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Established Contributor
Posts: 555
Registered: ‎02-22-2008
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pfd..sol question

I have a charged off cap 1 acct.   I know I know....they dont pfd.   But I think I have to try before I just pay.   My DOFD is 11/01 so it will be coming off my report soon.   I am past SOL.   This comes off my reports  EQ 11/08   EX  1/09  TU 2/09.  So it will be soon but I need the points so we can apply for a mortgage this fall.  Please cross your fingers it will work since it will be coming off soon anyway.
 
My question is this....is there anything I need to know that I may reset SOL?  I want to pay but I sure dont want to reset anything.  Any suggestions on what to put or not put in my letter is appreciated!
 
Think good thoughts for me please :smileyhappy:
Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
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Re: pfd..sol question

What state are you in? Some states have provisions that state that if you (one or all may apply!):

1) Admit to the debt
2) Make a partial payment on the debt
3) PROMISE to pay the debt
4) Move out of state it will "stop the clock" on the debt until you move back to the state.

In order to give any sound legal-ish advice, we'd need to know what state you're in!

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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!!

Established Contributor
Posts: 555
Registered: ‎02-22-2008
0

Re: pfd..sol question

I'm in Florida.   Thanks!!!
Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
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Re: pfd..sol question

I would wait it out...it's falling off real soon...if it has a balance still...is hurting you more than you think...but maybe you should wait for it to fall off...
Established Contributor
Posts: 555
Registered: ‎02-22-2008
0

Re: pfd..sol question

Yes, it has a balance which is why I want to pfd because ofcourse it is killing my utilization.  It has my ut at 108% so I need to pay it.  I just don't want to do more harm than good.  I know that 2/09 is just around the corner but at the same time we are soooo ready for a house and I think this will put us in the mortgage range :smileyhappy:
Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
0

Re: pfd..sol question

Okay, here in FL the SoL is 5 years for revolving credit. The limitations period begins from the date the last element of the cause of action occurred, (as per Sunshine Statutes, 95.051).

NOTE: The limitation period is tolled (stopped) for any period during which the debtor is absent from the state and each time a voluntary payment is made on a debt arising from a written instrument.

So if you admit to the debt or make a payment (even a $1 will do it), you reset the SoL clock.

I really don't know what to tell you ... if you make even a partial payment, it restarts the clock here and you're on the hook for the whole thing. Since Cap 1 isn't known for PFDing, I don't think you have much leverage in getting one. :smileysad:

I do wish you luck, though!!!

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

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!!

Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
0

Re: pfd..sol question



love2golf wrote:
Yes, it has a balance which is why I want to pfd because ofcourse it is killing my utilization. It has my ut at 108% so I need to pay it. I just don't want to do more harm than good. I know that 2/09 is just around the corner but at the same time we are soooo ready for a house and I think this will put us in the mortgage range :smileyhappy:





Must be nice where you live!! Here (Panama City Beach), our housing market has just gone down the toidy. I mean, really, really BAD. With the home values sinking faster than an elephant in quicksand, I'd not buy here if you put a gun to my head!!

One guy's property went from $500K (just a lot -- but near expensive homes and up-scale shops) to (drum roll) $85K in just ONE YEAR. While it's cheap to get, I wouldn't want to think about what it will sell for later ...

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

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!!

Established Contributor
Posts: 555
Registered: ‎02-22-2008
0

Re: pfd..sol question

well......I don't know what to do...Ugghhh!!!   Guess I will keep thinking about it.
Thanks for the info!
Established Contributor
Posts: 555
Registered: ‎02-22-2008
0

Re: pfd..sol question

ok another question.   So if I made a payment and it restarted SOL that cannot change the amount of time it can be reported on my credit report right??  Please explain if I am wrong.   I really dont care about how long they can try to collect,  I just need it off my report or at worst case scenario I just will have to pay it because of my 109% utility.
 
Thanks everyone!
Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
0

Re: pfd..sol question

Paying will not reset...any timeframe on which the account falls off...they can collect for the rest of time...but can only sue within SOL...
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