@gillybmore wrote:
Met w/ a mortgage lender who pulled credit report in march 11. CR showed CA reported 2/11 that was not there 12/10 when I pulled CR. Lender told me to contact CA and get PD for 40% settlement. I called CA before I read this forum or anything else. Long story short, I updated all identifying info w/CA, they would not do PD stated they could only do settlement and verbally agreed to pay 25% of $3371,( 2000 was orignal amt-rest was their interest) post dated the 29th of this month via my debit card...I know I know. Well my gut said somethings not right so I called back that evening and spoke w/the same person and asked that they hold off on collecting payment until further notice. Now here is where it was REALLY stupid on my part- here is the deal with the debt: charge off in 11/05 sold to CA, DOLA 10/04, SOL for my state is 3 years and this should come off CR 11/11- drop off date is not on credit report. Did I restart the SOL?!!! What do I do now? Oh my goodness I am so sick right now.
Restart SOL? Maybe and maybe not. If they honored your verbal agreement , then it's settled and done. If they decide to forget about the conversation you had over the phone, and decide the balance is due, then the answer is: it depends. Some states allow SOL to restart based on a payment. Some do not. You'd have to look up your state's statutes (often found under "Uniform Commercial Code" in your statutes). For those that allow SOL to restart, some won't let it restart if SOL had already expired (which it had). Some will allow SOL to start ticking again even after SOL expired. YMMV.
Per reporting and CRTP, it'll fall off this year likely. If your DOLA is 10/2004, then your DOFD is before that, so your drop off date would possibly be this summer.. Depends on when you first went late and never recovered.
