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I Think I Made a Stupid

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John060675
Valued Contributor

I Think I Made a Stupid

I got a call from a CA concerning a charged off CC account.  This account is well past the SOL, and is scheduled to drop off my credit report in just over a year.

 

I decided to speak with them concerning settling the account in the hopes of having them agree to remove the collection from my account.  I gave them a figure that they will think over, but I said that it would have to be sent to me in writing.

 

After I did this I started to think.  Did I reset the SOL on the account by speaking to them?  I basically agreed that this was my account.

 

My hope is that they will agree to the settlement offer and everything will be fine.  But if they do not, did I just screw myself with the SOL?


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


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Message 1 of 6
5 REPLIES 5
gdale6
Moderator Emeritus

Re: I Think I Made a Stupid

Your probably ok just talking about it or making a verbal offer doesnt reset the clock. Only making an actual payment can reset the clock and even doing this in some states does not restart the clock. You would need to look up your states statutes to verify. If this is actually passed the SOL I would just sent them a FOAD letter and be done with them.

Message 2 of 6
ezdriver
Senior Contributor

Re: I Think I Made a Stupid

Hmmmm .... that is an interesting question. I don't know exactly what events can trigger a reset of the SOL timeframe but I believe that you have done the right thing in trying to settle the account so don't be too hard on yourself. I'll be interested in seeing what more-knowlegeable folks here have to say. Good luck and I hope they accept your offer with written confirmation.

Message 3 of 6
guiness56
Epic Contributor

Re: I Think I Made a Stupid

No, just talking to them will not restart the SOL.  In the states that require acknowledgement of the debt, it has to be written.

 

Payments can also restart it depending on the state.

Message 4 of 6
John060675
Valued Contributor

Re: I Think I Made a Stupid

Thank you.  That is a relief.  Hopefully they will accept the settlement and the SOL will never be an issue.


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


Take the myFICO Fitness Challenge
Message 5 of 6
RobertEG
Legendary Contributor

Re: I Think I Made a Stupid

If your SOL expired prior to any issue of possible reset, then it wont retroactively be reset by actions that occur after the expiration.

Even if your state provides for reset based on only a firm offer to pay, which a conditional offer is not, then I would not be concerned.  I would already be a time-barred debt for legal purposes.

 

i beleive that your efforts to pay are the primary issue for your subsequent credit.

Even after expiration of SOL or evenatual exclusion from your CR, the unpaid debt lives on, and can still be basis for denial of future credit.

It is always best, except for $ out of pocket, to have no unpaid, delinquent debt in your history.

Message 6 of 6
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