Re: I'm Curious About SOL
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Posted by THE INSIDER (64.12.96.78) on November 23, 2003 at 23:44:24:
In Reply to: I'm Curious About SOL posted by Justcurious on November 22, 2003 at 21:38:17:
Justcurious...I'd first like to say that the SOL is the SOL...there's no such thing as a Legal SOL or a Reporting SOL. SOL is simply the Statute of Limitations...period! But they do differ from State to State and from Creditor to Creditor, so before I can help you on this I need to know the following answers: 1) What State do you reside in? This will determine whether the SOL is based on the date of the last payment, or the actual date in which the account was Charged-Off. In most cases..it's based on the most recent date of either activity. 2) What was the balance on the account? Most legal firms and creditors will base future pre or post judgment remedies on the balances of the accounts. THE INSIDER
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