I have a quick question about SOL. Here is the senario. A has an AMEX card, he fails make payments, AMEX charge offs the account. Few years later A hires a LightHouse Credit Counsouling , in hope of clearing his report. Light house starts making payments to AMEX.... At this point , did we restart the SOL? can A still be sued? Thanks Butch
Possibly. What was the status of the account when the credit repair outfit "said" they were making payments to Amex. IF AMEX had retained ownership of the account, and if the payments actually WENT to AMEX, and if there was a WRITTEN agreement between AMEX and the credit repair outfit AND YOU, that was SIGNED by ALL parties, then yes, the SOL was re-aged. If not, than the original SOL from the first delinquency prior to chargeoff is in effect. In order for an account to be re-aged for the purpose of SOL afte a chargeoff, a NEW contract in writing,( + in Ca. with full disclosure to the consumer regarding the waiving of their rights) must be in place. A payment on a chargedoff account does not, by itself re-age the SOL. In 2 States , Tn. and Ark. a payment by a personal signed check MAY possibly be proof of a "new" contract in writing.
The S O L in the state you reside in would apply, do to the fact if they would sue you in another state a judgement would be worthless because their is nothing to garnish upon. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><-
Re: Re: SOL question Does the following sound correct? The S O L in the state you reside in would apply, do to the fact if they would sue you in another state a judgement would be worthless because their is nothing to garnish upon.
