SOL Question
Date: Tue, 06/13/2006 - 08:37
I am trying to clean up my report and want to pay the ones that are going to make the most change in the near future.
the SOL is the time frame in which legal action can happen towar
the SOL is the time frame in which legal action can happen towards you. You start count from your 1st default payment. It will stay on your report for 7 years though. From what i understand , collection procedures can take place but if it is past the statute of Limitations, they can not take you to court.
You cannot be forced to pay the debt by any agency after the SOL
You cannot be forced to pay the debt by any agency after the SOL period expires. You cannot be taken to the court by any CA or a creditor for the purpose of issuing judgments. But the negative remark will stay in your credit file till the seven years reporting period expires. More information is available in the FCRA.
Keep in mind that the statute that has once expired will get renewed if you make any commitment to pay the debt. Be careful while you are talking on this matter with any company. They might get your agreement recorded and take actions against you on this basis. Ask the company to give you the details of the debt in writing. After you have reviewed it thoroughly, send in writing about the expiry of the statutes. Send the letter through certified mail with return receipt and keep it documented in your file.
