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Frequent Contributor
Posts: 346
Registered: ‎08-31-2010
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Re: CREDIT GREMLINS

[ Edited ]

If you want help you need to start answering questions that are asked here instead of worrying about them calling.

 

As said a couple times above.  When was this account from?  Have you pulled your credit reports from www.annualcreditreport.com?  If not, start there, find the account in question and find the DoFD (Date of First Delinquency) that is listed on the report.  From there you need to search and find your states statute of limitations.  Post back your findings and answers to these questions and you will get better answers to your problem.

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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: CREDIT GREMLINS

SOL = statute of limitations. SOL is based on your state's laws and is the time frame they have to sue you for the debt. If SOL has not expired and if you don't have the money set aside to PIF, then do nothing until SOL expired or you have the $$$ to PIF. If you try to offer them $500, for example, they can reject it, sue, and collect 100%. If inside SOL, and you have the $$$ to PIF if you had to, then you have some breathing room to offer a settlement amount.

 

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: CREDIT GREMLINS

If you can not come to an agreement with them now, does not mean you will come to an agreement with them later. 

 

If you want to try and buy a home a little later down the road, this debt will need to be paid either by settlement or in full. But if they know you are trying to get a mortgage you will in most instances pay the full amount due. CA's have the right to pull your credit reports since you owe the debt. If they see anything in regards to mortgage loan INQ's they will not settle for lessor of a payment. 

 

Good Luck

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Valued Member
Posts: 28
Registered: ‎11-09-2007
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Re: CREDIT GREMLINS

Hi, i pulled my report and i hope this what you mean?:smileytongue:The orginal credit said first dilinquencey 3/2007 then this ca said 3/2008and also said major delinquencey 6/2010 what the heck.......

Valued Member
Posts: 28
Registered: ‎11-09-2007
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Re: CREDIT GREMLINS

Ok , I hope this what you mean First I live in Florida, I pulled my credit report.The original cc first deliq says 10/2007 then new ca says date  first deliq  3/2008 and also major delinquency was 6/2010.Hope that's what you meant.:robotsad:Thanks for the advise.

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
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Re: CREDIT GREMLINS


jjett77 wrote:

Ok , I hope this what you mean First I live in Florida, I pulled my credit report.The original cc first deliq says 10/2007 then new ca says date  first deliq  3/2008 and also major delinquency was 6/2010.Hope that's what you meant.:robotsad:Thanks for the advise.


If you live in Florida, they have five years from the date you basically stoped paying them to sue you.  If this was in March 2007, then they have until approximately February 2012 to have you served with a summons & complaint.  The derogatory tradeline can also continue on your credit report for approximately an extra two and a half years -- or until late 2014.  If they sue you and obtain a judgment, that judgment can remain on your credit report for at least 7 years from the date judgment is handed down.

 

You have virtually no chance of getting a mortgage while any of this is on your credit report unless the debt is completely paid. 

 

If I understand correctly, the original debt was about $650 and now, three and a half years later, they are demanding about $1,100.  I fail to comprehend what goes on inside one's brain when they believe that their contractual interest should somehow magically fail to accrue once they have stiffed the creditor.  Interest alone should probably add at least another $500 to the debt.   

 

You can send the creditor a Cease & Desist and, as long as it is a collection agency and not the original creditor, they must comply and refrain from further contact.  There is a chance, however, that they will just sue you.  Or, you can ride out the storm and hope the creditor disappears while hoping that they don't sue you.

 

If they do sue you, the amount you owe will jump at least another 50% and interest will still continue to accrue.  If you try to obtain amortgage while the derogatory tradeline(s) are on your credit report, you will end up either with no mortgage or else paying what the creditor demands. 

 

 

 

 

 

 

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