2007-10-21 13:33:45 · 6 answers · asked by jenninecory 1 in Business & Finance ➔ Credit
SOL is a Statue of Limitation. That is a period of time during which a creditor can get a judgment against you. It begins from the moment of a last activity on your debt/account and its length depends on a state you live in (and also on a type of contract). The debt is not being illuminated upon SOL expiration and you still owe money but the creditor cannot take you to court. In theory you still can be taken to court and you will have to prove that SOL is expired in order to win the case.
2007-10-21 15:06:00 · answer #1 · answered by Dr. Shakar 2 · 0⤊ 0⤋
Statute of Limitations (SOL) is the time frame for lawsuit to collect debt. The SOL varies from state to state. The time is based on the last account activity or payment. Making a payment will reset the SOL. In some states, promising payment or even acknowledging the debt can restart the clock.
If you are sued, you can use the SOL as an affirmative defense. If you don't show up, the creditor will get a default judgment.
Check the SOL for your state: http://www.fair-debt-collection.com/SOL-by-State.html
Just because a debt is beyond the SOL does not mean the collector can not continue to try and collect the debt. They can follow you to the grave.
2007-10-21 22:04:26 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
S.O.L. means statue of limitation meaning that a debtor has a certain amount of time to legally collect from you each state is different as far as time goes. They can still sue you and get a default judgement if you don't show up in court after being properly served. Actually, i had that happen to me for a debt that was 5 years Past the S O L. I didn' show up in court and they got a default judgement against me and are garnishing my wages as we speak.
2007-10-22 15:32:24 · answer #3 · answered by outlawimmortal2 2 · 0⤊ 0⤋
SOL is usually referring to The Statute of Limitiations. If the Statute of Limitations (SOL) has run, then the bill collectors cannot legally collect against you on that particular debt. If you unwittingly make a payment, then the running of the SOL starts all over again, giving them more time to collect against you.
2007-10-21 20:43:25 · answer #4 · answered by Lesley 5 · 1⤊ 1⤋
when the debtor has no funds, it is a term applied to the creditor; i.e., SOL.
2007-10-21 20:38:40 · answer #5 · answered by Scott K 7 · 0⤊ 3⤋
Sh!t out of luck.
2007-10-21 20:37:50 · answer #6 · answered by Uncle Pennybags 7 · 0⤊ 2⤋