Re: resetting SOL

Posted by Why Chat (209.240.205.61) on June 06, 2004 at 09:18:56:

In Reply to: resetting SOL posted by newcomer on June 06, 2004 at 06:36:09:

Your SOL (legal for being sued and "reporting"time) both start at about the same time, your first delinquency or "breach" of your CONTRACT with your original creditor, BEFORE they charged you off.

However, if you SIGN a NEW CONTRACT with anyone that starts your SOL all over again.(although SOME States, like Va. prohibit that if you rescind).

Normally, paying a CA on a defaulted account will not "restart" the SOL, although in a FEW States, if you pay with a personal SIGNED check it MAY be considered to do so.

BUT, if you "consolidate" or make a "settlement" agreement, it CAN be considered to "re-start" the SOL, as it is a NEW contract.

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