SOL questions
Date: Thu, 09/07/2006 - 14:18
Where can I find easy to understand info on SOLs? I am most interested in SOL for my place of residence, NYC. I am also interested in understanding when a SOL begins…..my last payment made? When the account is transferred to a collection agency?
Also looking to understand if every type of debt has a SOL, such as credit card vs. student loan vs. personal loan etc.
Thanks!
Also looking to understand if every type of debt has a SOL, such as credit card vs. student loan vs. personal loan etc.
Thanks!
Quote:I am also interested in understanding when a SOL begins?
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I am also interested in understanding when a SOL begins???????..my last payment made? |
YES. Every time a payment is done, the SOL is renewed from the beginning.
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When the account is transferred to a collection agency? |
NO, some collectors try to reage the accounts by changing dates of reporting. They will force on you that the SOL is still active as they did the latest reporting.
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Also looking to understand if every type of debt has a SOL, such as credit card vs. student loan vs. personal loan etc |
SOL is applicable on all unsecured debts, eg.. credit card debts, unsecured personal loans, bills in collections.
SOL doesn't apply on student loans. You are liable to pay it until the loans are paid off.
http://www.fair-debt-collection.com/SOL-by-State.html is a good website on consumer information about debts and related issues.
Thanks weeswie! I was only looking for a good site to research
Thanks weeswie! I was only looking for a good site to research my answers on, and you answered them for me! ((Hugs))
My pleasure. It is also important to understand that if the debt
My pleasure. It is also important to understand that if the debt, in case, has expired the SOL period, it will still be reported in the credit report until the 7 years reporting time is over. Give thoughts from all aspects when you are trying to rebuild your credit. A debt past the SOL period is good to be paid back only if the reporting time is far away. The credit gets hurt between the timeframe if not paid.