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Hoping i didnt hurt myself

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Anonymous
Not applicable

Hoping i didnt hurt myself

I had an old GE Card from 2005 with a low balance (around 300) I got a call from Midland Credit wanting to settle the account. We settled for 150 and i paid them over the phone. The account was due to stay on record until 03/2013. I'm hoping i didnt reset my SOL. If i did, does that mean that the account will be on my report for another 6 years? (thats the SOL in Michigan) If thats the case, has anyone had success with a GW letter to Midland? Thanks 

Message 1 of 4
3 REPLIES 3
chasmith
Valued Contributor

Re: Hoping i didnt hurt myself

SOL and the time limit on reporting are unrelated.

 

The debt may only be reported a maximum of 7 years plus 180 days from the Date of First Delinquency.  The DOFD only resets if you went delinquent and then brought the account current again.

 

The SOL is an affirmative defense against a lawsuit, it also generally starts when the account went delinquent, but could be reset if you made payments that never brought the account current again.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Message 2 of 4
Anonymous
Not applicable

Re: Hoping i didnt hurt myself

Will that account still stop reporting 3/2013 or is it going to be 7 years from today ( i made the payment today)

Message 3 of 4
chasmith
Valued Contributor

Re: Hoping i didnt hurt myself

Paying doesn't affect the requirement for it to fall off in 2013.

 

I would be concerned that you don't seem to have a written agreement that thge payment represents settlement "in full", and they have your bank inforation.  Some of these clowns will turn around and try to get the rest.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 4 of 4
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