Hi everyone thanks for all the helpful information. I just have a couple of questions. My husband has old debts that are past SOL how do you go about getting rid of the collectors. Do we need to send a letter to the CA that its past SOL? I've just read a lot of information and it gets confusing. We are trying to get his debt reduced and credit score improved. Any infomations is greatly appreciated. Thanks!!!
Welcome to the forum! The SOL doesn't cause your debt to disappear. Collectors can still try to come after you, but you have an absolute defense in the event they ever try to sue you to recover the funds. You may wish to send the CA a letter informing them that the SOL has run and the debt is uncollectible. They may stop bothering you at that point.
From what I've read SOL pretty much makes it so you don't have to pay that debt if thats what you choose to do. You just have to wait how ever many years for it to come off your credit report.
The amount of time a collection can remain on your credit reports is completely different from the amount of time a debt collector has to sue you. Still, even after the SOL has run and the debt has fallen off your credit reports, a collector could try to sue you. However, you would have an absolute defense in this case.
That's a personal decision you'll have to make. Personally, I believe in always paying my debts to the rightful owner, but if the SOL has run and it's about to fall off your credit reports, others might suggest you just wait it out and let sleeping dogs lie.
