When exactly does the SOL start for Missouri? Does acknowledging the debt restart the SOL?

Question

I live in St. Louis, MO. I'm looking for SPECIFIC answers. This is a credit card debt that was sold to Asset Acceptance.

Last payment - 12/10/03

Last transaction listed as 1/12/04 (debatable)

Account went into default 02/04

I have seen many different answers on when the SOL is and how to calculate it. I know MO is 5 years but does any one know what the courts in MO have been using as the START date? I've read the last payment, the last transaction, or the default date or any of the three plus 5 yrs and 6 months. When is my SOL?

Unfortunately I verbally acknowledged the date by phone with the agency. I told them I knew how much the original collector was seeking and looking into payments. I did NOT agree to any form or amount of payment. Did acknowledging the debt alone restart my SOL?

I did not dispute within the first 30 days of initial letter. I have since sent a verification of debt request by CM / RR.

I am trying to decide how to proceed. Any help would be great.

Answer 1

This was on the news not too long ago. If an old creditor calls and they get you to acknowledge the debt as valid they can re age it to that date to get it to show up on your bureau after the sol has expired. Sorry to say but acknowledging it actually made it look recent. According to my financial institute they tell us a credit card debt can show if in collections up to 7 years in Missouri.

Answer 2

Missouri is a cause of action state, which means the collecting SOL starts on the "first" time you became 30 days late and never brought the account current leading to the charge off.

516.100. Civil actions, other than those for the recovery of real property, can only be commenced within the periods prescribed in the following sections, after the causes of action shall have accrued;

If your first default date was 12/03, and you never brought the account current, then your collecting SOL would be up on 12/08.

(IF you became late on an earlier date and continued to make payments but the payments that you made never brought the account current, then your collecting SOL would start with that earlier date.)

Generally verbally acknowledging the debt is not actionable.

In most states that allow the collecting SOL to be reset it is stipulated that it must be acknowledged in writing and signed by the debtor (paying a collector by a check, that is signed by the debtor, could be considered written acknowledgement in some states)

Even though I don't see anything in your states statutes that would allow the resetting of the collecting SOL, I suggest that you study your states statutes in more depth than I have.

IF it was a store charge card it "may" be possible to use the 4 year UCC collecting SOL.

Since you are still within SOL they may or may not decide to sue, no matter if you send a debt validation/verification (DV) letter or not. (validation/verification MUST come from the files of the original creditor and not a simple computer print out, affidavit of debt, billing statement, etc. that is on the collectors own letterhead)

If they should decide to sue while you are still within SOL then having a papertrail of their violations may come in handy.

When you receive the signed green card back from the DV you sent, you might dispute any inaccuracies with the CRA's that they are reporting to. (with them, reporting inaccurately is a good possibility).  

If they verify the inaccuracies then they would be violating and you could file counterclaims against them if they should sue.

You might click on my profile and click on the last link I have listed to a free credit discussion board. Do some reading in the Newbie section first and then in the Credit Forum.