2001 Charge off!

[Anonymous]

Hi, I am paying this off. The amount I owe is 950 and this is a settlement amount. I live in Michigan and the sol is 7 years. This should fall off my CR march of 2008. Should I pay it? I have payed on it already does it re age like they told me? They also said they can't do a PFD. PLease advise! Should I pay it or let it fall off?

[Anonymous]

The date the account was closed was Nov, 2004! Date of last activity Aug 2007. So is the SOL from the date clsoed or what?

[jschaffer]

At this point, since you've been paying it, you reset the SOL after every payment. Just because it falls off your credit report doesn't mean they can't now sue you in court for a judgment which honestly might be much worse than what it was doing to your FICO score.

And I'm no expert on the matter, but If I were a creditor and I knew I could no longer report on someone that owed me money soon, I'd probably sue them in court too as a last chance to collect. Hope this helps.

[Anonymous]

I spoke with the manager from NCO fin and he said he can't do that cause he does not own the accounts. Is this true?

[Anonymous]

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joemc3 wrote:
The date the account was closed was Nov, 2004! Date of last activity Aug 2007. So is the SOL from the date clsoed or what?

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The CRTP does not change from DOFD   The SOL might be with each payment.Most states go by DOLA.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17466

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

Sol is 6 years   BUT   you need to get more info. from your state to be sure what constitutes DOLA or if they even go by it.  This link is not clear.

http://www.fair-debt-collection.com/SOL-by-State.html#7

NEVER talk to a CA on the phone!!!!!!!!!!!!!! everything in writting!!!!!!!!!!!!!!! CMRRR

Message Edited by HappyDays on 09-07-2007 02:42 PM

[Anonymous]

So should I pay this? When is this going to fall off then? The credit reporting agencies are saying the last date of activity is 2004, this is wrong I haven't used this credit card in over 5 years. Or do they mean something different please help. I need to know where I should go from here with this account. Should I pay it? Let it stay and let it fall off? PFD with capital one? PFD with NFC fin? Make them correct last day of activity?

Message Edited by joemc3 on 09-07-2007 07:52 PM

[Anonymous]

At this point I would offer to settle the account. See if you can pay like 20% to close the account. Use the argument that it falls off your report in 6 months but you would rather just close the account now. They may counter with 50% or more. If they do, then it's just a negotiation until you find the right number. If you don't get a settlement then you can be sued for the next 6 or 7 years until the new SOL runs out.

[Anonymous]

i just had a credit card fall off a couple months ago and it was 6 years old, so does that mean they are gonna come sue me now?

[Anonymous]

The OP's SOL was reset because the payments that were recently made. If you know your SOL and haven't reset the SOL by making payments in that period then no you should be ok. Anybody can still sue you in the hopes you will not answer and they can get a judgment against you. Your defense would simply be it's outside the SOL and then it would be dismissed as they have no legal recourse against you.