[togo1982]

If an auto loan has gone into default, at what point does the statue of limitations begin? I have read it starts at the time of the first missed payment and I have also seen it mentioned where it starts when the loan is written off by the original creditor (this would obviously be later than the first missed payment). Will a credit report give the date which the loan was written off?

[DisabledinMD]

Depends on state and type of loan. Statute of limitations on debt collection Generally, SOL is based on last payment. Credit report should state when last payment was made, so would your bank records, if you made payments by check or electronically.

[this8384]

If an auto loan has gone into default, at what point does the statue of limitations begin? I have read it starts at the time of the first missed payment and I have also seen it mentioned where it starts when the loan is written off by the original creditor (this would obviously be later than the first missed payment). Will a credit report give the date which the loan was written off?

SOL varies by state. Which state are you in?

SOL does not start when a loan is written off by the original company. SOL begins on the date of last activity on the account, which would mean a payment. Has your debt actually been written off or are you asking hypothetically?

Also, just because the debt was written off does not mean that you do not have to pay the debt.

[togo1982]

I understand that just because the SOL has run on the debt does not mean it is forgiven. It just means the collectors can not contact and/or harrass the debtor. The same with a repossessor.

It was a hypothetical question as to when the SOL starts, date of last payment/activity or when the loan has been written off by the company. In reading about SOL I came across a statement that it could start when the debt is written off. Legally I do not know how long a company can keep a "bad debt" on the books. I imagine it varies by the type of company (credit card, auto loan, etc.).

Thanks for the reply.

[stevetcg]

I understand that just because the SOL has run on the debt does not mean it is forgiven. It just means the collectors can not contact and/or harrass the debtor. The same with a repossessor.

It was a hypothetical question as to when the SOL starts, date of last payment/activity or when the loan has been written off by the company. In reading about SOL I came across a statement that it could start when the debt is written off. Legally I do not know how long a company can keep a "bad debt" on the books. I imagine it varies by the type of company (credit card, auto loan, etc.).

Thanks for the reply.

Well, that's not true. Collectors can most certainly contact and usually do harass the debtor. The SOL simply means they cannot take you to court and win.

[this8384]

I understand that just because the SOL has run on the debt does not mean it is forgiven. It just means the collectors can not contact and/or harrass the debtor. The same with a repossessor.

It was a hypothetical question as to when the SOL starts, date of last payment/activity or when the loan has been written off by the company. In reading about SOL I came across a statement that it could start when the debt is written off. Legally I do not know how long a company can keep a "bad debt" on the books. I imagine it varies by the type of company (credit card, auto loan, etc.).

Thanks for the reply.

Now that I've read this thread:
https://www.askmehelpdesk.com/bankru...nt-403024.html
I think you're in bigger trouble than you realize. If there is already a judgment in place, SOL doesn't apply any longer and it doesn't fall off your credit report.

[togo1982]

You are correct, if there is a judgement it stays on a credit report for 10 years, unless it is renewed for another 10 years. I was just curious about when the SOL starts, date of last payment or when the original creditor writes off the debt from his books. I believe now the answer is date of last payment.