When does SOL begin?

[millerc]

What is the name of your state?What is the name of your state? North Carolina

I am on Social Security disability and I have no other resources or assets. I owed Citibank around $4000 and they put my account in the hands of LTD Financial which has been accepting $15 that I have been paying each month. It has been 6 months and now they want $25, which I can’t afford and my balance is now over $5000! Should I continue to pay LTD the $15? If I stop, would the SOL start then or when I stopped paying Citibank, the original creditor? Thanks for any help.

 

[Ladynred]

By paying the collector, you've kept he SOL period alive. Only if you stop paying will the clock start ticking again. Paying $15 a month is pretty useless, they're charging you FAR, FAR more than that in interest.

Your SS income is exempt from seizure and garnishment. If you have no other assets, you're basically judgment proof, so suing you would yield them little to nothing.

 

[millerc]

Did SOL get frozen?

Thanks for taking the time to answer. I moved to NC 12/03 but I lived in FL when I got the credit card. My last payment to Citibank was 9/03.

I was wondering......If Citibank decided to sue me down the road, would the SOL have been frozen 9/03, when I moved out of FL, and never start ticking again if I stop paying the finance company? I saw in another thread that Florida 'freezes' the statute of limitations if the debtor moves out of state.

 

[Ladynred]

Yes, FL freezes the SOL if you leave the state, but that would only hurt you IF they sued you IN FL ! IF they were to sue, they would be more likely to sue you in NC and then NC laws - and SOL of 3 years - would apply.