bud1lite Posted January 29, 2008 Report Share Posted January 29, 2008 Hello all!my first post but not my last cause i just sent off two Dv's the other day.But my question for now is ,can an account be reopened after the SOL is up?I read that in some states it is possible to do that the rest of your life!?Just wanted to clarify this,please.I live in Arkansas.Thanks a bunch! Link to comment Share on other sites More sharing options...
willingtocope Posted January 30, 2008 Report Share Posted January 30, 2008 Welcome...and in all states except WI and one of the M-ones (I can never remember which)...all SOL means is that if they take you to court, and you show up, and raise the SOL defense, and the judge agrees...they don't get a judgement.However, you still owe it, and they can still try to collect it. If its still owned by the original creditor (OC), this can go on forever. If the OC sells it to a junk debt buyer (JDB), there may be a way to end it.Note: collection agencies (CAs) are NOT JDB's. Link to comment Share on other sites More sharing options...
bud1lite Posted January 30, 2008 Author Report Share Posted January 30, 2008 thanks for the reply,but i dont understand,if they can still try to collect then why even have a SOL? Link to comment Share on other sites More sharing options...
willingtocope Posted January 31, 2008 Report Share Posted January 31, 2008 One theory on SOL (and CR reporting period too, for that matter) says that its based on a bilbe instruction to "forgive your debtors" after seven years.The truth, I think, is that its intended to at least cut down on the courts work loads. I can't believe that the SOL is intended to give a debtor a break. Link to comment Share on other sites More sharing options...
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