Sol As Defense - Too Late?

[HARRYCAREY]

What is the name of your state? ILLINOIS
I BELIEVE MY STATES SOL ON A CREDIT CARD(OPEN ACCOUNT) IS 5 YEARS. A COLLECTION COMPANY IS HAS HAD ME IN COURT THROUGH ARBRITATION SO FAR WHICH I, AT FIRST, DIDN'T THINK IT WAS MINE, BUT THEN FOUND INFO THAT IT WAS, BUT FROM 2001. MY ATTORNEY IS TELLING ME THAT I CAN'T USE THE SOL AS A DEFENSE BECAUSE I HAVE TO USE THAT WITHIN 30 DAYS OF THE FIRST CONTACT WITH ME. IS THIS TRUE? I HAVE PAID NOTHING, YET, BUT ABOUT TO SETTLE THE ACCOUNT. THEY FIRST GAVE ME A SUMMONS TO APPEAR IN MARCH, 2006. THE ACCOUNTS LAST DATE OF ACTIVITY WAS APRIL, 2001.
PLEASE HELP!

[Ladynred]

MY ATTORNEY IS TELLING ME THAT I CAN'T USE THE SOL AS A DEFENSE BECAUSE I HAVE TO USE THAT WITHIN 30 DAYS OF THE FIRST CONTACT WITH ME. IS THIS TRUE?

No, the SOL is an affirmative defense IN COURT, and in your Answer to a lawsuit. If your attorney doesn't know that.. get a new lawyer !!

This 30 days after first contact .. sounds like he's referring to VALIDATION under the FDCPA, absolutely NOT the same thing.

Have you been to court yet ?? You were served in March.. what's the status of the lawsuit ?? If they've already gotten the judgment against you, your SOL defense is gone.

[HARRYCAREY]

Thanks For Your Resonse. It's In Arbitration, What Ever That Means. Every Time I Try To Tell My Atty. About The Sol, He Sounds Like It's Too Late & It's Sounds Like He's Working For Them!
I Don't Understand The Arbitration Thing.
Sounds Like I'd Be Better Off If It Went To Trial So I Can Bring Up The Sol.

[Ladynred]

The arbitration is a kangaroo court, it only favors the creditor. 99% of all arbitration cases are found AGAINST the consumer, the whole thing is rigged against us. There are ways to OBJECT to the arbitration, but it sounds like it's too late for that. They will find against you, and the creditor will get their 'arbitration award'. In and of itself that is worthless paper. If they take it to your local court to have it confirmed as a judgment, THAT is trouble.

The time to assert the SOL would be before they started arbitration, but even then it would not have done any good. Your next opportunity to use the SOL as your defense is when they try to turn it into a judgment.