help! cap 1 settlement gone bad

[SSPA87]

I've read PAs but it's confusing. I don't think I did anything to reset it. I guess I'll just wait it out and see what happens. I'm just so bummed. I've had no luck at all with these remaining baddies. :-( 

[Anonymous]

In general, borrowing statutes come in to play when the 'borrowed' SOL is shorter than the one where the suit is being brought forth, not longer. Case law supports the idea that a plaintiff may not simply seek to 'improve their standing' in court by borrowing a longer SOL from another state - they must show that they have a valid and compelling reason for doing so. "Thats where they live and its longer there" just doesn't cut it. If the plaintiff wishes to seek redress under a longer SOL (of the defendants home state), they must bring suit in the state with the longer SOL.

PA does however have a very liberal SOL reset. Case law establishes that "a clear acknowledgement of the debt as a current obligation, such as is consistent with a firm promise to pay" is sufficient to reset the clock" - but it must be noted that such an acknowlegment on its own does not trigger the SOL reset, but rather the trigger is a failure to follow through on the promise. It may very well be possible that someone Cap One considered your PFD offer to be a potential reset of the SOL and referred it to the lawyers. Consider carefully how you worded your offer - does it sound like it is  "clear acknowledgement of a current obligation" and a "firm promise"? Note that an offer is not a promise.

Contact the Attorney when you get the information and make it clear to them you consider the SOL to be expired and that this is NOT a current obligation, it is old debt, and you are merely exploring ways to get it off your reports sooner.

[SSPA87]

This is the letter I sent:

To Whom it May Concern, 

I am writing in regards to an old charged off account on my credit reports. The account number begins with ###.  I am not disputing this debt, nor am I acknowledging any claim to this debt as I have not received verification.  I am simply contacting you to settle this account in exchange for removal from my credit reports.  I am able to offer $X to fully satisfy this debt and exclude this account from my credit reports. I understand that this is not a commonly honored request, but I would be extremely grateful if you could be so accommodating. 

I appreciate you taking the time to read and consider my request.

Thank you!

[Anonymous]

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@SSPA87 wrote:

So either way I should be fine... I'm in PA (4 yrs). I just hope the SOL didn't reset by trying to settle (In my letter I stated I did not dispute the debt nor did I acknowledge the debt was mine, I also did not hand sign it) perhaps the Law Firm is just The CA they mentioned in their letter to me. If that's the case though,why couldn't Cap 1 work with me since they still own the debt?? I'm just sick to my stomach over this. Stupid me for trying to do the right thing and try to settle it.... 

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In the legal realm, doing the right thing is often counter-intuitive...

Figure it this way, the credit card issuers take in a bundle from merchant fees and interest. Furthermore, in many jurisdictions, credit card issuers can legally charge far higher interest rates than an individual / small business can. Many states cap annual interest for various types of loans to single digit percentages (ie. lending money to a friend), and yet the sky is the limit for credit card issuers. Often when pressed on why interest rates exceed local usury limits, credit card issuers explain their loan products are unsecured, risky, and there are much losses. In short, the losses are priced-in; don't sweat not paying - they're still making a bundle.

As for what to do now, break off all contact and wait it out. November will be here soon enough, plus you could try requesting early exclusion from the bureaus a month or two before the expected TL fall off date.

[SSPA87]

it is all just so frustrating. All my debt is from an abusive ex who charged up my cards with the promises to pay then didn't.  Wouldn't allow me to have a job to pay the bills myself. My fault?  technically,  yes. But I was brain washed and being manipulated by him. I finally got out of the relationship 5 years ago but the damage was beyond done. I just wanted to get these last negative reminders of those years out of my life so I can move on. But Nooooo, it doesn't work that way. They have to be beyond difficult and make things even worse. Just so sad right now. I was so hopeful on this one too. :-(

[Anonymous]

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@SSPA87 wrote:

it is all just so frustrating. All my debt is from an abusive ex who charged up my cards with the promises to pay then didn't.  Wouldn't allow me to have a job to pay the bills myself. My fault?  technically,  yes. But I was brain washed and being manipulated by him. I finally got out of the relationship 5 years ago but the damage was beyond done. I just wanted to get these last negative reminders of those years out of my life so I can move on. But Nooooo, it doesn't work that way. They have to be beyond difficult and make things even worse. Just so sad right now. I was so hopeful on this one too. :-(

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Take a step back, and a deep breath. The worst (your ex) is over, and if I can be so bold, allowing his actions to continue to affect you this way is granting him far more power than he deserves.

Hold your head high, knowing that it was something you went through, and you're the wiser and stronger for it. And if a few more bumps come up related to stuff he did, well, you're ready to take it head-on!

Meanwhile, keep doing the good stuff for your credit (spending only what you need, paying in full and on time, etc) so that when all this finally does go away, your credit will probably be even better than before he was part of your life. And smile at the thought that, at the end of the day, you don't have to look in the mirror and deal with what it must be like to be him. The best revenge really is living well!

[Anonymous]

For future reference, any time you're dealing with an old debt like this, in all written correspondence refer to it as old, 'time barred' debt, just to remove any doubt as to its status.