Share post
Debt Consolidation Forums Credit Repair, Credit Score and Credit Report forums

Will it be any help if I repay debt whose SOL is over?

member profile picture
Posts: 1
Credits: 0

I had a credit card and medical debt whose SOL is over. Will it be any help if I repay the outstanding amount?

Legally you aren't bound to pay off your debts. If the collectors force you to pay off your debts, you can report the violation to the Consumer Financial Protection Bureau (CFPB).
However, debt collectors can ask for voluntary payment for your debts. So, you can pay off at least the principal amount on moral grounds.

Sub: #1 posted on Thu, 09/26/2019 - 00:58

Craigh.terry Craigh.terry

(Posts: 273 | Credits: )

The SOL period is over. But that doesn't mean you don't owe the debt. You still owe the debt and the collection agency can make collection attempts. Now before repaying the outstanding amount, keep the following points in mind:

If you acknowledge the debt or make partial payment, the SOL clock will restart. This means that the collection agency can file a lawsuit against you for payments. If you have the financial resources to repay the entire outstanding amount, then pay it off. If you can't, then don't acknowledge the debt. You'll be in a big problem.

Sub: #2 posted on Thu, 09/26/2019 - 01:56

Nick Jonas Nick Jonas

(Posts: 425 | Credits: )

SOL is over, that means you are not liable to repay the debts. If now, you acknowledge those debts, then the SOL clock will start again. So, now you decide whether or not you want to repay the debts. If you can afford the debts, then go ahead. If you can't afford, then simply do nothing, no even recognize the debt over the phone to anyone.

Sub: #3 posted on Mon, 09/30/2019 - 22:59

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

Page loaded in 0.165 seconds.