SOL stays with the original creditor as long as you have not made a payment to any of the collection agency. Some accounts are sold several times and each time a new date goes on, as long as you don't make a payment it does not affect the SOL. The only thing that affects the SOL is if you make a payment to anyone on this account and it does not matter how much the payment is. A dime can restart the SOL clock.
Hi Tammy
You need to know when you have made the first missed payment that led to charge off. Although it is reported in 2008, this charge off listing will stay in your credit report for seven years from the date you made the first missed payment ie 2003and not from the date it is listed in your credit report ie 2008.
Did you ever make a payment to a collection agency? If you answer "no" to this then find the date of the last payment to the original creditor, that is when the statute of limitations start date.
I would also say maybe try a debt validation letter. If the account is over 5 years old than the collection agency may have a difficult time coming up with all of the necessary documentation to support their claims.
I have a friend who was dealing with a similar situation and ended up sending the collection agency a "pay for delete" letter stating he was unfamiliar with the debt being reported and was willing to pay them $50 if they would delete it from his credit reports entirely. I couldn't believe it when they sent the letter back to him signed by a senior officer saying that they accepted the offer! Sure he could've waited two more years and it would've fallen off but he was in the process of trying to raise his credit score because he needed to buy a new vehicle.
Yes, the SOL starts from the date of your first missed payment with the original creditor. If the SOL has already expired, then its fine since you can no more be sued for the debt. But it does not mean that the listing will get removed from your credit report. It will stay in your credit report for seven years from the date of first missed payment that led to the charge off as said by Anthony. I don't think that you need to send a DV letter if the SOL has already expired. But if it has not yet expired, it is always advisable to send a DV letter and come to a repayment agreement with the CA.
Yes, goodnatured is right. If you send a debt validation letter to a collection agency, you will get only a relief for 30 days, because if they can validate your debt, you need to come to an agreement with the CA to pay off the debt. If you do not pay off the debt, the CA can sue you and even bring out a judgment against you to garnish your wages for collection of the debt.
Hi goodnatured
This is the only reason why we should always send a debt validation letter by certified mail. If we send the DV letter by certified mail and if they do not respond to our letter within 30 days of receipt, we can send a dispute letter to the credit bureaus with the proof that we have asked for DV request to the CA which they have failed to reply and ask them to remove the listing from the credit report.
I sold a home to a single lady a few years back and she had sreveal thousand dollars in credit card debt.I told her the same things these people are telling you pay off your credit card debt because it is much higher interest.Cynthia told me, Glenn, I know myself to well. I will always have that credit card debt, if I pay it off now I will charge it back up to that level and have the debt on my house and the debt on my cards. She was right. If you are going to use the money to pay off your cards then promise yourself not to let that happen again, or you have wasted your money.
Your credit hoitsry contains your payment hoitsry, your total debt position and lots of other details about your fiscal and credit situation. The dynamic aspect includes avoiding delinquent payments, skipped payments and too many investigations on your credit score due to lend requests or card applications.
In terms of raising your crdeit score, if you get your crdeit card balances below half their limits, then your scores will increase. In terms of financial practicality, it's better to pay off crdeit cards, because the interest is higher than home mortgage interest, and it's not tax-deductible. I wouldn't say close the crdeit card accounts, because they're good to have in case of emergency, and you need the open tradeline to increase your crdeit depth. My suggestion would be to pay off the crdeit cards as much as you can, while still keeping enough back for a 20% down payment on the house, so you won't have to pay MI.
SOL stays with the original creditor as long as you have not made a payment to any of the collection agency. Some accounts are sold several times and each time a new date goes on, as long as you don't make a payment it does not affect the SOL. The only thing that affects the SOL is if you make a payment to anyone on this account and it does not matter how much the payment is. A dime can restart the SOL clock.
Hi Tammy
You need to know when you have made the first missed payment that led to charge off. Although it is reported in 2008, this charge off listing will stay in your credit report for seven years from the date you made the first missed payment ie 2003and not from the date it is listed in your credit report ie 2008.
Did you ever make a payment to a collection agency? If you answer "no" to this then find the date of the last payment to the original creditor, that is when the statute of limitations start date.
Hi TammyV
I would also say maybe try a debt validation letter. If the account is over 5 years old than the collection agency may have a difficult time coming up with all of the necessary documentation to support their claims.
I have a friend who was dealing with a similar situation and ended up sending the collection agency a "pay for delete" letter stating he was unfamiliar with the debt being reported and was willing to pay them $50 if they would delete it from his credit reports entirely. I couldn't believe it when they sent the letter back to him signed by a senior officer saying that they accepted the offer! Sure he could've waited two more years and it would've fallen off but he was in the process of trying to raise his credit score because he needed to buy a new vehicle.
Yes, the SOL starts from the date of your first missed payment with the original creditor. If the SOL has already expired, then its fine since you can no more be sued for the debt. But it does not mean that the listing will get removed from your credit report. It will stay in your credit report for seven years from the date of first missed payment that led to the charge off as said by Anthony. I don't think that you need to send a DV letter if the SOL has already expired. But if it has not yet expired, it is always advisable to send a DV letter and come to a repayment agreement with the CA.
Sending a collection agency a debt validation will get them off your back for at least 30 days.
They are mandated by law to cease all collection activity until they answer you debt validation.
I don't think that i can answer u so
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if i will get any answer I will definitely reply u
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coleman,
you will be able to answer as you participate and learn more in the forum. I have learned so much here. You will too, just give it time.
Yes, goodnatured is right. If you send a debt validation letter to a collection agency, you will get only a relief for 30 days, because if they can validate your debt, you need to come to an agreement with the CA to pay off the debt. If you do not pay off the debt, the CA can sue you and even bring out a judgment against you to garnish your wages for collection of the debt.
Unfortunately, some of them will simply ignore the validation request.
Hi goodnatured
This is the only reason why we should always send a debt validation letter by certified mail. If we send the DV letter by certified mail and if they do not respond to our letter within 30 days of receipt, we can send a dispute letter to the credit bureaus with the proof that we have asked for DV request to the CA which they have failed to reply and ask them to remove the listing from the credit report.
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I sold a home to a single lady a few years back and she had sreveal thousand dollars in credit card debt.I told her the same things these people are telling you pay off your credit card debt because it is much higher interest.Cynthia told me, Glenn, I know myself to well. I will always have that credit card debt, if I pay it off now I will charge it back up to that level and have the debt on my house and the debt on my cards. She was right. If you are going to use the money to pay off your cards then promise yourself not to let that happen again, or you have wasted your money.
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Your credit hoitsry contains your payment hoitsry, your total debt position and lots of other details about your fiscal and credit situation. The dynamic aspect includes avoiding delinquent payments, skipped payments and too many investigations on your credit score due to lend requests or card applications.
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In terms of raising your crdeit score, if you get your crdeit card balances below half their limits, then your scores will increase. In terms of financial practicality, it's better to pay off crdeit cards, because the interest is higher than home mortgage interest, and it's not tax-deductible. I wouldn't say close the crdeit card accounts, because they're good to have in case of emergency, and you need the open tradeline to increase your crdeit depth. My suggestion would be to pay off the crdeit cards as much as you can, while still keeping enough back for a 20% down payment on the house, so you won't have to pay MI.
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PmDZSL Thanks for the blog. Fantastic.