Legal Question in Credit and Debt Law in Texas

Re: Does negotiating a settlement restart the SOL?

Background: date of last activity on account is 1997. Sold to collections agency. I am still financially tight due to medical/job issues. Need help! 1. If I negotiate a settlement, will this restart the SOL?

If you have a settlement, that finishes the issue. Mere negotiation doesn't restart the SOL.

2. Since these are credit card's - when does the SOL date actually begin?

The SOL starts when the debt was due and payable. Arguably the entire debt is stretched out by the time required to discharge the debt through minimum monthly payments, unless there is a fixed date where demand for entire payment was made.

3. Is there anyway to negotiate a ''paid'' status with the original creditor when dealing with the agency?

Not really. Trying to go around the agency could really land you in hot water, since the agency also has a legal interest in your account.

4. Should I even try or wait two years till they are off?

That's a business call, and not a legal call. You'd have to check the SOL set out in your credit card agreement by seeing which state's law may prevail. The suit may be in Texas, but the SOL may be New York's.