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 Posted: Tue Mar 20, 2007 9:36 pm Subject: SOL |
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What is a SOL time limit.What does the S O L stand for?
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youngpam999
Joined: 20 Mar 2007
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| Posted: Tue Mar 20, 2007 9:41 pm Subject: SOL |
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It stands for Statue of Limitations and it varies from state to state on collection of debts. KYSIDE38
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KYSIDE38
Joined: 19 Jun 2006
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| Posted: Tue Mar 20, 2007 10:59 pm Subject: |
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I'll elaborate on kyside's explanation a little further.
The SOL is the amount of time that a creditor or collection agency has to file a lawsuit to obtain payment. Doing so after the SOL has expired may result in the dismissal of the suit (if the debtor invokes the SOL as a defense), and I think a counter claim for an FDCPA violation. I also believe that 2 or 3 states may prohibit attempting to collect a debt after the SOL has run out, but I'm not sure.
It could also be used to refer to the amount of time entries may remain on a credit report.
For criminal matters, it refers to the amount of time the government has before it cannot file charges for a crime.
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Morningstar
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| Posted: Wed Mar 21, 2007 10:11 am Subject: SOL for the state of California |
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How do I find out what the SOL is for the state of California?? Pls HELP
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BPRECIOUS81
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| Posted: Wed Mar 21, 2007 6:02 pm Subject: |
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In CA, sol on written agreements is 4 years from the date of the last payment / breach of contract.
Oral agreements: 2 years.
The SOL gets renewed with the latest payment date.
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mcranberra
Joined: 14 Aug 2006
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| Posted: Wed Mar 21, 2007 8:19 pm Subject: sol |
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Thank You Morningstar!!!! I appreciate it very much. You know your stuff on these issues. I thankfully never had issues with credit cards. Payday Loans I am the Queen Bee or at least a worker bee. LOL KYSIDE38
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KYSIDE38
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| Posted: Thu Mar 22, 2007 9:01 am Subject: |
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can someone tell me where I can find the laws for Internet Payday loans in the state of RI.
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Swoozyqz30
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