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Established Contributor
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Registered: ‎05-29-2008
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Why doesn't PFD reset SOL?

If admitting to a debt or making a promise to pay can reset the SOL, couldn't trying for a PFD reset the clock?  For example, if I called and said would you be willing to do a PFD, and they said no, wouldn't the clock start over since I essentially admitted to it AND offered to pay?  This would mean that trying for a PFD and getting rejected could bring disaster.
 
Also, can SOL be reset after it has already run out once.  If not, then trying for a PFD after the SOL would essentially be risk-free, meaning you could essentially say "Do a PFD or you will never get your money from me"
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Re: Why doesn't PFD reset SOL?

[ Edited ]
The answer is 'No" in paragraph one.  Legal SOL cannot be reset, except for judgments (I think) in some states. Yes, on your PFD comments.
 
Edited to add: attempting to pay is not the same as paying


Message Edited by fused on 08-06-2008 10:26 AM
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FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
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Re: Why doesn't PFD reset SOL?

You can PFD without admitting you owe the debt. In fact, I think you should.

"Even though I dispute that I actually owe this debt, in the interest of having it removed from my credit reports as quickly as possible I would be willing to pay $X if you will agree to remove it."
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Re: Why doesn't PFD reset SOL?

Yes, but couldn't they just say "no, we don't want to do a PFD" and then reset the SOL by saying the you renewed the DOLA by offering to pay?  Isn't "making a promise to pay" one of the scenarios that can cause the SOL to reset?  This question only applies if someone tries this before the SOL is up--from my understanding, once the SOL is expired, it can be reset again.
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Re: Why doesn't PFD reset SOL?


valley_man0505 wrote:
Yes, but couldn't they just say "no, we don't want to do a PFD" and then reset the SOL by saying the you renewed the DOLA by offering to pay?  Isn't "making a promise to pay" one of the scenarios that can cause the SOL to reset?  This question only applies if someone tries this before the SOL is up--from my understanding, once the SOL is expired, it can be reset again.






The SOL clock starts ticking from DOFD not DOLA so it cannot be reset by changing DOLA. The DOLA can change ,because if you do make a payment that will be the reported DOLA but that doesn't change the DOFD. If the SOL isn't up you can be sued if you haven't come to some sort of agreement. I hope this helps.
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Re: Why doesn't PFD reset SOL?

[ Edited ]

cw81 wrote:
>
The SOL clock starts ticking from DOFD not DOLA so it cannot be reset by changing DOLA. The DOLA can change ,because if you do make a payment that will be the reported DOLA but that doesn't change the DOFD. If the SOL isn't up you can be sued if you haven't come to some sort of agreement. I hope this helps.




No, that is incorrect. SoL begins at DOLA (exact legal phrase is "date last action occurred" which is translated to "date of last activity" ).

CRTP, however, DOES being at DOFD.

Not the same.

And yes, making a payment CAN reset the DOLA (depending on the state, of course). But a PFD request does not since 1) no payment is actually MADE, merely the offer to settle the debt without admitting ownership, and 2) once it's been PFD'ed successfully, the debt is settled, therefore there's no "reseting" of the clock on a paid debt.

Message Edited by Wonderin on 08-07-2008 01:30 PM

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

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Re: Why doesn't PFD reset SOL?



valley_man0505 wrote:
 
Yes, but couldn't they just say "no, we don't want to do a PFD" and then reset the SOL by saying the you renewed the DOLA by offering to pay? Absolutely no! YOU didn't pay...period!
 
 Isn't "making a promise to pay" one of the scenarios that can cause the SOL to reset? 
Absolutely no!!!!
 
This question only applies if someone tries this before the SOL is up--from my understanding, once the SOL is expired, it can be reset again. No way!


I'm not sure where you are getting this information from but it's entirely false.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Moderator Emeritus
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Re: Why doesn't PFD reset SOL?

DOLA = legal SOL
DOFD = reporting SOL (credit reporting time periods)
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Frequent Contributor
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Registered: ‎06-30-2008
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Re: Why doesn't PFD reset SOL?

[ Edited ]

Wonderin wrote:

cw81 wrote:
>
The SOL clock starts ticking from DOFD not DOLA so it cannot be reset by changing DOLA. The DOLA can change ,because if you do make a payment that will be the reported DOLA but that doesn't change the DOFD. If the SOL isn't up you can be sued if you haven't come to some sort of agreement. I hope this helps.




No, that is incorrect. SoL begins at DOLA (exact legal phrase is "date last action occurred" which is translated to "date of last activity" ).

CRTP, however, DOES being at DOFD.

Not the same.

And yes, making a payment CAN reset the DOLA (depending on the state, of course). But a PFD request does not since 1) no payment is actually MADE, merely the offer to settle the debt without admitting ownership, and 2) once it's been PFD'ed successfully, the debt is settled, therefore there's no "reseting" of the clock on a paid debt.

Message Edited by Wonderin on 08-07-2008 01:30 PM




I might be wrong with but I believe the SOL cannot be changed if a payment is made to anyone after the OC has charged it off.

Message Edited by cw81 on 08-07-2008 12:13 PM
Senior Contributor
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Re: Why doesn't PFD reset SOL?



cw81 wrote:

I might be wrong with but I believe the SOL cannot be changed if a payment is made to anyone after the OC has charged it off.

Message Edited by cw81 on 08-07-2008 12:13 PM




I don't think I understand exactly what you mean about "OC charged off debt" and SoL.

This is the best explanation I can (right now, at least) come up with:

Bob has a CC that goes bad. His last payment was Feb '04. The account was officially "charged off" by the CCC Aug '04.

Now, let's say that Bob lives in FL (where I do) where the SoL on CCs is 4 years. In FL, payment DOES reset the SoL. And by that, that means that if before the SoL runs out, if Bob makes a payment on the account, it resets the SoL. AFAIK, debts that are PAST SoL cannot be reset by ANY means.

Okay, back to Bob. The account's DOLA is Feb '04, regardless of when the OC CO'ed the account. Bob makes a payment Jan '08, thus reseting the SoL. The clock THEN begins again from Jan '08, so now the debt will be out of SoL Jan '12. Bob, by making that payment, has reset the SoL clock.

Now, if Bob had made that payment AFTER Feb '08, when the SoL would have run it's course and expired, and he decided to make a payment on the account (since it is, legally STILL his debt, regardless of SoL) in Aug '08, that would NOT reset the debt since it's already passed. AFAIK.

WHEN the account is COed makes NO difference to the SoL. In fact, I have a debt to a CCC from the early 90s that went bad, yet officially, whether due to some clerical error or oversight, never OFFICIALLY went to CO status.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

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