Net said: "If I ask to validate the debt, does that constitute as "promise to pay", thereby resetting the SOL clock?" lbrown: I was just explaining what may constitute a resetting of the SOL clock to clear up matters regarding a promise to pay. Validation does not reset the clock, you are simply requesting proof the debt is yours. I don't know what state she lives in and her state may have different laws. As to other I agree with you, but if the checking agreement has the right to setoff term, then they are most likely entitled to it. But I do have issues with them trying to collect an uncollectible debt.
1*If it were me I would find out for sure wither or not they were entitled to it.I would not just assume they were. 2*Isn't using rite to set off trying to collect on an uncollectible debt.If the debt isn't collectable there can not be a right to set off. If the SOL is truly an absolute defense then a contract cannot void a matter of law.This includes an agreement of off set.
thanks lbrown59- i guess my question should be.. should i ask for validation even though the SOL had expired? would i just be brewing up trouble for myself?
Aren't they still trying to collect on this from you. Do you think you should fork over $10000.00 no ouestions asked? I don't think so. Any time payment is demanded you have the righr to require proof. I say make them Validate it.Even if they could Validate they still can't collect if it's past the sol.
i would totally make them validate before they'd ever see a penny..but I was not sure if asking for validation would reset the SOL clock. Some posts from other boards I've been reading have said yes, while others have said no. i totally agree that asking for validation is not a promise to pay but I've gotten so many differences of opinion on this. lbrown56, appreciate all your input. thanks.
net: look up your state laws on sol and what resets the clock. Based on what I have read from statutes: Validation does not reset the clock. Where are you getting this other information from? Personally, I have never heard of requesting validation resetting the SOL. Then again your state may have some obscure law about this, but the best thing to do find out is directly for yourself. Call up your state's consumer advocacy office or something similar to it. Stop giving yourself grief about it.
IBrown, The right of offset is a different issue. Lenders can try and collect even if the SOL has run. And, if they find some money in one of their banks, you can bet they'll grab it. The poster caught a bad break but, the bank was within their rights.
