My last payments on debts range from 2002 & 2003 so I believe the SOL is up, here in California. So should I send DV letters anyways? Will this delete any debts that are not responded to?
Since the Statute of Limitation is 4 years for written contracts, promissory notes and open ended accounts and 2 years for oral contracts, the SOL has already expired if you have made your last payment towards the debt in 2002 and 2003. However, expiry of SOL does not mean that the debts would be removed from your credit report. In fact it will stay in your report for seven years and six months from the date of your delinquency towards the debt. You need not send any DV letters to the creditors or make any payments to them.
Yes, Mary is right. You should not send any DV letters nor you should make any payments. Moreover, since the last payment was made in 2003, the items would automatically come out of your report in 2010 and your credit score will start improving from that period. Now, you should not make even a small payment towards the debt even if the creditor asks you to do so. This is because if you make a payment, the SOL will restart and you will again be liable to pay off the entire outstanding debt.
Yes, JUSTJADE, that's the information they are telling you. I know 3.5 years seems like such a long time ( believe me, I know!!LOL) but, it's better than 'Re-aging' the debt and having the CA's come after you. As you pay on EXISTING accounts ( in a timely matter) you're Credit score will slowly increase. SCOTT and MARY.......I've learned ALOT from your advice and help. REALLY getting some of my bad credit taken care of.
JUSTJADE.........NOPE!! NOPE!! NOPE!! Don't do that. MARY and SCOTT are pretty 'smart cookies' nd have helped alot of people on this forum. I know it will be difficult to wait, but, it will benefit you in the long run.
Hi Justjade
It is very difficult to clear up the negatives from your report if the information is correct. However, the negative item can be removed from your report if the creditor agrees to pay for deletion agreement so that as soon as you pay off the debt, the items gets removed. Now, if the creditor agrees to PFD agreement, get it in writing first before you start paying off the debt.
i have a couple little things for like a 100 here and 300 there. What i was thinking in reading this forum, is since the SOL has past i was gonna send them the verification letters. It was my understanding if they cant verify then i can have them removed! BUT now my understanding is to just leave them, or i can try to do a PFD agreement and pay them off.
If you know the SOL's have passed, on these debts, just leave them alone. They STILL will on your Credit until the 'Fall-Off' date, however, the OLDER they get, the MORE your credit score WILL raise. At the same time, if you have other loans, etc., and you are 'up to date' with the payments, keep paying on them, in a timely manner. Your score WILL go up.......I left some old debts alone ( SOL has passed) and the older they got, the more my score went up. Make sense?
Since the Statute of Limitation is 4 years for written contracts, promissory notes and open ended accounts and 2 years for oral contracts, the SOL has already expired if you have made your last payment towards the debt in 2002 and 2003. However, expiry of SOL does not mean that the debts would be removed from your credit report. In fact it will stay in your report for seven years and six months from the date of your delinquency towards the debt. You need not send any DV letters to the creditors or make any payments to them.
Yes, Mary is right. You should not send any DV letters nor you should make any payments. Moreover, since the last payment was made in 2003, the items would automatically come out of your report in 2010 and your credit score will start improving from that period. Now, you should not make even a small payment towards the debt even if the creditor asks you to do so. This is because if you make a payment, the SOL will restart and you will again be liable to pay off the entire outstanding debt.
scott and mary...ive asked this before, so are you saying there is noway to clean up old credit?? So i just have to wait another 3.5 years??!
credit
Yes, JUSTJADE, that's the information they are telling you. I know 3.5 years seems like such a long time ( believe me, I know!!LOL) but, it's better than 'Re-aging' the debt and having the CA's come after you. As you pay on EXISTING accounts ( in a timely matter) you're Credit score will slowly increase. SCOTT and MARY.......I've learned ALOT from your advice and help. REALLY getting some of my bad credit taken care of.
Wow. Thank you! I almost sent DV letters to all of them!
credit
JUSTJADE.........NOPE!! NOPE!! NOPE!! Don't do that. MARY and SCOTT are pretty 'smart cookies' nd have helped alot of people on this forum. I know it will be difficult to wait, but, it will benefit you in the long run.
so is there a way while im waiting to get my score up?
Hi Justjade
It is very difficult to clear up the negatives from your report if the information is correct. However, the negative item can be removed from your report if the creditor agrees to pay for deletion agreement so that as soon as you pay off the debt, the items gets removed. Now, if the creditor agrees to PFD agreement, get it in writing first before you start paying off the debt.
insurance
YEP.....take the grat advice from MARY!! LOL Also, if the CA DOES agree to the PFD, make sure and get everything in writing.
i have a couple little things for like a 100 here and 300 there. What i was thinking in reading this forum, is since the SOL has past i was gonna send them the verification letters. It was my understanding if they cant verify then i can have them removed! BUT now my understanding is to just leave them, or i can try to do a PFD agreement and pay them off.
credit
If you know the SOL's have passed, on these debts, just leave them alone. They STILL will on your Credit until the 'Fall-Off' date, however, the OLDER they get, the MORE your credit score WILL raise. At the same time, if you have other loans, etc., and you are 'up to date' with the payments, keep paying on them, in a timely manner. Your score WILL go up.......I left some old debts alone ( SOL has passed) and the older they got, the more my score went up. Make sense?