What is used to determine Statute of Limitations?

Question

I recieved a letter from Buffaloe and Associates in Nashville,TN on a old debt from 2002. I checked my credit report on this account and it says my last payment was made in june of 2002. and this also when the account went delinquent. the only other date shown is january 2003 as a major deliquency. The ststute of limitations in TN is 6 yrs so which do i use to determine if it has passed.

Answer 1

The collecting SOL "does not" start when it is turned over to collections. An account going to collections has nothing to do with either the collecting SOL or the reporting period.

The collecting SOL in TN starts with the first time you became 30 days late and never brought the account current leading to the charge off by the original creditor.

If the first time you became 30 days late was on the date you made the last payment , June 2002 , then June 2002 is the start date of your states collecting SOL.

If the account was a credit card , then it would fall under the Open SOL statutes which is 3 years.

If the account was a written contract, such as some bank loans, etc., then it would fall under the 6 year Written SOL statutes.

Either way, written or open, if you first defaulted June 2002, or earlier, you would be past the collecting SOL.

Answer 2

The account probably became initially delinquent in 2002 with the original creditor and was then passed on to a collection agency in 2003. This is the most recent date to be used as the debt was still valid.