Does SOL resets when try to negotiate with bank? Or sending an offer to settle account?
Or sending financial statement or request to settle without making any payment can reset SOL?
4 attorney answers
No, just don't make ANY payment or reaffirm the debt by signing anything. You'll see the tricks they pull to try to get you to do this!
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No it does not. Usually creditors will settle for pennies on the dollar, as long as a hardship is demonstrated. Consult with an attorney today to see how you can wipe out this debt.
Negotiating payment does not "reset" a statute of limitations, but making a payment can. If a debt may be old enough to be outside the SOL, a wise strategy would be to consult with local experienced consumer-rights counsel as the creditors' misrepresentations regarding the SOL may be violations of the federal Fair Debt Collection Practices Act.
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