Home
Public Forum
Credit Reports
Apply For Cards
Credit Directory
Credit Overview
Credit Problems
Credit News
International
Credit Glossary
Purchase Books
Credit Laws
Business Credit
Merchant Accts
   

SOL - when does year 1 begin ....


[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by SOL Outta Luck?? Please Advise. (24.61.213.209) on April 24, 2004 at 21:18:05:

Is it on first delinquency or date of Charge Off? Note the para state when the debtor becomes delinquent - is this defined anywhere????

Per SOL:

The statute of limitations (SOL) for a delinquent debt is the time limit for the creditor to file a lawsuit. This period starts when the debtor becomes delinquent. The fact that the SOL has "run" (expired) on a particular debt will not necessarily prevent a lawsuit from being filed (via a Summons And Complaint), but the defendant can have the suit dismissed on this basis.


Follow Ups:



Post a Followup

Name:
E-Mail:

Subject:

Comments:

Optional Link URL:
Link Title:


[ Follow Ups ]   [ Post Followup ]   [ Credit Forum Index ]

 

    Top Of Page

  

Copyright 1999-2004 Enkephalos Web Design