Debt Collector terminated payment arrangement

[CreditOCDinCali]

No, I did not sign an agreement. I agreed to the payment plan over the phone. Everything was done verbally. Does this apply to resetting the SOL?

[CreditOCDinCali]

I'm gonna see what I can do in the next few months. I'm hoping that I can see enough to pay them off in 2 payments if not 3. I'll have to do some budgeting and see what I come up with. I don't want to borrow from my 401k because my Loan officer wants me to borrow from that once I'm all ready to buy a house.

[Anonymous]

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@CreditOCDinCali wrote:
No, I did not sign an agreement. I agreed to the payment plan over the phone. Everything was done verbally. Does this apply to resetting the SOL?

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Not in California. As I said, Cali has a statute that specifically addresses the issue of resetting the SOL on a debt, and it requires a written signed agreement. So your original SOL date would apply. How close are you to being 4 years from the DoFD?

[CreditOCDinCali]

The debt was reported in September of 2012. So I still have some years to go. :-(