Do you know the SOL for you state if it is a debt that is past the SOL you need to send them a letter stating that it is past the SOL. Do not make any payments to them because if you do the SOL will start all over again.
It is the time frame in which a creditor can still collect on a debt. If it is up than they no longer can. Each states SOL is different. So it's best to check you state.
The lender can sell but reporting it to the credit reporting agency is not possible because most probably it has past the SOL. Which country do you reside in? If you can tell me that, then I can let you know about the SOL or the Statute of Limitations. Moreover, a negative report is supposed to stay on your credit report for 7 years and then fall off. So it cannot reappear on your report. If it does then you have to ask for debt validation and then dispute it.
Statute of Limitations is the time period within which a creditor can take legal action against the debtor to collect the debt. Different states have different time frames for SOL. Once, the debt is past SOL, then the creditor can no longer sue the debtor to collect the debt.
My spouse does not know that her debts was already past SOL. She did the debt consolidation and stop the payment to debt consolidation before it completed due to un-employment. Suddenly the debt was purchased or sold to another lender and being reported in credit report by the new creditor. This is like starting all over again. Is this legal? what can she do because it appear twices on her credit report with the same problem.
Once you pay on a debt it starts the statute of limitations over again, it don't matter if you pay a dime or a hundred bucks. At least that was always my understanding. I have had collectors try to get just a few bucks from me to set up a payment plan, that is exactly how they get the old clock ticking again.
You are so right, my rule is if you can't pay in full and be done with it, then don't bite off more than you can chew, it might just be that you efforts to make a payment plan goes by the way side if you loose a job or something. Than you would be stuck with a debt following you longer then it would of it you just avoided paying and waited out the original expiration on the SOL.
Hi peggars,
Do you know the SOL for you state if it is a debt that is past the SOL you need to send them a letter stating that it is past the SOL. Do not make any payments to them because if you do the SOL will start all over again.
What is SOL?
It is the time frame in which a creditor can still collect on a debt. If it is up than they no longer can. Each states SOL is different. So it's best to check you state.
Hi Peggars,
The lender can sell but reporting it to the credit reporting agency is not possible because most probably it has past the SOL. Which country do you reside in? If you can tell me that, then I can let you know about the SOL or the Statute of Limitations. Moreover, a negative report is supposed to stay on your credit report for 7 years and then fall off. So it cannot reappear on your report. If it does then you have to ask for debt validation and then dispute it.
Statute of Limitations is the time period within which a creditor can take legal action against the debtor to collect the debt. Different states have different time frames for SOL. Once, the debt is past SOL, then the creditor can no longer sue the debtor to collect the debt.
SOL and debt consolidation
My spouse does not know that her debts was already past SOL. She did the debt consolidation and stop the payment to debt consolidation before it completed due to un-employment. Suddenly the debt was purchased or sold to another lender and being reported in credit report by the new creditor. This is like starting all over again. Is this legal? what can she do because it appear twices on her credit report with the same problem.
The only time a debt can be picked up and reported again after 7 years is if you have a judgment renewed, or if you have an unpaid student loan.
Once you pay on a debt it starts the statute of limitations over again, it don't matter if you pay a dime or a hundred bucks. At least that was always my understanding. I have had collectors try to get just a few bucks from me to set up a payment plan, that is exactly how they get the old clock ticking again.
You are so right, my rule is if you can't pay in full and be done with it, then don't bite off more than you can chew, it might just be that you efforts to make a payment plan goes by the way side if you loose a job or something. Than you would be stuck with a debt following you longer then it would of it you just avoided paying and waited out the original expiration on the SOL.
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