Explaining SOL
Date: Wed, 05/10/2006 - 13:57
Other than Googling "SOL" for a certain state, where can I go to find that information. Specifically I'm looking for info on an unpaid gas bill from WA a while back. Would that debt be the same as delinquent credit card debt? Also, if the length of time has passed since the account FIRST went delinquent - do I just dispute with the 3 reporting agencies or with the collection company?
Please help!
HiThe statute of limitations will be calculated from the per
Hi
The statute of limitations will be calculated from the period when you last paid the gas bill. Just like the credit card debts, gas bill are also unsecured debts and the SOL in WA will be applicable i.e. 3 years.
Before considering the SOL factor, make sure that you have not paid on this account within the last 3 years. If no payment is made, SOL on this debt has expired. You can't be forced by any agency to pay on this account. However, you must notify them in writing mentioning the expiry of SOL.
This account will however remain in your credit file even the statutes have expired. It will stay for seven years as per the FCRA laws beginning from the date of first delinquency. After 7 years, the account will be automatically removed from your file.
Let me know if I have been able to explain the concept clearly.
That was very clear. But I still have a question about it - it
That was very clear. But I still have a question about it - it has been over 3 years and no payments have been made since 2000... SO... if I don't pay it and send them a letter explaining why - will that look worse than just going ahead and paying it? I know it will still be on my record (even thought it will be paid). I certainly don't want to send off a chunk of money I can put elsewhere if it won't affect me either way.
After the expiry of the SOL, you can't be put into any actions f
After the expiry of the SOL, you can't be put into any actions for paying it. You can legally escape that portion. But since this is an unpaid debt, it will be there in your credit file. So, if you pay off the account in one time, it will appear as paid and your credit scores will increase. This will be good for your credit.
In case, if you are considering paying the account, try to do that in one time. A single payment will reinstate SOL and in case you default in the future, the company might become aggressive. So, you have to make your choices thinking about the future.
Have everything from the company in writing. Get a written confirmation from them on how the account will be reported to the credit bureau. Basically, you have to place yourself with all proof in hand.
Well, this site has once again been very helpful---After reading
Well, this site has once again been very helpful---After reading many posts saying SOL, I can quit wondering what it means. I was thinking one thing and now I find out it means Statute of Limitations! :roll:
Wow! Lorri, you know, every little bit of information helps. Kee
Wow! Lorri, you know, every little bit of information helps. Keep learning and sharing your thoughts! :)
Let me point you to some stuff I've already written about that:
Let me point you to some stuff I've already written about that:
http://forums.debtcc.com/forums/sol-discussed.html
http://forums.debtcc.com/forums/paying-ca.html
http://forums.debtcc.com/forums/after-defaulting.html
http://forums.debtcc.com/forums/nsf-statute.html
Thank you Virginia... those links were VERY helpful. It really
Thank you Virginia... those links were VERY helpful. It really helps to have quite a bit of information under your belt when dealing with all of this. I think I will just go ahead and pay this bill (well, my boyfriends bill - but we are helping each other clean up the credit reports so we're crystal clear when he's done with college). It isn't too much and won't hurt the bank to the point that I'll wish I hadn't paid it. If it improves the credit score than it is a success.
Now - hopefully that collection company will call us back (they called us once and dropped off the face of the earth).