Should I settle - University of Phoenix Tate & Kirlin

[Meach7]

I went to UOP AXIA in APR 2009 but wasn't able to continue in the fall so i was withdrawn from my classes. I was auto-enrolled in these classes so I didn't know I had to withdraw and was withdrawn by the school partway through the semester. They sent the loan money back to Nelnet, but are charging me $975 for the half semester. They list the drop adjustment as 07/09 and 08/09 for the two classes. and they also have a memo beside the adjustment that says W/O Collections in May 2010. I guess that is when they sold it to a CA.  The only CRA reporting this is Experian. The report they gave me shows UOP as the OC and it is listed as an unsecured loan that was opened 4/1/2009 with a balance of $975. There is no DOFD or date it will be removed on this report. The report came directly from EXP after signing up for one of their promos. I cancelled an hour after because the report is missing so much information.  This report reset  my Annualcreditreport.com date for EX though so now I have to wait another 12 months to get that one.I dont know the DOFD so I dont know SOL.

TODAY---> I got a settlement offer in the mail from Tate & Kirlin Associates. It is for $243.75 and says that I would need to contact them before February 14th to take advantage of the offer. I don't want to settle and have it hurt me still, so if it is past SOL can I call and offer to PFD? Will they be more likely to take my offer if it is past SOL? If not I dont want them being a problem.  Thanks for any help.

[pizzadude]

I would negotiate payment of this in the form of a PFD, whereby any negative information is deleted from your credit reports.

What is the SOL for written contracts in your state ?   I'm just guessing that this debt falls under that category...

If you dropped out in fall 2009 then the DOFD is likely aug or sept 2009.

[Meach7]

I'm in NC, and the only provision i'm seeing in the statutes is the 3 Years on contracts. Should i wait till the fall to contact them directly? I dont have $975 + costs if they decide to sue me.  I have seen this account pass through 3 or 4 CAs but this is the lowest offer so far.

[llecs]

Ditto on the SOL. I bet you have at least 7-8 months before SOL expires. I checked NC and they also allow SOL to renew if you acknowledge the debt. If you do offer a PFD, do it in writing. I'm not sure if that acknowledgment would include verbal, but I wouldn't chance it.

It boils down to risk.

[Meach7]

Well after SOL they aren't allowed to try and collect anymore, but it of course stays on my report causing harm.  I found Promissary notes are 5 years, but my PN was with Nelnet and UOP is listing this as an unsecured loan, so it should fall under 3 year contract right?

I wish I could get my actual CR to see the DOFD reporting. I don't want to pay 16 bucks if it's just the same crap they just gave me with their monitoring trial. It doesn't list any DOFD for any account.

[MarineVietVet]

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@Meach7 wrote:

Well after SOL they aren't allowed to try and collect anymore, but it of course stays on my report causing harm.  I found Promissary notes are 5 years, but my PN was with Nelnet and UOP is listing this as an unsecured loan, so it should fall under 3 year contract right?

I wish I could get my actual CR to see the DOFD reporting. I don't want to pay 16 bucks if it's just the same crap they just gave me with their monitoring trial. It doesn't list any DOFD for any account.

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Even after the SOL and CRTP (Credit Reporting Time Period) on debt have expired the debt remains and collection efforts can go on forever.

Reports from third party sites (including myFICO) often don't have the most complete information. If you pull your free reports from annualcreditreport.com the Equifax report will show the actual DoFD.

[Meach7]

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@MarineVietVet wrote:

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@Meach7 wrote:

Well after SOL they aren't allowed to try and collect anymore, but it of course stays on my report causing harm.  I found Promissary notes are 5 years, but my PN was with Nelnet and UOP is listing this as an unsecured loan, so it should fall under 3 year contract right?

I wish I could get my actual CR to see the DOFD reporting. I don't want to pay 16 bucks if it's just the same crap they just gave me with their monitoring trial. It doesn't list any DOFD for any account.

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Even after the SOL and CRTP (Credit Reporting Time Period) on debt have expired the debt remains and collection efforts can go on forever.

Reports from third party sites (including myFICO) often don't have the most complete information. If you pull your free reports from annualcreditreport.com the Equifax report will show the actual DoFD.

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This account is only listed on EXP though. And according to the Consumer economic protection act of 2009 They can no longer collect on a debt after SOL. Signed into law 9/9/2009

[MarineVietVet]

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@Meach7 wrote:

 

This account is only listed on EXP though. And according to the Consumer economic protection act of 2009 They can no longer collect on a debt after SOL. Signed into law 9/9/2009

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Ah yes. The NC Super SOL. I wish more states would pass such a law. I missed that you live in NC. My apologies.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

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

[Meach7]

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@MarineVietVet wrote:

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@Meach7 wrote:

 

This account is only listed on EXP though. And according to the Consumer economic protection act of 2009 They can no longer collect on a debt after SOL. Signed into law 9/9/2009

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Ah yes. The NC Super SOL. I wish more states would pass such a law. I missed that you live in NC. My apologies.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

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

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No apologies needed I was just pointing it out. I didn't know about it until recently, but i was happy that they passed this. I wondered why i hadn't heard from some baddies anymore.