When does the statute of limitations start on a credit card debt?

Question

I have read two different things all over the internet. I know my SOL is 5 years in my state. MO... but did it start when I first became late on my account and went into collections therefore leading to charge off. or... did it start by the last payment made on my account even if it was partial..is it first late or last payment in the state of Missouri?

Answer 1

I cannot speak for the state of MO, but usually the SOL begins at the date of delinquency and not the date that it was sold to a collection agency. (sometimes also known as the date of last activity)
For example, if you missed a car payment in January and your 6 month default time brings you to having it sold to collections in July, your date should correspond with the January default.
I hope that helps!

Answer 2

I don't know about Missouri but the SOL usually starts from the date of the default, meaning, the date you should have made a payment but didn't. However, the SOL can start all over again as of the date you make a new payment, on the grounds that by making a payment after the account was in default, you "acknowledge" the validity of the debt. The date that the creditor writes off the account or closes it doesn't

One possibility for you is to go to a local library and look up the SOL in the State Code. Then read the notes that follow the SOL--these are brief reports of the court decisions interpreting the law and there may be a decision that answers your question.

Answer 3

yes the first guy is right.