No, an SOL gets renewed or changed if you were to start making payments on an otherwise dormant account, then the SOL starts all over again from that point.
In NC for example, the SOL is three years from the last payment made on the account, if the creditor fails to take legal action or secure a judgement within that time frame, they forfeit the ability to legally collect the debt. If you were to start making payments again two and a half years (or any time) after you last made a payment, the SOL starts all over again.
Edit: to add to this, you still owe the debt and the lender, or the CA that owns the debt can, and may, or may not continue to try to collect the debt but most times, when you are outside the SOL, you can get an attorney to send them a cease and desist letter and that will usually stop them from contacting you further. The account as reported on your CR is eligible to come off after x amount of years as any other account on your CR.
@JoeRockhead wrote:No, an SOL gets renewed or changed if you were to start making payments on an otherwise dormant account, then the SOL starts all over again from that point.
In NC for example, the SOL is three years from the last payment made on the account, if the creditor fails to take legal action or secure a judgement within that time frame, they forfeit the ability to legally collect the debt. If you were to start making payments again two and a half years (or any time) after you last made a payment, the SOL starts all over again.
Edit: to add to this, you still owe the debt and the lender, or the CA that owns the debt can, and may, or may not continue to try to collect the debt but most times, when you are outside the SOL, you can get an attorney to send them a cease and desist letter and that will usually stop them from contacting you further. The account as reported on your CR is eligible to come off after x amount of years as any other account on your CR.
It depends on state laws though. Not all states have the same laws. Just because it's that way in NC, doesn't mean it's the same in all states. OP would have to look up their particular state's laws.
@OmarGB9 wrote:
@JoeRockhead wrote:No, an SOL gets renewed or changed if you were to start making payments on an otherwise dormant account, then the SOL starts all over again from that point.
In NC for example, the SOL is three years from the last payment made on the account, if the creditor fails to take legal action or secure a judgement within that time frame, they forfeit the ability to legally collect the debt. If you were to start making payments again two and a half years (or any time) after you last made a payment, the SOL starts all over again.
Edit: to add to this, you still owe the debt and the lender, or the CA that owns the debt can, and may, or may not continue to try to collect the debt but most times, when you are outside the SOL, you can get an attorney to send them a cease and desist letter and that will usually stop them from contacting you further. The account as reported on your CR is eligible to come off after x amount of years as any other account on your CR.
It depends on state laws though. Not all states have the same laws. Just because it's that way in NC, doesn't mean it's the same in all states. OP would have to look up their particular state's laws.
I completely agree that the OP should look up the SOL applicable to where they are, and that the SOL is going to differ from state to state, I certainly should have been more clear about that. But generally speaking an SOL, is an SOL, and by definitition is a law that sets the maximum amount of time that parties involved in a dispute have to initiate legal proceedings from the date of an alleged offense, or default on a contract. Regardless, asking for an EE won't reset the SOL.
@JoeRockhead wrote:
@OmarGB9 wrote:
@JoeRockhead wrote:No, an SOL gets renewed or changed if you were to start making payments on an otherwise dormant account, then the SOL starts all over again from that point.
In NC for example, the SOL is three years from the last payment made on the account, if the creditor fails to take legal action or secure a judgement within that time frame, they forfeit the ability to legally collect the debt. If you were to start making payments again two and a half years (or any time) after you last made a payment, the SOL starts all over again.
Edit: to add to this, you still owe the debt and the lender, or the CA that owns the debt can, and may, or may not continue to try to collect the debt but most times, when you are outside the SOL, you can get an attorney to send them a cease and desist letter and that will usually stop them from contacting you further. The account as reported on your CR is eligible to come off after x amount of years as any other account on your CR.
It depends on state laws though. Not all states have the same laws. Just because it's that way in NC, doesn't mean it's the same in all states. OP would have to look up their particular state's laws.
I completely agree that the OP should look up the SOL applicable to where they are, and that the SOL is going to differ from state to state, I certainly should have been more clear about that. But generally speaking an SOL, is an SOL, and by definitition is a law that sets the maximum amount of time that parties involved in a dispute have to initiate legal proceedings from the date of an alleged offense, or default on a contract. Regardless, asking for an EE won't reset the SOL.
Actually, depending on jurisdiction, simply acknowledging the debt is yours can restart the SoL. That's why it's important to look up the laws for where you live, where the company has offices, and location the contract originated. The wording of the goodwill could acknowledge the debt and restart the SoL in rare instances.
OP, why are you requesting EE from the creditor? EE is done through the bureaus when it's close enough to being removed. Do you mean you're requesting a goodwill deletion for something that's far from being removed? Goodwill request are typically done with active accounts that are usually in good standing, or quid pro quo for a CA. Neither of those situations should trigger a SoL concern.
