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Settling on Collections - Payments vs. Lump Sum Payment

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RobertEG
Legendary Contributor
‎03-30-2012 04:30 PM
‎03-30-2012 04:30 PM

Re: Settling on Collections - Payments vs. Lump Sum Payment

In many states, payments reset the running of the SOL.  That is totally separate and apart from any credit report exclusion issues, where payments dont reset the DOFD, and thus the ultimate CR exclusion period.

Does your state SOL statute have a reset provision based on payments on the debt?

Message 11 of 13
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js0319
Established Contributor
‎03-30-2012 05:03 PM
‎03-30-2012 05:03 PM

Re: Settling on Collections - Payments vs. Lump Sum Payment

I'm in Texas and I'm not sure what the statutes are.


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Message 12 of 13
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RobertEG
Legendary Contributor
‎03-30-2012 05:13 PM
‎03-30-2012 05:13 PM

Re: Settling on Collections - Payments vs. Lump Sum Payment

I believe that Texas does have a reset provision based on payments.

I suggest pulling a copy of their civil code on statute of limitations on debt.

Message 13 of 13
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