I bought a motorcycle with a HSBC Yamaha credit card and stopped paying on the credit card on 07/2010, the bike was repossessed and sold. HS...

Question

I bought a motorcycle with a HSBC Yamaha credit card and stopped paying on the credit card on 07/2010, the bike was repossessed and sold. HSBC took the money from the sale and applied it to the credit card on 02/2011. Does this reset the SOL's of the credit card?

Answer

No. The SOL begins to run when you first breached the contract, so there is no reset when they applied the proceeds from the repo.