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Valued Member
Posts: 46
Registered: ‎11-21-2008
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SOL...what should I do?

I have two collection accounts from RJM Aquistions and according to Transunion they are slated to fall off on 4/2011 and 6/2011. Do I leave these alone for now and let them fall off? I know the last payment for the original creditor was around 2002-2003. Is there a chance that they'll reappear if RJM sells them to another CO?

Moderator
Posts: 15,729
Registered: ‎07-14-2009
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Re: SOL...what should I do?


lessonslearned wrote:

I have two collection accounts from RJM Aquistions and according to Transunion they are slated to fall off on 4/2011 and 6/2011. Do I leave these alone for now and let them fall off? I know the last payment for the original creditor was around 2002-2003. Is there a chance that they'll reappear if RJM sells them to another CO?


No. Nothing can change the CRTP (Credit Reporting Time Period). But be aware that even after this can no longer be reported that collection efforts can continue in theory forever because the debt never goes away.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Valued Member
Posts: 46
Registered: ‎11-21-2008
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Re: SOL...what should I do?

Ok, great. Do you think I should leave them alone for now? I know collections can go on until it's paid or the CA gives up down the road. Would it be better to get a percentage paid or ignore it altogther?

Moderator
Posts: 15,729
Registered: ‎07-14-2009
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Re: SOL...what should I do?


lessonslearned wrote:

Ok, great. Do you think I should leave them alone for now? I know collections can go on until it's paid or the CA gives up down the road. Would it be better to get a percentage paid or ignore it altogther?


What amounts are you talking about? I would pay these after they drop off the reports if I could and that way you never have to worry about future CA's hassling you. But that's a decision only you can make.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Valued Member
Posts: 46
Registered: ‎11-21-2008
0

Re: SOL...what should I do?

One collection is $100 and one is $350.00. I'll probably pay them, but won't do anything until after they fall off. Thanks for your help!

Moderator
Posts: 15,729
Registered: ‎07-14-2009
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Re: SOL...what should I do?

Let me clarify my last post. (I haven't had enough coffee). You can certainly pay those at any time. You don't have to wait until the CRTP expires. That's up to you. Paying them now could save you another letter from a CA.  :smileytongue:

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Valued Member
Posts: 46
Registered: ‎11-21-2008
0

Re: SOL...what should I do?

I understand what you're saying. Shoot! I sent Afni a pfd letter and they responded with a generic email. I believe this was a debt from 2004-2005. Did I just restart the SOL by contacting them with an offer to pay? I know you said the SOL is from the original creditor discharge, but I just read that contacting the agency can restart the SOL. I'm so confused!

Moderator
Posts: 15,729
Registered: ‎07-14-2009
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Re: SOL...what should I do?


lessonslearned wrote:

I understand what you're saying. Shoot! I sent Afni a pfd letter and they responded with a generic email. I believe this was a debt from 2004-2005. Did I just restart the SOL by contacting them with an offer to pay? I know you said the SOL is from the original creditor discharge, but I just read that contacting the agency can restart the SOL. I'm so confused!


You might be confusing SOL and CRTP. SOL is the amount of time a creditor has to sue you for unpaid debt,

 

In some states (check the laws where you live) a SOL can start over under certain conditions.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Mega Contributor
Posts: 19,862
Registered: ‎03-19-2007
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Re: SOL...what should I do?

[ Edited ]

The very first thing I advise is to clearly determine the date of first delinquency (DOFD) on the OC account.

The date you last paid the credtior has nothing to do with your DOFD.  It is the first date of delinquency that occured, after which the account was never brought back into paid as agreed, good standing before it was closed.

That date is totally independent of anything a CA reports, and establishes two things.

First,your CR exclusion date.  FCRA 605(c) affixes one, and only one, date-certain for CR exclusion of any CO or CA.  It is 7 years plus 180 days from that date-certain DOFD.

If that DOFD was any time prior to 6/2003, its credit report exclusion date would already have expired after 12/2010.

SOL is a different, and unrelated matter.  It has nothing to do with CR exclusion dates.  Expiration of SOL just gives  you the defense, if you find yourself in court, to ask for dismissal of the legal action.  The period of running of SOL varies with each state.  Most are, for revolvng credit debt, within the period of 3-6 years.

The date that affixes the commencement of running of your SOL also varies by state, but most states initially set the date of commencement of the SOL to be what amounts to the same date as your DOFD.  Some states permit a reset of the SOL based on later payments made. A few others will accept firm offers to pay as grounds for SOL reset, but that is not common.  YOu need to know your state civil code on statute of limitations for debt.  Google it.

 

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