From when does the SOL start on a debt?
Date: Wed, 01/04/2017 - 21:48
I have heard about Statute of Limitations on debt. But, my question is, from when will the SOL start on debt? If my credit card payment was due on 5th July 2016, will the SOL start from 6th July, 2016?
Yes, absolutely.
Yes, absolutely.
SOL starts from the next day of your payment due date if you don't make at least the minimum/required payment.
Re: SOL
I fully agree with Good Nelly. The clock usually starts ticking on the date of your last account activity. But you must keep in mind that there are many activities that can trigger the clock. To know more about this you need to learn your state's laws from local consumer protection office.