Posted on: 01st Feb, 2010 03:16 pm
What does SOL mean
Statute of Limitations - each state has their own
Hi Guest,
The Statute of limitation for debts is a time period within which a creditor is allowed to file lawsuit against a borrower. This time period varies from one state to another. When a debt has crossed the SOL, the creditor cannot come after the borrower and cannot take a legal action against him.
The Statute of limitation for debts is a time period within which a creditor is allowed to file lawsuit against a borrower. This time period varies from one state to another. When a debt has crossed the SOL, the creditor cannot come after the borrower and cannot take a legal action against him.
Hello Guest,
SOL is the the short term for statute of limitations. SOL is the period of time within which the creditor or a collection agency can file a lawsuit against the debtor/borrower in case the debtor/borrower is not able to pay the amount owed. If the SOL expires, the lender/creditor or the collection agency can no longer sue the borrower/debtor. However this doesn't mean that the creditor or the collection agency will stop the collection proceedings.
SOL is the the short term for statute of limitations. SOL is the period of time within which the creditor or a collection agency can file a lawsuit against the debtor/borrower in case the debtor/borrower is not able to pay the amount owed. If the SOL expires, the lender/creditor or the collection agency can no longer sue the borrower/debtor. However this doesn't mean that the creditor or the collection agency will stop the collection proceedings.
hello friends SOL. laws are enacted by states........
time limits on SOL vary somewhat..... also there are diffrent SOL's for different debts..... Such as written contracts.... open end accounts etc....
u should be able to find out the SOL of ur resident statae by doing a simple websearch......
time limits on SOL vary somewhat..... also there are diffrent SOL's for different debts..... Such as written contracts.... open end accounts etc....
u should be able to find out the SOL of ur resident statae by doing a simple websearch......
hi...there is a statute of limitations..... established by your state law....
which allows creditors to sue to recover a bad debt....... even debts past SOL may generate a lawsuit..... time-barred debts do not rule-out a suit....SOL is an affirmative defense to the suit....If no defense were raised, a default judgment could be granted....despite the time-barred nature of the debt.........
which allows creditors to sue to recover a bad debt....... even debts past SOL may generate a lawsuit..... time-barred debts do not rule-out a suit....SOL is an affirmative defense to the suit....If no defense were raised, a default judgment could be granted....despite the time-barred nature of the debt.........
this is the first time i don't have to take issue with your posting, "about."
Hi,
Statute of limitation or the SOL is the time period, within which a creditor or lender can sue the borrower, in case of non payment of the dues. This certain time period expires, and with it the power to sue the debtor too expires. However that doesn't mean that the creditor or the collection agency (CA) may stop the collection process. The debtor still owes the debt.
SOL varies according to the state and also according to the account. It is different for open ended accounts, oral contracts, written contracts and promissory notes.
Statute of limitation or the SOL is the time period, within which a creditor or lender can sue the borrower, in case of non payment of the dues. This certain time period expires, and with it the power to sue the debtor too expires. However that doesn't mean that the creditor or the collection agency (CA) may stop the collection process. The debtor still owes the debt.
SOL varies according to the state and also according to the account. It is different for open ended accounts, oral contracts, written contracts and promissory notes.