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New Visitor
Posts: 1
Registered: ‎01-27-2013
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Settling after SOL expired?

I have a few collection accounts. The SOL has expired. I am looking for advice on settling or removing them. 

 

Does any have experience settling after the SOL has expired? What percentage should is try  to settle at?

 

 

$3228 @Minland Funding

 

 

Thanks.

 

 

Senior Contributor
Posts: 4,191
Registered: ‎03-24-2008
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Re: Settling after SOL expired?

Hi and Welcome to the forums,

 

The percentage a CA will take to settle will vary, I'll let others chime in one that one.

 

What you are looking for is called a Paid For Delete letter or what we call a PFD,here's a copy of a PFD Letter.

It's an agreement that you'll pay and they agree to delete, but get it in writing before paying.:smileywink:

 

When settling a debt for less then full amount, be sure it says something like " considered paid in full".

So they don't come after you for the balance.

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Epic Contributor
Posts: 20,530
Registered: ‎03-19-2007
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Re: Settling after SOL expired?

Expiration of SOL results in their inability to get a court judgment ordering its payment, but does not affect continued credit reporting or discharge the debt (except in some rare states where expiration of SOL also expressly cancels the debt).

Is your primary goal to satisfy the debt, and thus improve your evaluation upon a manual review of your CR, or is CR deletion also a necessity?

 

A settlement offer absent the additional request for CR deletion will most likely have a better chance of acceptance, possibly at a lower offer.

Including an additional stipulation of CR deletion might in and of itself be a show-stopper on their end.

Do you plan to also include pay for deletion as a condition?

Established Member
Posts: 18
Registered: ‎01-28-2013
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Re: Settling after SOL expired?

I am OP. Long story short, stupid me can't login with other account.

 

Thanks for your reply.

 

Ideally I would like the accounts to be deleted. I am trying to buy a house under the FHA program; Settling and deletion help but obviously I would like them to be removed so that they stop negatively affecting my score. 

 

I understand that expiration of SOL does not mean the debt is gone. I wanted to know if mentioning that the SOL has expired will help me at all when negotiating and maybe get away with a lower percentegage when settling.

 

I have read that people are able to remove accounts by settling without the deletion condition but a clause of non disclosure and then disputing with the agencies. Anyone has any opinion on that?

Established Member
Posts: 18
Registered: ‎01-28-2013
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Re: Settling after SOL expired?

[ Edited ]

Also, shouldn't I validate before sending the PFD letter linked above?

 

Thanks

Senior Contributor
Posts: 4,191
Registered: ‎03-24-2008
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Re: Settling after SOL expired?


hdrc wrote:

Also, shouldn't I validate before sending the PFD letter linked above?

 

Thanks


Everyone handles their debts differently, so  make a plan before doing anything.

 

I didn't send DV letters because I knew the debts were mine. Also I didn't want to take a  chance on the CA not validating, then selling the debt to another CA and they also start reporting on my CR..          

 

On the paid CA;s, I either called or sent a  G W letter and on the unpaid CA's I sent the PFD Letter.

 

Hope this helps and Good Luck to You!!

                                                                                                                                                                                                                                                   

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Established Member
Posts: 18
Registered: ‎01-28-2013
0

Re: Settling after SOL expired?

[ Edited ]

My concern about valiating is to make sure they are the current owner of the debt. They are my debts but I have read that is always safer to validate.

Senior Contributor
Posts: 4,191
Registered: ‎03-24-2008
0

Re: Settling after SOL expired?


hdrc wrote:

My concern about valiating is to make sure they are the current owner of the debt. They are my debts but I have read that is always safer to validate.


Yes that's true. Your one smart cookie and you're doing your homework.

 

If you live in Texas you can send a DV letter at anytime.

If you dont live in Texas, then the DV needs to be sent within 30days of the first dunning notice.

 

Most of my debts were medical collections, I called the medical provider and they told me who they sold the debts to.

Sorry I left the part out. Oh and the other 3 CC debts were thru an attorney to stop the judgments.

 

 

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
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