cancel
Showing results for 
Search instead for 
Did you mean: 

Goodwill EE restart SOL?

tag
drewricomakeubu
Frequent Contributor

Goodwill EE restart SOL?

Will asking for a goodwill exclusion restart the statute of limitations? Seems like sort of a grey area. 

Current FICO 8: TU: 814 EX: 774 EQ: 806
Current Cards:
Chase Freedom $800
Chase Ink Unlimited $8,000
American Express BCP: $12,000
Chase Sapphire Preferred $17,100
Blue Business Plus $10,000
Chase Ink Cash $6,000
Capital One Venture X $16,000
American Express Gold
Amazon Prime Amex $3,000
Chase Freedom Unlimited $5,000
Amex Blue Business Plus $6,000

Tour Manager, FOH Engineer, Concert Promoter, HBIC
Message 1 of 12
11 REPLIES 11
JoeRockhead
Senior Contributor

Re: Goodwill EE restart SOL?

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.

Message 2 of 12
drewricomakeubu
Frequent Contributor

Re: Goodwill EE restart SOL?

Right on! Thank you. 


@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. 


 

Current FICO 8: TU: 814 EX: 774 EQ: 806
Current Cards:
Chase Freedom $800
Chase Ink Unlimited $8,000
American Express BCP: $12,000
Chase Sapphire Preferred $17,100
Blue Business Plus $10,000
Chase Ink Cash $6,000
Capital One Venture X $16,000
American Express Gold
Amazon Prime Amex $3,000
Chase Freedom Unlimited $5,000
Amex Blue Business Plus $6,000

Tour Manager, FOH Engineer, Concert Promoter, HBIC
Message 3 of 12
JoeRockhead
Senior Contributor

Re: Goodwill EE restart SOL?

@drewricomakeubu I edited my reply to give you a little more info... good luck

Message 4 of 12
OmarGB9
Community Leader
Super Contributor

Re: Goodwill EE restart SOL?


@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.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 12
JoeRockhead
Senior Contributor

Re: Goodwill EE restart SOL?


@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.   

Message 6 of 12
Brian_Earl_Spilner
Credit Mentor

Re: Goodwill EE restart 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. 

    
Message 7 of 12
drewricomakeubu
Frequent Contributor

Re: Goodwill EE restart SOL?


@Brian_Earl_Spilner wrote:

@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. 


It would for CO accounts that are 7 years old in July. Was thinking of trying to get a head start on getting them removed if I could. 

Current FICO 8: TU: 814 EX: 774 EQ: 806
Current Cards:
Chase Freedom $800
Chase Ink Unlimited $8,000
American Express BCP: $12,000
Chase Sapphire Preferred $17,100
Blue Business Plus $10,000
Chase Ink Cash $6,000
Capital One Venture X $16,000
American Express Gold
Amazon Prime Amex $3,000
Chase Freedom Unlimited $5,000
Amex Blue Business Plus $6,000

Tour Manager, FOH Engineer, Concert Promoter, HBIC
Message 8 of 12
drewricomakeubu
Frequent Contributor

Re: Goodwill EE restart SOL?

In KY for more context. Looks like SOL is 5 years but not sure what "last action" on debt means.

Current FICO 8: TU: 814 EX: 774 EQ: 806
Current Cards:
Chase Freedom $800
Chase Ink Unlimited $8,000
American Express BCP: $12,000
Chase Sapphire Preferred $17,100
Blue Business Plus $10,000
Chase Ink Cash $6,000
Capital One Venture X $16,000
American Express Gold
Amazon Prime Amex $3,000
Chase Freedom Unlimited $5,000
Amex Blue Business Plus $6,000

Tour Manager, FOH Engineer, Concert Promoter, HBIC
Message 9 of 12
7774x
Established Contributor

Re: Goodwill EE restart SOL?


@drewricomakeubu wrote:

@Brian_Earl_Spilner wrote:

@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. 


It would for CO accounts that are 7 years old in July. Was thinking of trying to get a head start on getting them removed if I could. 


Did you EE TU ? Can do it online  instantly / 20 secs ..6 months before it drops off CRs.. as in 6 years 6 months , the age of debt

Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.