Morning:) I have an old debt (Payday Loan) from '03. That recently called. Before reading the SOL for Washington State I offered a little over 30%. Did I start the SOL over?:( How do I respond now?
Can you tell me if your offer was made only verbally, or did you send them a letter fro the offer? However, as you owe the debt, and though the Statute of Limitations may have expired, the collections process may not stop. So, It's better to pay off the debt, rather than getting harassed by the creditor or collection agency.
If they agree to the settlement offer, you can request them to agree to a "Pay for delete" (PFD) agreement. With the PFD, your account will get reported as "paid". The negative listings will get removed. For details about a PFD and a sample "Pay for Deletion letter" you can refer http://www.creditmagic.org/repair/pay-for-delete.html .
this is some relevant law i pasted from the above website. that bcsalliance is not a gov site.
So did you admit the debt in your letter? Most people say that they are not acknowledging responsibility and that no payment will be made without an agreement in writing.
4.16.270
Effect of partial payment.
When any payment of principal or interest has been or shall be made upon any existing contract, whether it be a bill of exchange, promissory note, bond or other evidence of indebtedness, if such payment be made after the same shall have become due, the limitation shall commence from the time the last payment was made.
[Code 1881 § 45; 1877 p 10 § 46; 1854 p 365 § 19; RRS § 177.]
4.16.280
New promise must be in writing.
No acknowledgment or promise shall be sufficient evidence of a new or continuing contract whereby to take the case out of the operation of this chapter, unless it is contained in some writing signed by the party to be charged thereby; but this section shall not alter the effect of any payment of principal or interest.
[Code 1881 § 44; 1877 p 10 § 45; 1854 p 365 § 18; RRS § 176.]
There has never been any mail correspondence between us. There was no contact from any one until this Jan of 2010. Prior to that it was back in '03. The only offer I made was verbal to clear the debt in full for $150. She is haggling with me for the total of $215, and She keeps saying "you can make payments". I explained that I would not make any payments. I just want to know if there is an appropriate way to say- We both know the sol has run out, if you would like to settle in full for $150 great if not stop contacting me. I want to make sure I don't saying anything that would start the clock over(I may have already done that by admitting the debt was mine), or get myself in any trouble.
the law seems pretty clear that unless they have something in writing the can't re-age.
If you would like them to stop calling tell them that the calls are inconvenient. you can actually write this as long as you state that you are not responsible for paying this debt
where did you read about the SOL for Washing ton state? could you copy it to here?
reply
It doesn't want to let me post the link but the site I got it from is
bcsalliance . com
SoL
Hi wrksmrter,
Can you tell me if your offer was made only verbally, or did you send them a letter fro the offer? However, as you owe the debt, and though the Statute of Limitations may have expired, the collections process may not stop. So, It's better to pay off the debt, rather than getting harassed by the creditor or collection agency.
If they agree to the settlement offer, you can request them to agree to a "Pay for delete" (PFD) agreement. With the PFD, your account will get reported as "paid". The negative listings will get removed. For details about a PFD and a sample "Pay for Deletion letter" you can refer http://www.creditmagic.org/repair/pay-for-delete.html .
Hope this helps.
Regards,
Aaron
http://apps.leg.wa.gov/rcw/default.aspx?cite=4.16&full=t
this is some relevant law i pasted from the above website. that bcsalliance is not a gov site.
So did you admit the debt in your letter? Most people say that they are not acknowledging responsibility and that no payment will be made without an agreement in writing.
4.16.270
Effect of partial payment.
When any payment of principal or interest has been or shall be made upon any existing contract, whether it be a bill of exchange, promissory note, bond or other evidence of indebtedness, if such payment be made after the same shall have become due, the limitation shall commence from the time the last payment was made.
[Code 1881 § 45; 1877 p 10 § 46; 1854 p 365 § 19; RRS § 177.]
4.16.280
New promise must be in writing.
No acknowledgment or promise shall be sufficient evidence of a new or continuing contract whereby to take the case out of the operation of this chapter, unless it is contained in some writing signed by the party to be charged thereby; but this section shall not alter the effect of any payment of principal or interest.
[Code 1881 § 44; 1877 p 10 § 45; 1854 p 365 § 18; RRS § 176.]
reply
There has never been any mail correspondence between us. There was no contact from any one until this Jan of 2010. Prior to that it was back in '03. The only offer I made was verbal to clear the debt in full for $150. She is haggling with me for the total of $215, and She keeps saying "you can make payments". I explained that I would not make any payments. I just want to know if there is an appropriate way to say- We both know the sol has run out, if you would like to settle in full for $150 great if not stop contacting me. I want to make sure I don't saying anything that would start the clock over(I may have already done that by admitting the debt was mine), or get myself in any trouble.
Thanks for you help with this:)
the law seems pretty clear that unless they have something in writing the can't re-age.
If you would like them to stop calling tell them that the calls are inconvenient. you can actually write this as long as you state that you are not responsible for paying this debt