Re: Hi, Linda, what is SOL?

Posted by Linda on October 10, 2001 at 22:44:27:

In Reply to: Hi, Linda, what is SOL? posted by MIKE on October 10, 2001 at 20:20:02:

Hi Mike,

The SOL is the Statute of Limitations. When it comes to debts, after a certain amount of time has passed, no one can make you pay the debt (if you are aware of the laws and your rights). It is different in each state, and it is to give people a chance to start over if they have gotten into financial trouble, so they don't have something bad (unpaid bills) hanging over them forever.

It is explained here:
http://www.cardreport.com/laws/statute-of-limitations.html

Hope this helps.

Linda

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