why chat- bill @ credit wrench posted this re: (SOL) I'm confused
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Posted by anon
(63.36.14.32) on October 21, 2002 at 15:51:21:
I thought that the SOl started when you made your last payment and never caught up. He's saying it's 7 months after last pay. Please explain. Whos creditwrench? HMMM!!
One example is all the fables about the 7 year rule. It is a simple rule to understand if you look at what the law says. The actual date that the 7 years starts is 7 months after he made his last payment if it was on time. If it was not on time then it is 7 years and 7 months after the last payment he made fell due. Any reporting of any date other than that is re-aging and is illegal. What is also not being told in this case is the statute of limitations on debt collection. That varies from state to state but like the rule against reaging is of no value to him if he does not do something about it. If he does nothing about the 7 year rule then they will do as they please with him and the SOL for judgments is the same way. It does not mean that they cannot sue him because they can sue him at any time regardless of any SOL and if he does nothing they will get the judgment even if the SOL is 4 years as it is in some states and they sue him 10 years later. Bill Bauer ceo@creditwrench.com CLICK HERE FOR CREDITWRENCH WEBSITE
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