SOL Questions

[Anonymous]

1) If SOL is expired, will making a payment reset it? I know that before it expires a payment will.

2) If the account is charged off, will making a payment to the CA, even if SOL hasn't expired, reset SOL? I read that it would not if it was made after charge off.

[Schoolbuskid]

To my understanding SOL would reset if payment is made other than PFD! But if you pay the chargeoff in full why would the SOL matter anyways?

Message Edited by Schoolbuskid on 03-12-2008 05:58 AM

[Anonymous]

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Schoolbuskid wrote:

To my understanding SOL would reset if payment is made other than PFD! But if you pay the chargeoff in full why would the SOL matter anyways?

Message Edited by Schoolbuskid on 03-12-2008 05:58 AM

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I was talking about if just a payment was made on the chargeoff to the CA, not PIF.

My spouse has an account past SOL, but for it being so old, it seems small considering the amount of interest and fees that are usually added. We want to send PIF for what is showing on CR but don't want that to reset SOL and them suddenly come up with more charges and us not have the money on hand to pay and them sue, since they will be given a new SOL to start by if it resets SOL.

I would think that once it is expired, it's expired. But who knows. I can understand it resetting if you are making payments within SOL, but after SOL expired, you'd think nothing would restart it.

[Anonymous]

It depends on state law.  In some states, if you make a payment or acknowledge that the debt is yours, you reset the SOL.