QUESTION
When does the Statute of Limitations start for CA?
Asked on Jun 30th, 2011 on Debtor and Creditor - California
More details to this question:
When does the Statute of Limitations start for CA? I had a credit card with a major bank back in 2006. The ending balance was $1500.00. The last payment or and activity I made on the account was made on 2/2007 and the first 30 day notification that showed up on my credit report was in 4/2007. The account was closed on 7/2007. From what I can tell the account was sent to a collection agency in 2/2008 and then sent to a second agency in 2010. I would like to pay this debt off. I wanted to know can this new collection agency still try to sue me or has the SOL expired and they cannot? What percentage of the amount they are asking for should I pay? Once it is paid off how long before it falls off my credit report? Any help would be greatly appreciated
1 ANSWER
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The statute of limitation for a credit card debt in CA is 4 years. The period of 4 years will run from the date of your use of the card or your last payment to the card (whichever is later). If your last payment was made in 2/2007 then the statute of limitation will be 4 years from 2/2007. The entries in your credit report have nothing to do with statute of limitation. Once the statute of limitation has expired and if the debtor sues you, you have a complete defense against the claim. The record usually stays on the credit report for 7 years.
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The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.
Answered on Dec 13th, 2011 at 9:02 PM