SOL questions
Date: Tue, 04/17/2007 - 23:24
Which state SOL applies? Hawaii - where I used to live in which the supposed acct was opened, or in Oklahoma - the state I have lived in for 5 years (with 2 years in S. Carolina in between OK and HI).
Also, I keep reading in these forums that a SOL can be "renewed". How exactly does that happen?
Also, I keep reading in these forums that a SOL can be "renewed". How exactly does that happen?
It depends on the type of debt. My understanding is that if it
It depends on the type of debt. My understanding is that if it is a bank loan, etc. the SOL is where the loan was taken out. If it is credit cards, etc. it is your resident state now. Can the SOL be renewed? Yes. For example, if you recieve a dunning letter from some collector for a debt on which the SOL has run and you pay them a single penny, the SOL can start all over again. The current trend seems to be collectors buying very old debts on which the SOL has run.
A promise to pay on the debt can in some cases restart the clock
A promise to pay on the debt can in some cases restart the clock, too.
