SOL - when does year 1 begin ....
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Posted by SOL Outta Luck?? Please Advise.
(220.127.116.11) 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????
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.
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