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SOL Question Please Help

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Determined

Joined: 12 Mar 2009
Determined's page
Posts: 7

290 Magic Points

Subject: SOL Question Please Help

Thu Mar 12, 2009 5:38 pm

I would like to know if I send out a Validation request will my SOL start from the date the letter was sent out?

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Fri Mar 13, 2009 6:49 am

No, debt validation is only an instrument against the collection agencies to check whether the collection agency legally owns your debt or not. It has nothing to do with the Statute of Limitation. SOL is the time period within which the creditor can legally claim your debt. Statute of Limitation starts after 6 months from the date you have made the last payment towards the debt and its duration varies from state to state.
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Carol

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Fri Mar 13, 2009 6:54 am

I agree with Carol. The duration of SOL varies from state to state depending upon the state you have signed the loan agreement. However, if the SOL on the debt has expired, the creditor loses his legal right to collect the debt. But if you make any small payment towards the debt after the SOL has expired, the statute of limitation restarts and you may be required to pay off the entire outstanding debt.
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Justin

Determined

Joined: 12 Mar 2009
Determined's page
Posts: 7

290 Magic Points

Fri Mar 13, 2009 1:49 pm

Thank you guys so much, I'm in the process of trying to fix my credit and I really don't want to mess things up.

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Thanks a million
Determined

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Fri Mar 13, 2009 4:05 pm

Just be sure not to fall for any debt collector tactics. I say thins because usually once you start checking your credit report they start calling you. They (creditors) have little ticklers that let them kn ow when your checking your credit. I was told that here at the forum because it seemed once I pulled my report I started getting calls. I would encourage continuing your effort to clean up your report regardless. If the collectors become harassing you can always send them a cease and desist letter.

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