When does the statute of limitation on an old debt start?

Question

Does it start when you opened the account or the last payment.

Answer 1

It depends on the type of debt and also your states statutes.

For credit cards it could start from the first time you were 30 days late and never brought the account current leading to the charge off OR it could be from the last time you made a payment or a charge to the account.

For written accounts it would probably be from the last action on the account (payment)

For repo's, it would be from the day the vehicle was sold creating the deficiency. Repos generally fall under the UCC for SOL which is 4 years.

For utilities (receivables/goods & services), probably from the last action and unless your state says otherwise, they fall under the UCC for SOL, which is 4 years.

For medical bills, they are trickier and may not even have a SOL if the medical provider receives any public funding, state or fed funding.

Answer 2

Echo is correct, but let me correct a couple errors.

Written contracts begin on the day you entered into the agreement. Medical bills begin on the day you were given the service.

I've supplied a very good link to a site that explains the SOL. Check out out.

Answer 3

Whats the debt ? The question is way to broad,

Answer 4

the first day of delinquency