Does the date of the last payment reset the statute of limitations on debt?
This is one question where we wouldn't recommend anything other than talking to a professional with the knowledge of local laws. DOLA is the date of the last activity, SOL is the statute of limitations.
Q: I have an MBNA account with Wolpoff & Abramson. They filed for arbitration and won. The activity on my account is as follows: DOLA - 07/00, CO - 03/01, made a payment 08/02. Wolpoff & Abramson filed for arbitration in 03/06 and was awarded in 08/06. They have not submitted for judgment, yet. I received a Notice of Intent to Sue letter this week.
My question is the SOL. Did making the last payment in 08/02 reset the SOL? I did not bring the account current and the account had already been charged off. I keep receiving conflicting information about this. Some say it did not, "In a credit card agreement, once an account has been charged off by the OC, there is no longer any possibility of "healing" the breach, therefore the SOL would have begun from the "cause of action" date". Others have stated that the payment did reset the SOL. I live in Georgia with a SOL of 4 years.
Do you have any experience with the arbitration? What has been the result for others? I want to know what I am battling against.
A: No we haven't personally, but based on what we heard from others, and researched, you should talk to a local professional who is aware of the specific GA laws. I would even get a second opinion as long as it is free or doesn't cost too much. The problem with SOL is that few states have quite confusing loopholes regarding to DOLA. The Wolpoff & Abramson employs close to 800 lawyers, and I bet, local experts in each and every state.
That is the tough one, isn't it. Few states allow SOL resetting based on last payment date, to my best recollection. The best for you is to contact a local attorney, who specializes in this area. Wolpoff & Abramson is a bad lot.
Tue Nov 7, 2006 01:11PM | Copyright: www.bad-credit-advisor.com | More in Relieving Debt | Comments (0)
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