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Posted: Fri Jul 13, 2007 1:45 pm Subject: Sol for NJ

What is Sol & how does it work for NJ??

Posted: Fri Jul 13, 2007 3:09 pm Subject:

SOL is the statute of limitations based on which the creditor decides whether they can take legal actions against the consumer. Each state has its own laws on SOL. It is calculated from the last payment date on the account.

Remember SOL gets renewed on the latest payment done on the account or even if an agreement is made with the creditor. In New Jersey, creditors can possibly take legal actions within four years from the last activity.

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