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Help regarding mistake and LVNV Funding

New Member

Help regarding mistake and LVNV Funding

Hello....I really need some guidance on this as I am in the process of applying for a mortage and I have cleaned up my credit report.
I received a letter from Source RM on 1/22/2013 about a debt that they are collecting on behalf of LVNV Funding. They sent me a dunning notice and at the end it states that the law limits how long you can be sued and that they will not report to the credit reporting agency. I sent them a timely DV regarding this allege debt and they responded with the date of last payment which was 2/2012. Here is where I think I have messed up. A year ago before I knew anything about DV or SOL I received a notice from a different agency regarding this bill which had already reached its SOL and had been deleted from my credit report... The DOFD was 4/2001. I made one payment on it then stopped. I guess LVNV has brought it from the previous company. Now they are saying that I can pay them $470.73 and they will considered this as settled in full. The total bill they are reporting is 1,569.09. If I have restarted the SOL I will pay what they are asking for and can the put this back on my credit report?
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Valued Contributor

Re: Help regarding mistake and LVNV Funding


Resha wrote:
Hello....I really need some guidance on this as I am in the process of applying for a mortage and I have cleaned up my credit report.
I received a letter from Source RM on 1/22/2013 about a debt that they are collecting on behalf of LVNV Funding. They sent me a dunning notice and at the end it states that the law limits how long you can be sued and that they will not report to the credit reporting agency. I sent them a timely DV regarding this allege debt and they responded with the date of last payment which was 2/2012. Here is where I think I have messed up. A year ago before I knew anything about DV or SOL I received a notice from a different agency regarding this bill which had already reached its SOL and had been deleted from my credit report... The DOFD was 4/2001. I made one payment on it then stopped. I guess LVNV has brought it from the previous company. Now they are saying that I can pay them $470.73 and they will considered this as settled in full. The total bill they are reporting is 1,569.09. If I have restarted the SOL I will pay what they are asking for and can the put this back on my credit report?

I think if you don't bring it to current, it doesn't reset the SOL?? I think?

 

Uhm, the letter says they will not report and cannot sue, so they clearly believe the DOFD is beyond the 7 1/2 year range.. In my opinion but its a tough cal 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Message 2 of 4
Epic Contributor

Re: Help regarding mistake and LVNV Funding

It depends on your state laws.  In 18 states simply making a payment does not restart the SOL.  In the rest of them it can, regardless of whether the debt is brought current or not.  Again, depends on your state.

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New Member

Re: Help regarding mistake and LVNV Funding

Thanks for the responses. Now I am in Washington,DC do you know if I have restarted the SOL or where I can check? I google the SOL for DC but I have not found anything about restarting the SOL.
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