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
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.