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New Member
Resha
Posts: 3
Registered: ‎02-20-2013
0

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?
Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

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): 05/12: TU: 722 | EQ: 712 | EX: 686
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
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Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
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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.

New Member
Resha
Posts: 3
Registered: ‎02-20-2013
0

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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