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Frequent Contributor
monro411
Posts: 382
Registered: ‎05-15-2007
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Re: Confession Good for the Soul?

[ Edited ]


Noah_Bodie wrote:


monro411 wrote:
 
In looking at his first post, it seems that he does not have the money for any PFD's.  I would say go ahead with a BK because if he does pay off the accounts in the next three years, the lates will be still on his CR 10 years from now.


How is it that you're concluding a late will still be there in 10 years?
 


I was meaning that if he decides to pay off in three years, wont it show up as paid after charge off.  Wont that stay on the credit report for 7 more years.  Or am I confused.  
 
Jaguls66 dont get me wrong, I do commend you for deciding to stick it out and pay your bills and not filing a BK.  You are correct that is the ethical thing to do.  I just looked at your debt situation and tried to find the quickest solution to getting back on track.


Message Edited by monro411 on 06-29-2007 09:44 AM
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?

[ Edited ]
Just to satisfy my curiousity.

If I were to file BK. Would all of these collections and such stay on my CR until the 7.5yr from DOFD point?

Or does the BK wipe them off and only the BK show.

WOuld the type of BK make a difference in this?

Just curious, for potential future reference.

Message Edited by jaguls66 on 06-29-2007 11:18 AM
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?



monro411 wrote:
 
I was meaning that if he decides to pay off in three years, wont it show up as paid after charge off.  Wont that stay on the credit report for 7 more years.  Or am I confused.  


This is an area that causes considerable confusion. The 7.5 year CRTP is measured from the DOFD, not the DOLP.
 
 
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?



jaguls66 wrote:
Just to satisfy my curiousity. If I were to file BK. Would all of these collections and such stay on my CR until the 7.5yr from DOFD point? Or does the BK wipe them off and only the BK show. WOuld the type of BK make a difference in this? Just curious, for potential future reference.


If you BK, and something is already legit reporting as late, collection or chargeoff, then post BK it can still legally report as late, collection or chargeoff.
 
If when you file for BK, something is not late, not chargeoff, not collection, then once your BK is discharged it must report closed, $0 balance, IIB. No late, chargeoff, collection reporting is allowed in this case.
 
Not sure, but I think if you BK something, and it's DOFD were a couple years in the past, it would still drop from CRs 7.5 years from DOFD even though your BK were discharged only a couple of years ago. But again, not sure, and I would need to consult with LIR, the CIC Queen of BK Knowledge.
 
The type of BK does make a difference.
 
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?

THanks Noah, I appreciate it, and will hop over to CIC and seek out the knowledge from her if I for some unkown reason go that way. Like dad hits me with a shovel when I ask for a loan and says file BK Dum$%ss.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?

From what I see, you don't really seem a good BK candidate. But, being able to say, "I've consulted with a BK attorney, and I'm considering my opinions. Will you PFD?" might just bring about results.
 
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?

yeah, considered that. But thought I would try the nice...

I was/am a screwup. could you please in your boundless kindly nature please delete these if I Pay the 70% due, but we can neg, the amount to be paid..

Oh, the innocence of us beginers...

The next PFD will be less pleading and more authoritative. After the way my credit is getting 1 collection off isn't such a big deal. Ny scores have been messed up for 15yrs, what is a few more...

Lots of things on there are past SOL, so just wait out my 7.5 and go from there.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?

PFD should be polite but firm.
 
Do you know the SOL in your state? If not, what state are you in? That's something else you can smack 'em around with. "As this debt is no longer under the SOL, you appear to have no legal recourse for a judgment."
 
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
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Re: Confession Good for the Soul?

The SOL in this state, and this particular account still falls under SOL. I was just trying to get rid of it since it is tiny $93, and recent.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
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Re: Confession Good for the Soul?

Doh! That's right. AL. I asked you about that already.
 
Stand firm on a delete, but maybe start out offering $50. Give yourself room to negotiate and relent and pay the whole $93. But continue to stand firm on the delete. Negotiation is often about tactics. Offer less because you're willing to pay more. If you offer the full amount first, then they might stand firm on not deleting. By offering less, and eventually agreeing to PIF, it pushes them to relent and agree to delete.
 

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