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Regular Contributor
PeacefulP
Posts: 127
Registered: ‎05-25-2013

Hmmm. Was I tricked?

First I should say, I know the "rules". :smileyhappy: 

I know you shouldn't call CAs, and that everything should be in writing, etc. I know there's a reason for it, and my experience today may be that reason.

 

My husband has a CO card with a local furniture company.  The amount is 5,000.00 and past the SOL.

 

We want to apply for a mortgage in a month (his credit, not mine) so figured we should get it paid before applying. OC would not accept payment, and referred us to CA NAR inc. So I did the big no no, and called!

I NEVER acknowledged the debt was valid. I said we're on the verge of bankruptcy and are trying to reconcile what we can in hopes that it doesn't happen.  The rep was cordial, and told me to come up with an offer and they would submit it to OC for approval.  He said he'd give me 4 days, then send the account to their attorney. I reminded him that the account was past SOL, and he put me on hold for about 10 minutes.  He came back apologizing and said, "I retract my comment about sending it to our attorney, this is past the statute and is in what we call 'passive collection' status."  He then told me to come up with an offer for settlement. I told him that my husband and I would contact the OC, in order to validate if the debt belongs to my husband.

 

A couple hours later I called back and said, "We haven't contacted [FURNITURE STORE] to validate the debt, so we still don't know if this is my husband's debt, but in the interest of being free from the burden of this account, we'd like to offer a settlement of $1000.00" 

 

This is where it gets confusing for me. He asked me if I wanted to offer less than the $1000. He reminded me that it's out of SOL, and that I mentioned we might file bankruptcy, so maybe I should offer less. (?!?!?!?!) I was honest with him and told him I didn't trust the situation, and that I know there are things that can be done and said to reset the statute. He reassured that he wasn't up to anything like that, and reminded me that they are recording the conversation so he has to keep his word.  

 

I said, "fine, we'll offer $500 settlement."   He typed up the offer and read it back to me and said he'd let me know what their answer is.

 

Did I get tricked into something? I just think it's so weird that a CA would encourage me to offer less, that I feel like I'm missing a vital detail in all of this.  Did I somehow reset the SOL? 

 

Any insight would be great. 

Starting Score: TU 634 EQ 614 EX 648 5/20/13
Current Score: TU 631 EQ 643 EX 641 8/7/13 (All Lender Pulled)
Goal Score: 750

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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Hmmm. Was I tricked?

The only type of passive collection I know of is one that is past the SOL but still collectable though other means, like a judgment that had been filed.  I am guessing a judgment was never entered.

 

 

Regular Contributor
PeacefulP
Posts: 127
Registered: ‎05-25-2013

Re: Hmmm. Was I tricked?

Not that we are aware of. There isn't one on his report, plus he first threatened to send our account to the attorney before he realized it was past SOL. 

Starting Score: TU 634 EQ 614 EX 648 5/20/13
Current Score: TU 631 EQ 643 EX 641 8/7/13 (All Lender Pulled)
Goal Score: 750

Take the myFICO Fitness Challenge!
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Hmmm. Was I tricked?

Regular Contributor
PeacefulP
Posts: 127
Registered: ‎05-25-2013

Re: Hmmm. Was I tricked?

Utah
Starting Score: TU 634 EQ 614 EX 648 5/20/13
Current Score: TU 631 EQ 643 EX 641 8/7/13 (All Lender Pulled)
Goal Score: 750

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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Hmmm. Was I tricked?

A written acknowledgment signed by the debtor would restart the SOL.

 

However, if you are settling the debt then there is nothing to restart.  The debt is paid.

 

 

Regular Contributor
PeacefulP
Posts: 127
Registered: ‎05-25-2013

Re: Hmmm. Was I tricked?

Great, thank you. Out of curiosity, where did you get that information? I've been looking for Utah laws on restarting SOL and haven't had much luck finding what I'm looking for.

Starting Score: TU 634 EQ 614 EX 648 5/20/13
Current Score: TU 631 EQ 643 EX 641 8/7/13 (All Lender Pulled)
Goal Score: 750

Take the myFICO Fitness Challenge!
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Hmmm. Was I tricked?


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