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Established Contributor
ktl72455
Posts: 831
Registered: ‎12-09-2012
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Hit a road block not sure what to do!

[ Edited ]

OC #1 ) I am paying a Judgment monthly payments of 400.00. will have funds to pay off in full by the end of March 2013. 1 yr ahead of payment plan.

 

OC #2) CO (CC) is showing balance of 20,000.00 and is with in SOL ( open credit 3yrs ).  DOFD is DEC/2010 CO status is May 2011 Shows past due 12,000.00 OC still owns debt.

 

I have gotten a few settle offers etc from a couple CA's for 12,000.00  but none show up on CR other than an inquir first part of 2012.

 

If I am thinking right this is still wih in SOL time frame  to be served a judgement correct?

 

I know I can contact OC and work out payment arrange but with paying the other 400.00 I dont have another chunck  of extra money to pay out monthly. I paid them 400.00 a month when it was in good standing so I am sure thats the size payment they will still want.

 

I cant do PFD.  If call and try to work out payment arrangements and they insist on a amount I know for sure I cant pay, could that prompt them to sue?

 

If I make payment arrangements on this CO of 20,000  AFTER the first judgement listed above is paid off, does it reset SOL? Does it reset CRPT.

 

I feel like I am up against a wall here , either have CO showing balance or 0 for the next 4 yrs or a judment for 7. Becuase right now my hands are tied until I free up the other 400.00.

 

I can make s smaller payment to OC, just send in the mail with the account number on it and I know they will take it, with out a payment agreement in place but I am thinking this could do more damage than good.

 

Right now I am fine with the idea of a CO riding out 4 more years than a Judgement for 7 more.  I think the Judgement would look far worse even paid off on the CR than a CO paid off right?

 

Any suggestions??  I am working so hard here to get back on top and feel like I see this brick wall heading my way doing 90mph.

 

 

 

 Added OC #1 and OC #2 for clarification.

 

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guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Hit a road block not sure what to do!


ktl72455 wrote:

I am paying a Judgment monthly payments of 400.00. will have funds to pay off in full by the end of March 2013. 1 yr ahead of payment plan.

 

OC CO (CC) is showing balance of 20,000.00 and is with in SOL ( open credit 3yrs ).  DOFD is DEC/2010 CO status is May 2011 Shows past due 12,000.00

 

I have gotten a few settle offers etc from a couple CA's for 12,000.00  but none show up on CR other than an inquir first part of 2012.

 

If I am thinking right this is still wih in SOL time frame  to be served a judgement correct?  Yes, if it was 12/2010.

 

I know I can contact OC and work out payment arrange but with paying the other 400.00 I dont have another chunck  of extra money to pay out monthly. I paid them 400.00 a month when it was in good standing so I am sure thats the size payment they will still want.

 

I cant do PFD.  If call and try to work out payment arrangements and they insist on a amount I know for sure I cant pay, could that prompt them to sue?  It could.

 

If I make payment arrangements on this CO of 20,000  AFTER the first judgement listed above is paid off, does it reset SOL? Does it reset CRPT.  Restart which SOL?  This one is within SOL until 12/2013.  Nothing resets the CRPT.

 

I feel like I am up against a wall here , either have CO showing balance or 0 for the next 4 yrs or a judment for 7. Becuase right now my hands are tied until I free up the other 400.00.

 

I can make s smaller payment to OC, just send in the mail with the account number on it and I know they will take it, with out a payment agreement in place but I am thinking this could do more damage than good.  The OC can only take money if they still own the debt.  Was it sold or assigned to a CA?

 

Right now I am fine with the idea of a CO riding out 4 more years than a Judgement for 7 more.  I think the Judgement would look far worse even paid off on the CR than a CO paid off right?    They are both major derogatories.  Both would look better paid than not.  But, yes, the judgment is worse.

 

Any suggestions??  I am working so hard here to get back on top and feel like I see this brick wall heading my way doing 90mph.

 

 

 

 

 


 

Established Contributor
ktl72455
Posts: 831
Registered: ‎12-09-2012
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Re: Hit a road block not sure what to do!

Since no other CA is showing up on the CR and I have not heard from anyone new in a long time,  And the OC shows a balance, I am assuming they still own the debt.

 

There again I am at a wall:  I

 

f I speak/write/contact OC and they has assigned it to CA,  I contact CA and make arrangements, then becuase they are collecting a debt they will show on CR. Then I have a new baddie to deal with on there for 7 yrs if they wont good will remove upon final payment of payment plan.

