If it is due to drop soon why do you want to settle.You are talking about 2 different SOL when you thinking about law suit & CA.
If it is turned over to a CA the date doesn't change first missed pmt.& drops in approx. 7 years.
Law suit goes by SOL of the state that you are in!!
this is main link to all info. check it out!
as to your credit report (federal law) baddies drop off in 7 years!!!!!
As far as law suit - judgement they go by what your state SOL is & most are less years.
But god help you if you live in RI.
I am in Ct. my SOL is 6 years from last activaty.The way this works is...my first missed pmt was 1/2001.....it will drop off credit report 7 years from that date, even if I tried to pay again in 4/2001.
NOW law suit or judgment---- they must sue you in your state!!!
now use same dates...1/2001 and 4/2001...My state is last activaty so they would use 4/2001
The CCC or CA can try & sue me BUT state SOL is 6 years...after 4/2007...is the last date that they can...I must prove SOL of 4/2001. Case would be dismessed.
You Must Check your State SOL!!!
there are a few links that I do not have handy BUT someone will post them to you.
Message Edited by HappyDays on
07-05-2007 11:33 PM