Re: SOL and lawsuits

Posted by Anonymous on February 03, 2002 at 21:13:13:

In Reply to: SOL and lawsuits posted by Just Asking on February 03, 2002 at 20:55:14:

Partly because it is easier just to write-off as
P&L. Just so you are not confused - the SOL is governed by individual states and can range from a low of 3 years to as many as 20 years. As to reporting delinquent accounts that can only occur for 7 yrs + 180 days from the date the account was charged/written off (federal regulations). I agree it would be nice if arrangements could be set-up so as to NOT ruin one's credit as long as they have a justifiable reason (i.e. unemployment, illness, etc.). Unfortunately, it is not. Instead, our credit is ruined and if we are granted any it is often as loan-shark rates.

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