Can anyone tell me how to calculate the statute of limitation for collection. I have heard that you must begin with the beginning of your delinquency, not the last payment that was made.

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Statutes of Limitations vary from state-to-state and province-to-province and so the exact method of calculation will vary accordingly. Even within a jurisdiction's own limitations statute one may find a variety of differing means to determine when a limitation period begins depending upon a variety of circumstances.

A general rule of thumb, however, is that a limitation period commences when an individual could reasonably have determined that they incurred a loss or damage. Consequently, you are right in leaning towards when your account became deliquent as opposed to when the last payment was made.

We recommend you locate the on-line version of your jurisdiction's statute of limitations for exact details respecting your situation.