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manzanita
Posts: 74
Registered: ‎03-13-2012

SOL almost up on a collection - Next Steps?

[ Edited ]

I have a 6 year old $210 collection from a gym membership which will be out of legal SOL at the end of this month (the last payment made was Feb 14 2007, so it may already be out of SOL, but I'm rounding up.)

 

My husband has a collection from the same gym which will be out of SOL at the end of March. It is not reporting on any of his reports because the CA that had been reporting up until last month no longer owns the debt. I disputed it and it went away - for now. I know I probably should have waited ubtil it was out of SOL to do anything, but I didn't know that then.

 

So - the TL on MY report is from the correct CA, and it is only on TU. I mention my husband's collection because I'm worried that if I take any action (pfd) on mine it will draw attention to his account. Am I being superstitious or is that a valid concern? His account is a bit of a stickier situation, and I'm still not sure how to attack it when the correct CA does begin reporting, as I'm sure it will. Please see this thread to understand the issue with this collection: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/How-to-fight-this-Gym-membershio-auto-renewed...

 

So - how to proceed? What kind of PFD should I offer? Honestly, we were very dissatisfied with the gym (they promised features that never came to be) and that's why we left so I'm not inclined to pay in full.  If I were smart I would have done some kind of BBB complaint at the time. I live in NYS so I believe that it will fall off immediately once it's listed as paid - even if for less than full amount. Is that correct?

 

Thanks!

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Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011

Re: SOL almost up on a collection - Next Steps?


manzanita wrote:

I have a 6 year old $210 collection from a gym membership which will be out of legal SOL at the end of this month (the last payment made was Feb 14 2007, so it may already be out of SOL, but I'm rounding up.)

 

My husband has a collection from the same gym which will be out of SOL at the end of March. It is not reporting on any of his reports because the CA that had been reporting up until last month no longer owns the debt. I disputed it and it went away - for now. I know I probably should have waited ubtil it was out of SOL to do anything, but I didn't know that then.

 

So - the TL on MY report is from the correct CA, and it is only on TU. I mention my husband's collection because I'm worried that if I take any action (pfd) on mine it will draw attention to his account. Am I being superstitious or is that a valid concern? His account is a bit of a stickier situation, and I'm still not sure how to attack it when the correct CA does begin reporting, as I'm sure it will. Please see this thread to understand the issue with this collection: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/How-to-fight-this-Gym-membershio-auto-renewed...

 

So - how to proceed? What kind of PFD should I offer? Honestly, we were very dissatisfied with the gym (they promised features that never came to be) and that's why we left so I'm not inclined to pay in full.  If I were smart I would have done some kind of BBB complaint at the time. I live in NYS so I believe that it will fall off immediately once it's listed as paid - even if for less than full amount. Is that correct?

 

Thanks!


I would wait to do anything on either acocunt. Once both are past SOL, they will likely settle for less... plus, if these accounts are 6 years old, they don't have much time left to be able to actively show on your report no matter who handles them.

 

I would wait til both are past SOL; then make some PFD or settlement offers, for like 40%is

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
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guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: SOL almost up on a collection - Next Steps?

Knowing your state statutes on SOL will help.  However, if you offer a PFD and they agree, there is no SOL to restart.  You have paid the debt.


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