency that handled my account ?"
*** See above.

"I was told by the FTC that if the SoL for my state were for example = 10 years, that it could actually be reported for up to 14 years if say one collection agency had the account for 7 yrs and then sold/passed it to another collection agency which would also be able to report it for 7 years because the SoL of 10 years hadn't been reached at that time. This is somewhat confusing to me."
*** Yes, confusing to all of us the way you have worded it. However, it would appear that this may be a judgment against you (Texas SOL for a judgment is NORMALLY 10 years, but can be renewed forever!).
If there is no judgment, then the 7 year applies.
If there is a judgment, the creditor can report it for last day of validity, plus 7 years.
A new SOL clock does not start on the sale or transfer of the debt to another collector.

Thank you JETX! You are the first person I have been able to get a direct answer from. finally! I do have a couple more ?'s

[quote]Originally posted by JETX
[b]"How long can this stay on my credit? "
*** It can stay on your credit history for 7 years from DOLA (Date of Last Activity). That being the date of last payement or last charge, whichever is latest.

So if my last payment was made on 7/98, the starting point for the 7 years wouldn't be 8/98, when I missed the first payment, as bigun suggested.

[quote]Originally posted by JETX
[b]"If there is a judgment, the creditor can report it for last day of validity, plus 7 years."

What do you mean by "last day of validity"? What date would that be in my case?

Also, I just spoke with the CA and they said "You owe 19,000 (original debt was 10,000) Bottom line = we'll settle for 5,000. Can you pay that now? Yes or No? If not I am going to advise my client to file suit. It is a possiblity that your wages could be garnished up to 25% since you live in California."

He did mention what you said about the 10 year judgement and that is is eternally renewable. What does that mean to me exactly? and i'm assuming the cost would then jump to 20 thousand+.

Since I don't have 5 grand, would you recommend I use a credit/debt company to get them their 5000 and then I can make payments to the c/d company?

[bigun]

This debt is past the SOL regardless if the DOLA is 7/98 or, 8/98.
Send them a cease & desist letter stating the debt is time barred and never contact you about this matter again.
Who is the collection agency?

Originally posted by bigun
This debt is past the SOL regardless if the DOLA is 7/98 or, 8/98.
Send them a cease & desist letter stating the debt is time barred and never contact you about this matter again.
Who is the collection agency?

Actually, I contacted them to find out exaclty what the debt was for?

Do you happen to know for a fact that is 4 years in california and 4 years in texas?

JTX thinks the SOL is 7 years.

I believe the CA is CRS. Not sure what it stands for?

[Ladynred]

No, JetX does NOT think the SOL is 7 years.

Do NOT confuse the reporting period on your credit reports, which IS 7 years (as long as there's no judgment) with the State's SOL for legal action. SOL in TX and CA are both 4 years. That means they cannot legally sue you after the SOL expires and if they do you have an absolute defense against them in the expired SOL. CA law is even more strict - its ILLEGAL for them to even attempt to collect on an out-of-statute debt.

[bigun]

The 7 year SOL is for credit reporting purposes. The 4 year SOL is the timeframe to legally sue you. Two very different issues. And, collectors will lie!

STATE: CALIFORNIA †
INTEREST RATE

Legal: 10%
Judgment: 10% (Unless otherwise contracted)
STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: Reduced to writing-4
Open Acct.: No writing-2
Written Contract: 4
Domestic Judgment: 10 (renewable at 10)
Foreign Judgment: 10 (commencing with judgment debtor's commencement of CA. residence.)

STATE: TEXAS †
INTEREST RATE*

Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4
Written Contract: 4
Domestic Judgment: 10 (Renewable)
Foreign Judgment: 10 (Renewable)

Thanks so much for your help everyone.

So is it safe to assume that this shouldn't be on my credit report come 08/05? if not, what date?