- Be sure to read the archives here February 2007
- Be sure to read the archives here March 2007
- Be sure to read the archives here April 2007
- Be sure to read the archives here May 2007
- Be sure to read the archives here June 2007
- Be sure to read the archives here July 2007
- Be sure to read the archives here October 2007
Wednesday, April 4, 2007
Robert Paisola comments on Statute of Limitations
Recently a question was posed to Western Capital CEO Robert Paisola on when the SOL begins to run for purposes of filing suit. Read Wester Capital CEO Robert Paisola's response here.
The question was very clear:
My question is does the sol for lawsuit purposes start when the account first became and remained over the limit and therfore in default even though I continued to make payments over the next 5 years.
The answer, provided by Western Capital CEO Robert Paisola, was clearly wrong:
The question was very clear:
My question is does the sol for lawsuit purposes start when the account first became and remained over the limit and therfore in default even though I continued to make payments over the next 5 years.
The answer, provided by Western Capital CEO Robert Paisola, was clearly wrong:
The SOL is based on where you live
First of all, the SOL is not based on where you live, but rather where they sue you.
More importantly, that doesn't answer the question of when a limitations period begins to run.
The correct answer is that the limitations begins to run when a cause of action accrues. Unless otherwise defined by contract, a cause of action to recover under a credit agreement accrues upon breach of the agreement. For a debt, that would be when a payment was due but wasn't made.
Might as well pose the question to Creditwrench CEO Billie Bauer if you're looking for bad advice.
// posted by E. Normis Debtor @ 2:41 AM 
