SOL Dates?????

[renaboo01]

First, thank you to anyone who can provide me with any info on this. The SOL in in CALF. is 4 years,  am I suppose to go by the DOLA from the OC (which is July 2004)? If I pay the OC, will the CA have to stop reporting the the debt?

12/27/07-EQ-609

[SmartCookie]

Yes you go from the DOLA, so at 4 years from 7/2004 they can not threaten to sue you nor can they win in court.

If the OC still owns the debt, always try to PFD letter with them first.  This will make the CA information obsolete though you still want it in writing that the OC will cease all activity by them including reporting.

You can call OC and ask if the debt has been sold.  If they are reporting a balance on your CBRs there is a good chance that it is not sold... that makes it much easier to fix.

If they have sold, DV letter to the CA as your first step. 

With 7 months to go before your SOL is up... if they are not actively trying to collect and you can let it ride that would be a good thing.  You can always settle any valid debt you want after SOL is over if you want to put it behind you, as long as you know how to do it right and not reset SOL.

[renaboo01]

Thanks Smart Cookie for the response. So since the SOL is 7 months away, should I just let if fall off of my report in a few more years. I was trying to refinance my auto loan and they asked me about this collection. I was thinking I could DV them and then try a PFD if that didn't work. What are your thoughts?

12/27/07-EQ-609 going up slowly, but surely

[SmartCookie]

If you need a re-fi, you'd get a much better rate having this stuff off of your reports first.  For something like that you would want to consider doing the a PFD now even though you are close to the SOL finish line.  If you can wait the 7 months though and the rate is not a big issue, the ball is more in your court to hang on.

What I would probably do is to call the OC and confirm if they still own the account, then DV the CA no matter what the response from OC was.  If OC owns, I would send them the PFD offer now.  If CA owns, I would wait to see if they can validate and then offer a PFD to them if so.

[renaboo01]

Thanks One Smart Cookie. I will see what happens with the refinance through my CU. They just thought that this CA was recent because of the way it is reporting on my credit report. I told them it was from 2004 and they seem to understand. I will see what happens with my app and go from there. If they say no because of this, 7 mos want be such a long time to wait and then take care of it the CA. It would just be nice to have that extra money to pay towards the principle of my car.

[SmartCookie]

Seems like you came to a good decision!

Glad you can wait it out.... it's really the best choice at this stage.

Lucky for you you are dealing with a CU!    I hear they are human there!