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I know making a partial payment on the account would override the SOL and start the clock again.
What if some one makes verbal commitment but does not pay any money towards the CO account would cause the clock start again?
What actions would cause the SOL override and start the clock.
Restarting the statute of limitations can happen in a few ways, including:
@Red1Blue wrote:I know making a partial payment on the account would override the SOL and start the clock again.
What if some one makes verbal commitment but does not pay any money towards the CO account would cause the clock start again?
What actions would cause the SOL override and start the clock.
Acknowledging the debt is yours and promising to pay/making a payment arrangement does reset the SOL, but as you know, does not reset the reporting period.
+1 to what @FireMedic1 laid out.
I would avoid any promises to pay without the intention. Honestly, IMO/IME best bet is to wait until you have a chunk of change to offer a settlement to avoid any issue with resetting the SOL and running the risk of being sued.
Reset provisions are not standard for all states.
Each state defines its own conditions for reset of the running of the period for initiating a civil action on a debt.
What is both your current state of residence and the state in whch the contract that created the debt was executed?
It's safer to assume a verbal committment (likely recorded) will reset the SOL and you can be pleasantly surprised if it doesn't in your state. Don't commit to anything at all orally or in writing unless you are cutting a deal to resolve with a lump sum.