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Before sending a cease communicaiton letter under FDCPA 805(c), are you sure that you dont want to first seek a settlement for a very low percentge of the debt, thus eliminating any future issue of having an unpaid delinquent debt?
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@RobertEG wrote:Before sending a cease communicaiton letter under FDCPA 805(c), are you sure that you dont want to first seek a settlement for a very low percentge of the debt, thus eliminating any future issue of having an unpaid delinquent debt?
Hi RobertEG,
Not meaning to thread hi-jack here, but would you be so kind as to go into a little more detail about this? This point of view sounds very interesting indeed. How exactly would one go about doing this without getting caught up in a situation of this information being reported to a CRA and possibly starting the 7 year cycle all over again?
@Anonymous wrote:
Once the 7 years has passed it can't be restarted.
Oh ok. Thanks for that info.
The exclusion of a collection is based only on the date of first delinquency on the OC account, which is a date-certain that is totally unaffected by any dealings with the debt collector. Paid or unpaid, or anthing inbetween, the collection must become excluded no later than 7 years plus 180 days from the DOFD on the OC account.
Once both credit report exclusion and expiration of SOL have occured, you have a high probability of their accepting a settlement for a small percentage of the debt.