I have about 8 cc I havent paid for around 3 yrs.. The statute of limittaions in my state is 4 yrs i believe. Of couse they are in collections, but no threat of law suits yet. My q is, after the statute of limitaions is over, do these people stop trying to collect? And also i know after 7 yrs this will be off ,y credit report, right? And what is the 7 yr beginning point, is it when i missed my first cc payment?/ Thx.
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Collectors do not stop trying to collect when your SOL runs out. Although I will say I have seen some talk about changing suits being filed that have been time barred! In the meantime if the SOL has expired you would use that as an affirmative defense if a suit was filed.
The DOFD (date of first default) that led to the charge off is the date that starts the SOL clock, if you will.
Hth
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