Scared to pay

[Hevj1119]

I know this is my umpteenth time talking about this charge, but here goes....  

Settling an old auto charge off with Capital One Auto.  We've agreed on an amount, and they are sending me the settlement letter this week.

The DOFD is 06/2006, and this account is scheduled to "fall off" my credit report in 5 months, according to reports I pulled from TU and EQ.   I would just let it go, but we're gunning for a mortgage so I want to settle the debt.

When I pay the settlement, will this change the DOFD?  Will it "reset" the clock for 7 years or will this still fall off come September?

Please folks, reassure me that it'll be okay, and still fall off the 3 standard CRs in 5 months, I will feel much better about sending this payment.  I don't want to pay the settlement, only to have this charge stick around til 2020.

Thanks

[guiness56]

No, it is already CO'd and the DoFD cannot be changed.  It will still be excluded by the DoFD reported.

It's ok to pay them.

[Jon85]

Nope, it wont reset the time that it has to stay on your CR.

Guiness: the only thing that could ever be "reset" if anything would be the SOL of a debt correct? If you were to pay a payment arrangement etc., that could reset the SOL in some states but not the date of when it falls off your CR? OP this has nothing to do with you, i just didn't want to open a new thread haha, you're fine.

For example: I have a debt that had a DOFD from 2006... but then went back to current in 2008 and then went back into default ever since... the DOFD for determining how long it stays on CRs would still be 2006 correct, but they just have longer to sue me?

[Hevj1119]

Thanks all!

I went ahead and did it...  "Settled in full" with Capital One.  Regardless of how I felt about my obligation to pay it, it feels so so so good to be done!  And in 5 months, it won't even show on my standard report anyway...

One giant step towards a mortgage!

[guiness56]

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@Jon85 wrote:

Nope, it wont reset the time that it has to stay on your CR.

Guiness: the only thing that could ever be "reset" if anything would be the SOL of a debt correct? If you were to pay a payment arrangement etc., that could reset the SOL in some states but not the date of when it falls off your CR? OP this has nothing to do with you, i just didn't want to open a new thread haha, you're fine.

That depends on the state also.  Most require a new written agreement for payment to restart SOL.  There are 18 states that just making payments won't restart the SOL. Settling also will not restart SOL because the debt would be paid.  And no, it will not affect the DoFD.  The DoFD could only be changed before it was CO'd or sent to collections.  Making payments afterward does not change it.

For example: I have a debt that had a DOFD from 2006... but then went back to current in 2008 and then went back into default ever since... the DOFD for determining how long it stays on CRs would still be 2006 correct, but they just have longer to sue me?

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[blk8]

I would have waited 5 more months for it to fall off.