Dumb newb question | Credit Magic

Submitted by Anonymous (not verified) on Sun, 04/04/2010 - 14:08

Forums

Hi there. I stumbled on this site and it's amazing! THanks to all involved in it!

Now on to a quesion. When does the SOL take effect? When the debt account is first created? When it goes into default? I can't quite figure this out.

Thanks!

cinnamngrl

DOFD is 180 days after last payment. or last statement that was current. that is what SOL dates from.

Sol is different for different debts and different for every state.

here is a good site.

http://www.fair-debt-collection.com/SOL-by-State.html

Sun, 04/04/2010 - 14:16 Permalink

Neohioguy (not verified)

Thank you kindly, ma'am!

Sun, 04/04/2010 - 14:46 Permalink

cinnamngrl

you are welcome and no questions are dumb!!

Sun, 04/04/2010 - 14:52 Permalink

Aaron

statute of limitations

Hi Neohioguy,

Statute of Limitations (SOL) starts from the day of first delinquency (DOFD). Statute is the time limit within which a creditor can sue you and win, for not paying the dues. However, if the SOL expires, he won't be able to sue you anymore. Even if he sues, he won't be able to win the case against you. SOL varies according to the state and even depends on the type of account.

Hope this helps.

Regards,

Aaron

Mon, 04/05/2010 - 09:33 Permalink