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Portfolio SOL wrong??

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grillandwinemaster
Valued Contributor

Portfolio SOL wrong??

Hello my Fico Family!

I have a collection from an old Cap1 acct that has been sold to PRA.  According to MY calculations, the SOL is set to expire Dec 2016.  So according to MY calculations, they still have 9 months to initiate legal action. I have based my SOL calculations from old credit reports that I have in my possession, and the fact that in California, SOL expires after 4 years of DofFD.

 

 I received a notice from them offering payment arrangents. However, there notice clearly states "The law limits how long you can be sued on a debt.  Because of the age of yur debt, we will not sue you for it.  If you do not pay the debt, PRA may continue to report it to the credit reporting agencies as uinpaid for as long as the law permits this reporting."

 

I am a bit baffled.  I'm quite certain I have calculated my SOL accurately.  Has anyone experienced this?  I do not have the ability to pay this debt at this moment.  However, I will be in a position to pay it at the beginning of 2017.  I understand PRA is a tough nut to crack, but perhaps I can use the expiration of the SOL to arrange for payment in full in exchange for early deletion?  

 

Please advise.  Your input is greatly appreciated.  


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
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RobertEG
Legendary Contributor

Re: Portfolio SOL wrong??

While only a court can actually make the determiantion as to whehter an SOL has actually expired, the new California debt collection practices statute that went into effect in January, 2014 requires debt buyers to include notice of the type you have received in their collection notices, thus making consuemrs aware that SOL expiration removes the ability of the debt collecto to commence legal action.  The new CA statute also imposes substantial civil liability if they bring legal action on time-barred debt, so they are obviously acting in an abundance of caution.

 

Yes, it obviously places you in better negotiation position.  Another provision of the new CA debt buyers act is that they must place any settlement agreement with you in wrting, and acknowledge any partial payments on a monthly basis. 

You can also attempt a PFD.  The new act imposes no additiional requirements that would affect their acceptance.

Message 2 of 3
grillandwinemaster
Valued Contributor

Re: Portfolio SOL wrong??

Thank you Robert, for your insight as well as for your time dedicated to help others with there credit problems. You are truly a selfless individual. Thanks again. 

One final thought:

 

Im filling away the collection letter from PRG indicating they are considering my debt as a time barred debt. Is there a possibility they can backtrack and still take legal action against me? Or is there letter enough "evidence" so to speak, that will stop them from taking legal action against me, at least until Dec 2016, when the actual SOL expires? 

 

Thanks again


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
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