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Being Sued Statute of Limitations Question

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I live in Colorado and had an auto loan that went into default. I received a notice of right to cure on 10/4/04. With last date for payment being 10/24/04. I did not respond at the time. I have a statement of repossession with 3 different dates on it. Date of lien was 5/7/04, deliquent date 2/1/05 and possession date 8/22/05 and it was signed on 8/30/05. Which of these dates does the statute of limitations run from? I understand the statute of limitations is 6 years in CO but what date does that begin? I was served papers in May of 2011. Thanks in advance.

SOL would be from the date of your last payment...SOL for CO is years so they have missed the window. Respond to the summons that the debt is out of SOL and is time barred.

Sub: #1 posted on Sat, 09/10/2011 - 01:23

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(Posts: 17209 | Credits: 4746.13)

I have not researched the specific CO state SOL for debt, but state SOL statutes very rarely set one period applicable to all types of debt. I presume that the type of debt involved was on a installment loan, which usually has a different period than that for CC accounts. I recomment that you carefully check the state period for whatever type of credit was involved.

Running of an SOL usually begins, under most state statutes, with something called the date of "cause of action," which means the date that they were first able to sue you for delinquency. It is usually the same as the DOFD on the account. However, some states include provisions for reset of the SOL based on payments or firm offers to pay, so again, the answer to your question resides in your state SOL statute.

If the date of first delinquency is prior to the SOL period for the type of debt at issue, and no state SOL reset provision applies, you will most likely have a basis for successful SOL defense.

Sub: #2 posted on Sun, 09/11/2011 - 09:03

Lian Lian

(Posts: 234 | Credits: 27.1)

Where can I find the actual statute of limitations for Colorado? I want to research this prior to court and have this in my arsenal if needed or settle prior to court if it is still within the statute of limitations. Everything I see says 6 years but I want to read the actual statute


Sub: #3 posted on Fri, 09/16/2011 - 08:40

RThompson RThompson

(Posts: 12 | Credits: 5.73)

I suggest you google on state statues, CO, statute of limitations, debt, or some form thereof.
I would disregard posts that relate to interpretations of the statute, as I often find them to either be stale or incorrect. You want Colorado state civil code on debt collection specific to statute of limitations.

Sub: #4 posted on Fri, 09/16/2011 - 08:48

Lian Lian

(Posts: 234 | Credits: 27.1)

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