Credit Card Center Advertiser Disclosure†
02-20-2013 09:31 AM
It really depends on the state you are in. There are 18 states that by simply making a payment does not restart the SOL. In the rest of them making a payment can. Some states require that there is a written agreement acknowledging a payment plan.
No, in a PFD all you do is say I am in no way, shape or form acknowledging this debt.....
02-20-2013 11:36 AM
The actual determination of whether an SOL has or has not expired can only be made by a judge. It is not a fact that stands on its own.
SOL statutes only specify the criteria for its evaluation, such as when it begins, the type of debt, and thus the relevant period, and the occurence of any reset provisions.
You dont go into court with a clear determination that SOL has tolled. The consumer asserts it, the plainriff can contest it, and the judge ultimately applies the law to the facts of the case.
If the consumer shows that SOL expired on date A, then later dates B of subsequent actions would not retroactively negate the earlier expiration.
02-20-2013 09:41 PM
02-20-2013 10:32 PM
So will it renew if I settle it after the sol expires?
Not understanding the question? If you settle a debt, SOL doesn't matter because the debt is paid.
Are you refering to credit reporting time period?
02-20-2013 10:35 PM - edited 02-20-2013 10:37 PM
ALWAYS preface any communication by including a statement that you are in no way or manner acknowledging the validity of the debt at issue.
Any settlement shall specifically EXCLUDE any acknowledgement as to validity of the asserted debt.
Never admit its your's unless of course you plan on paying it off and it doesn't matter to you. The SOL can and often is reset by such admissions.
02-20-2013 10:50 PM
02-20-2013 10:55 PM
I'm sorry, I'm kinda new! In fact, I'm not sure m quoting correctly. :-/
Anyway, in my situation, I have an old charge off. If I understand correctly, the sol is 4 years, which I am long past. However, I've continued to make small gw payments monthly, the point of which was to keep me out of collections while I figured out the best way to settle the debt. Now I'm in the last year of the debt being reported, the debt itself still unsettled. I hope to settle the debt, but it won't likely be until after it falls off my reports.
Is there a chance it could pop back onto the reports after I settle it, even after I've already done the 7 years and it's gone before I do so?
The sol, I understand is completely different than the reporting length of time. I'd just hate to find out now that my payments were leaving me open to be sued when I thought I was in the clear on that.
Did that make sense? Sorry again for being unclear before! Thanks!
Guiness will correct me if I am wrong because he is more verse in this element of reporting..
However, I believe a charge off has a concrete DOFD -- if you are making payments on a CO, unless you bring it CURRENT and its still open, and you go deliquent again, you will not reset the DOFD, and therefor, you will not reset the credit reporting time period for this debt...
My reporting FCRA knowledge isn't as strong as other elements though..
02-21-2013 01:00 AM
Yes, it is possible to reset what could be a new, reportable DOFD after a charge-off, but that wont be the reportable DOFD that will be used to determine the exclusion date for the CO.
The statute specifically refers to the commencement of delinquency on the account that preceded the charge-off or collection at issue.
If the credtior reports a charge-off, and the account is subsequently brought current, the reportable DOFD with respect to that charge-off would not be updated. The new DOFD is irrelevant to the OC, as it did not precede the CO.
However, if the account then becomes delinquent and referred for collection, the new date of commencement of delinquency would update with respect to any reported collection.
Not likely in the real world, as few accounts that are charged off remain open for future consumer use, and thus a new DOFD could not occur.
A charge off that remains delinquent, if referred for collection, would have the identical DOFD for both the CO and any collection.