But after the statute of limitations of 6 years does it not get taken off of your credit history so unless you are borrowing from the same place then it will not be seen.

No, it doesn't "resolve" the debt. It simply tells the collector that his threats of legal action are pretty much wasted on you. Since it is rarely possible to "resolve" anything with a bill collector, that's pretty much all you need.

Ah okay, that's what I thought.

It's an approach being used to confront the bill collector and show that you are informed, but not an approach effective at actually resolving a debt, unless used as leverage when trying to negotiate a settlement.

As Bill K. Lecter pointed out it's generally used unsuccessfully to try to avoid paying. That’s a clever rebuttal you are using by the way Bill.

As angella points out the debt will be owed forever unless it is paid (or settled)...

Sometimes an expired SOL can be used as a "wedge" to get a very low (i.e. well-below parameters) settlement approved.

When people bring up the SOL to me, I advise them that we are not before a judge and the monies are still duly owed. Depending on if the person is willing to entertain a below-parameter settlement (most people quoting SOL are just trying to shirk their responsibility), I may suggest that route.

No, a debt does not "go away" simply because the SOL has expired. It simply becomes unenforceable through a court of law. Collectors can continue to call for as long as provincial statute permits and it will continue to be reportable to the credit bureau for as long as the provincial statute permits.

SOL is important to know because if you are aware the collector cannot force payment, garnish wages and bank accounts, or seize assets then you cannot be scared by them... it empowers you.

"Resolved a debt" to me means; it's not owed anymore.

I assume you are a bill collector, have you ever seen anyone resolve a debt by using the SOL argument?

What do you generally do when someone brings up the SOL arguement?

What do you mean by "resolved a debt"?

Wow, I am really surprised. With the number of posts I’ve seen talking about the statute of limitations being used to resolve debt I thought there would have been a lot of discussion on this.

Does anyone have a success story to share? I was hoping to hear people talk about how they used the argument to resolve the debt with collectors, and get it off their credit report.

Is the argument of the debt passing the SOL being used at all, or is it an approach people use to show they are informed and hopefully that will make the bill collector just “go away” but they never actually resolve the debt in question.

I am just wondering. A lot of people ask about the SOL on debts on this forum. Are there any success stories people can share?

I'd like to hear some details from those that have successfully resolved a debt using the SOL argument and how they found the process.

Thanks.