I have 3 accounts that were in default without the ability to pay them. Now I have settled one of the accounts becasue they approached me. I don't know whether to approach the other 2 and try to settle or leave them alone. The 2 accounts show to be closed and written off but I know they can still try to collect. Should I try and settle before I am contacted?
Sorry. The DOFD is the date of first delinquency. This would be the first of late payments that led to the charge off. Negative items can remain on your credit report up to 7.5 years from the DOFD. The SOL or statute of limitations is how long a creditor has to file suit and win. In Texas it is 4 years on CC debt. Are you still within the SOL?
Yes, I'm within the SOL. Would it be better to try and settle the debts or wait it out with the chance of getting sued? If it gets to the point where they sued, would they be as inclined to settle then?
