I am at a loss on what to do, a long time ago I have a BOA card that I left go due to job loss. It feel off my credit report and went to LVNV funding which I disputed off via debt valadation. Now out of no where I get FNBC offering 4 payments of 189.45 to pay off 7577.86 (org amt was under 3k)....I know it is my card and my credit is now clean of all derogs and any derog I had was paid...so what should I do, this card is easy over 7 years ago...any advice to what I should do?
Starting Score: 490just to make sure it wasnt my dads I called they verified it was me and I have to send a letter and they would prob settle for pennies....said last time the CC was charged off was march 3 2007 being that this is almost exactly 7 years....
The first thing one does is to verify it is outside your states SOL and if so you can do one of the following; Do nothing at all, send them a FOAD letter or settle. Also read up on IRS form 1099-C and its possible implication on your taxes for settling accounts.
The statute of limitations on debt for residents of the State of Texas is four (4) years. In Texas, this refers to oral agreements, written contracts (car loans, installment loans), promissory notes and open accounts (such as credit card credit lines).
I wrote out a debt valadation letter should I send that? I called them and said that I wasnt sure that was mine that I'd send a DV letter then I said if it is would you take X and they said NO that it would have to be on their terms....
@bournesto33 wrote:The statute of limitations on debt for residents of the State of Texas is four (4) years. In Texas, this refers to oral agreements, written contracts (car loans, installment loans), promissory notes and open accounts (such as credit card credit lines).
I wrote out a debt valadation letter should I send that? I called them and said that I wasnt sure that was mine that I'd send a DV letter then I said if it is would you take X and they said NO that it would have to be on their terms....
YOu can send them the DV if you wish as well since it appears to be past the SOL but confirm it before contacting the CA again. The longer it goes unpaid the less they will eventually accept as they lose bargaining chips with time, they already cannot win a lawsuit for the amount (doesnt mean they cant try, some do, then the SOL becomes your affirmative defense).
I just got to add that it isn't showing up on my car can it before I get the debt validated... I'm worried they can reset the debt...I told them today I remember having a boa card but I needed more information to make sure it was mi e god I hate dealing with these zombie debts
The plot thickens I sent them a DV and now another creditor states my letter didn't have enough info and now I need to call them...at first it was first national now it's republic. Something or other.... Should I send them a dv now the letter states I have 30 days to dispute and it is officially 7 years old from date of first del.