Rebuilding Your Credit

[jcstarkey8826]

so if Im understanding this correctly, the SOL starts from my derog on the TL before it CO. So on a Key Bank loan, it charged off in 2008, last payment made was July 2008. So does this mean that the SOL, being 5 years in my state, started then? So say 08/2013 will this be past SOL?

Secon question, Key Bank wrote the debt off and sold it to a collection agency, Square II financial. As soon as they contacted me I sent a DV. This was several months ago, and I havent heard anything from them since. I understand they can sell the debt to another agency, in which case I will DV again. So say I dont hear from them, and they dont (because they arent now, nor have they in the past) reported anything to the CRAs, can they report a collection after the SOL has expired?

anyone have any advice, Im wanting to pay this, but If I can hold on until the SOL has expired it would give me settlement offer power that I need, as I cant afford the full debt right now.

[Shogun]

The DOFD starts the first time the account went delinquent and was never brought back current.  So yes I do believe your math is currect on the SOL.  If the DV was timely, they can't report to your CR, a timely DV prevents them from collecting on the debt until such time as they provide you with validation, and yes posting to your CR is an attempt to collect.  Yes, they can still post to your debt after the SOL has run out.  CRTP of the account is the DOFD, plus 7 years and 180 days.

[jcstarkey8826]

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Shogun wrote:

The DOFD starts the first time the account went delinquent and was never brought back current.  So yes I do believe your math is currect on the SOL.  If the DV was timely, they can't report to your CR, a timely DV prevents them from collecting on the debt until such time as they provide you with validation, and yes posting to your CR is an attempt to collect.  Yes, they can still post to your debt after the SOL has run out.  CRTP of the account is the DOFD, plus 7 years and 180 days.

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OK, so once I am past SOL, they can still post collections on my report, but they can't sue me. I think Im getting it now. I just need to buy time to save up money. This debt hit me out of nowhere and I cant catch up to it! Thanks for the help!

[Shogun]

Yes, you are getting the hang of it.  Save up for a PFD, see if you can get it off your CR.

[jcstarkey8826]

Its not even on my reports, but I want to avoid it ever getting on them. Key Bank is on my reports, but they wrote the debt off and the CA cant report until they respond to my DV. So for now Im just saving my money and hoping to buy time until I can pay it, but keep it off my reports while doing so.