Established Member
Posts: 42
Registered: ‎01-27-2013
Questions about SOL, PFD, CRO and settlements

Hello everyone,


Pretty new and trying to start the long road back to good credit. Also trying to learn the lingo so bare with me Smiley Wink



1. Pay off/settle some immediate debts, avoid judgements. (two pending cases)

2. Repair and rebuild my credit so I can qualify for auto financing in 2014 and a mortgage in 2015.

3. Get out from under the cloud of debt and the limitations it brings.



1. I don't have my FICOs yet. Tried to buy them here and it said I had to call tomorrow because it could verify my ID. Bummer. I'm sure they're really low tho.

2. Pulled my TU CR this week and confirmed many CC CO's I already knew were there (11 in total). A few have been re-sold to JDBs and that it causing some confusion (amounts not matching exactly)

3. All of the 11 CO's have a DOFD/DOLP on or about 06/08 (almost 5 years ago). They're all set to drop off in mid-2015.

4. The amounts range from $500 to $7000. About $25K in total.

5. The CAs are: Portfolio Recovery, Midland, Vion Holdings and Asset Acceptance.


Questions on SOL:

1. I'm reading that, in Illinois, the SOL for written contracts is 10 years and 5 years for oral and credit card agreements? Can anyone confirm this? If it's 5 years for CC's, then I'm pretty close on most of these. Should I not mess with them (other than the active court cases) since they're seamingly close to the SOL?


Questions on CROs:

1. Should I use a CRO (Sky Blue, Lexington Law, etc) to get me jump started? Or, would that alert or piss-off the CAs and stir up a hornets nest right before the SOL? 2-3 of these I could handle but 11 seems like overload for me.


Questions on settlements:

1. I have two cases pending in court. I've continued both for a while and know these law offices won't go away. What is the best strategy to negotiate a settlement for COs that are currently suing you? It's way to late to do a DV right? So do I simply make an offer for 50% and request a PFD? I've been sued and settled before with Captial One (Blitt & Gaines) and they wouldn't negotiate at all.


I know this is alot but I'm just trying to line it all out so it makes sense. Thanks to anyone that can offer good advice.


Thank you very much.

Starting Score: 657
Current Score: 657
Goal Score: 725

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