 

If They Have not assigned and want large payment plan set up right then, I am up a creek  again.

 

Ok so what is worst case senerio if I send OC 200.00 monthly until OC #1 is paid off end of March then up it to 400.00,  assuming based on CR they own the debt as they are the only one showing, they accept the payments. Good Idea, bad idea. I just dont want to get sued and I am trying to figure out a way to prevent it.

 

If I am making payments monthly with out a payment agreement, what are they chances they would still sue?

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Hit a road block not sure what to do!


ktl72455 wrote:

Since no other CA is showing up on the CR and I have not heard from anyone new in a long time,  And the OC shows a balance, I am assuming they still own the debt.

If the OC is showing a balance, I too would assume they still own the debt.

 

There again I am at a wall:  I

 

f I speak/write/contact OC and they has assigned it to CA,  I contact CA and make arrangements, then becuase they are collecting a debt they will show on CR. Then I have a new baddie to deal with on there for 7 yrs if they wont good will remove upon final payment of payment plan.

This would not start a new 7 year clock with the CA.  The clock was started when you defaulted with the OC, the CA must use the same DOFD as the OC.

 

If They Have not assigned and want large payment plan set up right then, I am up a creek  again.

 

Ok so what is worst case senerio if I send OC 200.00 monthly until OC #1 is paid off end of March then up it to 400.00,  assuming based on CR they own the debt as they are the only one showing, they accept the payments. Good Idea, bad idea. I just dont want to get sued and I am trying to figure out a way to prevent it.

 Can you contact them and ask them if they will do that?  It doesn't hurt to ask.  See if you can make some kind of arrangement with them.

 

If I am making payments monthly with out a payment agreement, what are they chances they would still sue?

It's a YMMV type of thing, it may keep them from taking you to court, it may not.  Depends on the creditor.


 


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guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Hit a road block not sure what to do!

Unfortunately, they can sue even if you are making payments.

 

Not sure what the payment agreement has to do with it.  The debt is still within SOL and there is nothing to restart if you did a written agreement.

 

Am I understanding your questions correctly?

Established Contributor
ktl72455
Posts: 831
Registered: ‎12-09-2012
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Re: Hit a road block not sure what to do!

Yep you are understanding correctly.

 

Heres what I was thinking and you both cleared it up for me!!

 

SOL is until Dec 2013

 

I didnt know if I set up payment arrangements with them lets say March 2013 if that then gave them another 3 yrs to be able to sue.** you clarified it dont :-) whew!

 

Knowing a CA can only stay on my CR another 4 yrs and not a new 7 yrs is big relief and makes me feel better with working with a CA even if it came to that!

 If they will work out a payment plan and stay on my CR for another 4yrs it has still got to be better than a judgement!

 

Thanks for the input, I am feeling a whole lot less ansy about this!!! I'll feel better once I get something in place!!

 

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Hit a road block not sure what to do!

In March you will have the judgement paid off, that's a big baddie to get done.  Then you could concentrate on this one and get it done.  You're on your way.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Hit a road block not sure what to do!


ktl72455 wrote:

Yep you are understanding correctly.

 

Heres what I was thinking and you both cleared it up for me!!

 

SOL is until Dec 2013

 

I didnt know if I set up payment arrangements with them lets say March 2013 if that then gave them another 3 yrs to be able to sue.** you clarified it dont :-) whew!

 

You should check out your state laws on making payments.  It really depends on those laws.  Some will, some won't.  In 2 states when the SOL expires the debt is extinguished.   In most states, a written agreement is required to restart the SOL. 

 

Knowing a CA can only stay on my CR another 4 yrs and not a new 7 yrs is big relief and makes me feel better with working with a CA even if it came to that!

 If they will work out a payment plan and stay on my CR for another 4yrs it has still got to be better than a judgement!

 

Thanks for the input, I am feeling a whole lot less ansy about this!!! I'll feel better once I get something in place!!

 

 


 

Established Contributor
ktl72455
Posts: 831
Registered: ‎12-09-2012
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Re: Hit a road block not sure what to do!

Is arkansas one of the 2 states by chance?

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
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guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Hit a road block not sure what to do!

[ Edited ]

No, not Arkansas.  (That's where I live by the way)

 

But, a partial payment or acknowledging the debt in writing will restart it after the SOL has expired. 


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