Chase Charge off from 2011: PFD or Run Down the Clock?

[Anonymous]

Again, its the default that establishes the start of the SOL clock, not the signing of an agreement.

California requires a signed agreement before a new SOL clock can start.

A PDF offer itself does not constitute an agreement of any kind.

[Anonymous]

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@Anonymous wrote:
Again, its the default that establishes the start of the SOL clock, not the signing of an agreement.

California requires a signed agreement before a new SOL clock can start.

A PDF offer itself does not constitute an agreement of any kind.

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Hi Norman!

Quick question, is this the same in all states, that SOL is only reset if you defualt on a payment plan? I've been trying to find out the laws for resetting the SOL in my state, WA, but I'm only finding the standard 6 years etc.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Again, its the default that establishes the start of the SOL clock, not the signing of an agreement.

California requires a signed agreement before a new SOL clock can start.

A PDF offer itself does not constitute an agreement of any kind.

---

Hi Norman!

Quick question, is this the same in all states, that SOL is only reset if you defualt on a payment plan? I've been trying to find out the laws for resetting the SOL in my state, WA, but I'm only finding the standard 6 years etc.

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Some states have laws that specifically address the establishment of a new SOL for a debt, like California, but most do not. The general rule is that if you enter into a repayment plan, and you miss a payment, then that will almost certainly establish a new SOL. I believe PA had a court case that set a precedent in that state that an acknowledgement of a debt "as a current obligation, such as is consistent with a promise to pay" is sufficient to establish a new SOL - provided of course one does NOT follow through on the promise. A good rule is to never make any promises you may not be able to keep.

In conversations and letters to CA, always refer to past SOL debts as "old time-barred debt that you are NOT legally obligated to pay".

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Again, its the default that establishes the start of the SOL clock, not the signing of an agreement.

California requires a signed agreement before a new SOL clock can start.

A PDF offer itself does not constitute an agreement of any kind.

---

Hi Norman!

Quick question, is this the same in all states, that SOL is only reset if you defualt on a payment plan? I've been trying to find out the laws for resetting the SOL in my state, WA, but I'm only finding the standard 6 years etc.

---

Some states have laws that specifically address the establishment of a new SOL for a debt, like California, but most do not. The general rule is that if you enter into a repayment plan, and you miss a payment, then that will almost certainly establish a new SOL. I believe PA had a court case that set a precedent in that state that an acknowledgement of a debt "as a current obligation, such as is consistent with a promise to pay" is sufficient to establish a new SOL - provided of course one does NOT follow through on the promise. A good rule is to never make any promises you may not be able to keep.

In conversations and letters to CA, always refer to past SOL debts as "old time-barred debt that you are NOT legally obligated to pay".

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Thank you!

I set up a payment plan over the phone with a company called MRS that is working for Chase. Chase still owns the debt, and MRS doesn't report to the CRA's. If the SOL was reset I don't think it's a big deal because I'm hoping to pay the account in full when I get my tax return, but in the mean time I made sure my monthly payment was small enough that I'd be able to afford it even in a pinch. I just wanted to make sure I knew what I had gotten into lol

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Again, its the default that establishes the start of the SOL clock, not the signing of an agreement.

California requires a signed agreement before a new SOL clock can start.

A PDF offer itself does not constitute an agreement of any kind.

---

Hi Norman!

Quick question, is this the same in all states, that SOL is only reset if you defualt on a payment plan? I've been trying to find out the laws for resetting the SOL in my state, WA, but I'm only finding the standard 6 years etc.

---

Some states have laws that specifically address the establishment of a new SOL for a debt, like California, but most do not. The general rule is that if you enter into a repayment plan, and you miss a payment, then that will almost certainly establish a new SOL. I believe PA had a court case that set a precedent in that state that an acknowledgement of a debt "as a current obligation, such as is consistent with a promise to pay" is sufficient to establish a new SOL - provided of course one does NOT follow through on the promise. A good rule is to never make any promises you may not be able to keep.

In conversations and letters to CA, always refer to past SOL debts as "old time-barred debt that you are NOT legally obligated to pay".

---

Thank you!

I set up a payment plan over the phone with a company called MRS that is working for Chase. Chase still owns the debt, and MRS doesn't report to the CRA's. If the SOL was reset I don't think it's a big deal because I'm hoping to pay the account in full when I get my tax return, but in the mean time I made sure my monthly payment was small enough that I'd be able to afford it even in a pinch. I just wanted to make sure I knew what I had gotten into lol

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That is whats key. Keep it affordable and make sure you keep up on it. As I stressed earlier, its not making payments that triggers a new SOL, its the FAILURE to make those payments.