Question about statute of limitations

[Loose Cannon]

When does the statute of limitations in California start running for credit card debt? I understand it is 4 years but not sure of when the clock starts ticking. Does it start when I first default or does it not start until the debt is charged off?

[df04527]

Starts the date of first default. the clock resets every time you make a payment. hth

[HHM]

As stated, first default. (note, default may not be official until 30 days after the deadline of your first missed payments).

Keep in mind, the SOL really only matters if they attempt to sue you after the SOL has run. Other than that, the SOL has not other use. You will still have 7 year negative account history (and note, the late payments keep piling up), they can still contact you and demand payment, and the debt is going to get passed around from debt collector to debt collector.

[LadyInTheRed]

Keep in mind, the SOL really only matters if they attempt to sue you after the SOL has run. Other than that, the SOL has not other use. You will still have 7 year negative account history (and note, the late payments keep piling up), they can still contact you and demand payment, and the debt is going to get passed around from debt collector to debt collector.

And they can still sue you and get a default judgement if you don't file an answer and state the affirmative defense that the SOL has run.

[Bell30656]

Be glad you aren't in Rhode Island. The Statute of Limitations is actually ten years although they can only list it on your credit report for seven. Strange, eh?

[df04527]

For clarification, there are two SOL's if you will. One, which is what you are referring to is the length of time a creditor can sue you. Now keep in mind they can and will sue you after the four years, in your case, it is up to you to raise the issue that it is past SOL if in fact they do sue you. The second SOL is the reporting SOL, that is, how long it will appear as a negative entry on your credit reports. Most debts, but not all, are seven years from the date of first default.

hth

[LadyInTheRed]

The definition of statute of limitations is a law that limits the time after an event in which you can initiate a legal proceeding. The credit reporting time limit is not a statute of limitations.

[df04527]

Probably true but it is commonly referred to as the sol for reporting.