SOL - making a payment does NOT restart SOL

Posted by JKelly (68.163.2.72) on August 13, 2004 at 13:05:52:

In Reply to: Few ?'s for Jkelly posted by ChristieMd on August 13, 2004 at 12:32:30:

This is what WHY CHAT says about the SOL.

It is TRUE that IF a new contract is legally formed to consolidate an old debt it WILL start the SOL again. For instance, if you enter nto a settlement agreement with a CA, and it comprises of an offer and acceptance in writing, and the agreement does NOT specify the disposition of trhe unpaid balance, since a CA cannot legally issue a 1099, the balance can be sold to another CA and THAT balance had a new starting date, dating from the settlement agreement.

If you send a letter to a CA, and in it youoffer to pay 25.00 a month for 2 years to pay off a degt, and if the CA responds in writing, signed, that he accepts your offer, THEN if you pay $25.00 with a restrictive endorsment on the back of the check, stating iit is in payment of the accepted offer, it is a LEGAL CONTRACT.

You cannot have a legal contractr without BOTH parties agreeing to the terms in writing.

Follow Ups:

Post a Followup