Reply
Highlighted
Valued Member
Posts: 47
Registered: ‎01-21-2008
0

Old Charge Off coming back to bite me

I have a charged off auto loan with a DOFD of Dec 05... In cali, im about 8 months away from SOL on it. yesterday i got a phone call basically threatening legal action if I dont pay this. This is the first I have heard from them ever, and they only had an old address for me. They offered that if I pay half of the balance (which is still more than I can swing right now) it would go away.I guess my question is, is there a way to prolong the process so that it is out of SOL and they cant come after me with a judgement? They dont even have my correct address yet so I havent gotten anything in the mail, only the one phone call so far. Any help would be appreciated, thanks Smiley Happy
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

Re: Old Charge Off coming back to bite me


photobywes wrote:
I have a charged off auto loan with a DOFD of Dec 05... In cali, im about 8 months away from SOL on it. yesterday i got a phone call basically threatening legal action if I dont pay this. This is the first I have heard from them ever, and they only had an old address for me. They offered that if I pay half of the balance (which is still more than I can swing right now) it would go away.I guess my question is, is there a way to prolong the process so that it is out of SOL and they cant come after me with a judgement? They dont even have my correct address yet so I havent gotten anything in the mail, only the one phone call so far. Any help would be appreciated, thanks Smiley Happy

 

Do the utter absolute totality of what you can do to come up with the half of the balance they are offering as soon as possible, because that is likely to be your best option.  Otherwise they will probably go after you in court for the full amount by garnishing income or liens against assets, so they will extract the full amount and you will get a judgement on your history which will severely damage your credit for years to come.  You cannot stop the clock by stalling them, they are probably well aware of SOL and are coming after you now precisely because they know SOL will run out in eight months.  The only way for you to avoid a judgement is to settle rapidly before the case gets into a courtroom.

 

 

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.