SOL, Am I Wrong?

I thought it started again if you default.

yep,while we always advise against admitting to owing over the phone.i thought only a documented payment then defaulting resulted in the SOL re-starting.not just a verbal admmission.i have noticed alot of lawyers giving bad advice.i talked to a BK attorney on behalf of a friend,and the info he tried to give would be barbecued here.a little irritating if you ask me.

Whats the answer Paul?

I was always told that the clock started again once a payment was actually made on the account, so this will be interesting to find out.

Now that you mention it, that is what I originally believed until I was told the an admission of the debt in writing was enough!

This is funny because I was informed by my brokers and accountants that if you contacted an old debtor in writing, verbal, email, or even send payment; this could possibly could re-age your old account, resulting in the SOL restarting at their request. SOL must be renewed by the debt collector before it expires. I guess if you contact them before the SOL expiration it may start that process all over again. I have been also told by others that you should not contact an old debtor if you do not plan on paying the debt at all just wait until the SOL has expired.

So it guess it depends on the person and their intentions to pay or not. Comes down to more of morales and what we advocate here at Debt CC.

Sad story is I had this happen to me for 5 bucks on and old student loan debt:( I called to see if everything was settled with an old account in the process of buying a home and next thing I knew a $5 debt appeared on my credit reports with a new open date!

Ouch! That sucks!

But how could they prove there was a verbal agreement, you could just as easily deny it, as they could re-age by stating there was a verbal agreement, even if there wasn't. It makes no sense to me. The FDCPA covers a lot of things, there must be SOMEthing somewhere that specifically addresses this subject.

I agree with you Shazz. However, some debt collectors play dirty! All I did was call and next thing I knew there was a letter in the mail saying I owed $5 and a new entry on my credit reports. I was pissed!:mad:

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My personal opinion is it would take something in writing to reset the SOL. I do not know if a specific law is in place covering this though. This could include a payment, a signed agreement, a letter of admission or something of the sort. The SOL will only show up in some kind of law suit. Either someone is going to sue for re-aging or defend a suit citing the SOL. I think a verbal admission would be very difficult if not impossible to use to reset the time clock in a suit like this even if some type of admission was recorded. It would turn into a he said she said argument if it was not recorded. If it is recorded it might be a little trickier assuming a judge would allow the recording. I think a number of tactics could be used to try to get the recording ignored. I would be surprised if any case existed where a recording was used to reset an SOL.

Thank God it was only $5 bucks of so called interest. In the end, I had it removed from my credit reports by dispute. I really would like to see a law in writing on this type of thing if any.