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What state matters for SOL?

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Anonymous
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What state matters for SOL?

I am wondering about how the SOL is determined when you moved.  My wife has a few CCs and student loans.  When she opened all these accounts, she lived in Kansas, where written contracts have a 6 year SOL and CCs have a 3 year SOL.  We moved to PA about 2.5 years ago, which has a 4 year SOL for everything.  Both of the credit cards were closed when we moved, but payments were made on them since then.  No payments were made on the student loans since we moved.  Which state's SOL laws are relevant for these different debts?  Thanks so much for the help!

Message 1 of 6
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pizzadude
Credit Mentor

Re: What state matters for SOL?


@Anonymous wrote:

I am wondering about how the SOL is determined when you moved.  My wife has a few CCs and student loans.  When she opened all these accounts, she lived in Kansas, where written contracts have a 6 year SOL and CCs have a 3 year SOL.  We moved to PA about 2.5 years ago, which has a 4 year SOL for everything.  Both of the credit cards were closed when we moved, but payments were made on them since then.  No payments were made on the student loans since we moved.  Which state's SOL laws are relevant for these different debts?  Thanks so much for the help!


If you were to be sued for unpaid debt, it would likely be in state where you currently reside ~ so in that case it would be the state of your current residence.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 6
Anonymous
Not applicable

Re: What state matters for SOL?

That is certainly great news.  If that is the case, her student loans are quickly approaching the SOL here and that is the one I am most concerned about (owes about $10,000 I think).  We are not even close to being in a position to pay that.  In about 2 years, we will both be graduating and then we actually could.

Message 3 of 6
pizzadude
Credit Mentor

Re: What state matters for SOL?


@Anonymous wrote:

That is certainly great news.  If that is the case, her student loans are quickly approaching the SOL here and that is the one I am most concerned about (owes about $10,000 I think).  We are not even close to being in a position to pay that.  In about 2 years, we will both be graduating and then we actually could.



Are these private or Government backed loans ? 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 6
Anonymous
Not applicable

Re: What state matters for SOL?

Thanks for pointing that out, because I failed to specify.

 

These are her private loans.  I know that the government ones have no SOL.  We have already cosolidated her government loans, which is paid as agreed and in deferrment.

Message 5 of 6
pizzadude
Credit Mentor

Re: What state matters for SOL?

 

Ok, cool ~ yeah I knew that there was something about the Government loans that would override the SOL.    Glad that you have them squared away.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 6
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