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Will setteling a Debt reset the SOL?

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ashdown1967
New Contributor

Will setteling a Debt reset the SOL?

If I call the creditor to settle a debt will it reset the SOL? The debt is five years old.

Message 1 of 3
2 REPLIES 2
llecs
Moderator Emeritus

Re: Will setteling a Debt reset the SOL?

If successful in settling the debt, then SOL doesn't matter because it is paid. In some states, SOL can be reset if you make a partial payment on a debt, make a written or verbal acknowledgment of the debt, or make a promise to pay on the debt. YMMV on where you live. If you settle, keep it in writing and do the 1-payment plan.

Message 2 of 3
ashdown1967
New Contributor

Re: Will setteling a Debt reset the SOL?

Thank you

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