I am in AZ and the statute of limitations on CC's

I am in AZ and the statute of limitations on CC's is 3 years. My last activity on my 2 Chase cards was in Sept 2008 (last payments) according to my credit report. That means next month (9/2011) would be 3 years. My question is - one of the cards was sold off to Palisades and they show up on my report as "open 10/2009". I have made no payments to Palisades. What is the correct start date for the SOL?

2 Answers

The Sol on the debt starts from the date of first default. The SOL period on the credit cards has been extended to 6 years. So, I don't think your misery will end this year. Pay off the debt asap.

Though the credit card account was sold off to the collection agency in 2009, you made your last payments to it in September 2008. Considering that, the SOL period will get over next month.

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