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What is the definition of SOL in the phrase the SOL on credit card debt is 3 years?
SOL stands for Statute of Limitations. It is the time in which they must notify you of the debt and bring suit to collect.
What is alabamas staue of limmitations law regarding credit debt?
Alabama has one of the longer statute of limitations (SOL) for credit card debt. Credit card debt is considered a contract debt in AL. That makes the SOL 10 years from the date of last activity on the account.
What is the statute of limitations on a credit card debt Arizona?
The SOL starts on the last date of activity on the credit card. So, don't make any payments or you will restart the SOL. In Arizona, the SOL is 6 yrs on credit cards.
Did the president extend the statutes of limitation for credit card debt?
No the debt statute of limitations (SOL) has not been extended. The SOL varies by state. You can learn more about your rights in terms of debt collection by reading up on the FDCPA. It was last amended in 2006.
What is the sol on credit card debt?
It varies from state to state. Most states are 3-5 years.
What is the sol in Tennessee for a credit card debt?
Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Tennessee is 6 years. That would be from the last use or payment.
What state applies to the SOL for credit card debit?
The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html
What is the statute of limitations on credit card debt in SC?
That would be classified as a written agreement in South Carolina. That sets the limit at only three years from your last acknowledgement of the debt.
Is credit card debt cleared if seven years passes without it being paid?
The SOL for credit cards, which are considered "open accounts" varies by state. Some are as short as three years most are under seven. Once the SOL for the state of residency has expired, the debt is, by law, no longer collectable.
If you have a significant amount of credit card debt what is the time limit they have to place a lien on your home if the debt is 8 years old and the last payment was made last year?
Time limits for the collection of debts are referred to as Statute of Limitations (SOL). States enact laws to govern SOL, in order to give a precise answer it is necessary to know the state of residency. To find out the SOL for a state a simple web search can be done. Example, (Name of state) Statute of Limitations for Debt.
Is there a statute of limitations on suing someone for credit card debt?
Yes, credit cards are considered open accounts, all states have SOL's pertaining to the time limit in which a debtor can be sued. You can find out what the SOL for your state is by visiting www.fair-credit-collection.com
What should you do when served with papers for a Foreign judgment on credit card debt that is past the statute of limitations in PA?
The SOL might be a valid defense for the debtor. He or she must appear in the civil court on the date indicated on the summons with documentation supporting the SOL defense. Always remember, that the expiration of the state's SOL related to the debt is not 'automatic'. A defendant must produce evidence to the court that the SOL is applicable in the case. The judge will then make a decision as to the validity of the defense argument and rule accordingly.
