Entries Tagged as 'SOL'
Q. I had a Bank of America credit card with a $15,000 balance. It was closed consumer’s decision. It was purchased by a collection agency. I’ve been paying it off for a few years, I’m down to $4000. They offered me a settlement of $2000 which I can afford. How will this affect my credit [...]
[Read more →]
Tags: collection agency·Credit card debt·credit report·Credit Score·Debt Settlement·SOL·Statute of limitations
The statute of limitations (SOL) on debt is an important weapon in your arsenal against collection firms who are trying to sue you for a debt. The simplistic definition of SOL is this: the amount of time from date of last activity that a person or company has to sue you. Each state has its [...]
[Read more →]
Tags: Barrowing statute·Choice of Law·lawsuits·SOL·State Laws·statute of limitations on debt