Question:
Dear Steve,
Old BOA student loan debt sold to Student Loan Solutions. State of residency: Maryland
If a debt was written off, last payment made was in 2009, the debt was sold in 2017, does the SOL clock start ticking all over?
Mary Louise
Answer:
Dear Mary Louise,
I’m not an attorney and for all legal questions, you should consult with an attorney who is licensed in your state.
The selling of a debt to another party should not trigger an update the Statute of Limitations (SOL) date. That being said, the SOL is a bit slippery and the exact date depends on the state used and your state law if it prevails.
Keep in mind the SOL is raised as a defense and does not prevent the attempted collection of the out of SOL debt. Things that will restart the SOL clock include an admission the debt is valid and yours or a payment of any size.
Steve Rhode
Get Out of Debt Guy – Twitter, G+, Facebook
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This article by Steve Rhode first appeared on Get Out of Debt Guy and was distributed by the Personal Finance Syndication Network.
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