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What process should I use to start?

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Anonymous
Not applicable

Re: What process should I use to start?



walking_the_path wrote:
Sorry- Here is the rest of that Post-
 
What I have done so far-
 
confimed opt out of all three agencies. 
 
removed all incorrect personal information (alternate spellings of names, wrong addresses, wrong SS#'s.) 
 
determined that there is one hard inquiry on my file in the last two years.  This  inquiry is scheduled to drop off on or before 3/30/08.
 
____
 
I have determined that 4 items rank as biggest and baddies.  Two of them are capital one.
 
1. capital one acct. credit limit of 300, current balance 1150.  opened 02/01, last payment  06/04, scheduled to remain until 05/2010.   What is the implication of SOL?. my state is IL.  I have not heard from capital one in at least a year, although they show an accounts receivable inquiry in December 2007.
Open acct SOL in ILL is 5 years- last payment for most states estabishes SOL.
The UTL on this is killing your score-
 
 
2. second capital one account credit limit 500, balance 1950, opened 02/02, last payment 07/03. scheduled to remain  until 06/2010.  Again, what is the impact of SOL, the Bankrate chart says 5 years but 5 years from when?
Open acct SOL in ILL is 5 years- last payment for most states estabishes SOL.
The UTL on this is killing your score-
 
3.In 2002, a tenant in a property I own was scheduled to pay their own utilities, they skipped on the electric bill and the utility charged it back to the owners.This is a large bill ($6300),  I have supplied documentation to the utility but they refuse to remove the charge,  it has been referred to a collection agency and the agency shows it on the credit report. 
How did this company allow them to rack up a $6k bill-
I would offer 2 months worth-
They may be able to try and get a lien on the property so watch out-
 
4.Because of employment and immediate family death, we pay two mortgages (our residence and a small income property)  on the 59th day after our due date.  We have 7 consecutive 30 day lates showing.  I have a fixed amount of money to devote to this.  With the string of lates, should I consider incurring a 60 day late on one account in order to bring the other account current.  I'm not sure that a single 60 day late will be more negative than this continous string of 30 day lates.  I would appreciate any discussion on this topic.  I speak reguarly with the mortgage co. and while they dont like it, I have documented the circumstances which have led to this.
 
If $ is tight- I would ask the mortgage company to re-age the account to get it current. This will add a payment to the end of the loan- 
 
Being late just is not an acceptable path-
 
___________-
 
My second set of issues is a lot less dire.
 
There are 2-3 long distance service collections (ATT, SBC) in the 200 range.  It looks like these could be the same account sold from CA to CA ( calvary, midland, MCO).  How do I determine who has the actual collection in order to pay only once?    I'm considering sending the letter authrored by Lady Scalet on 11/24/2007.  Is this the correct path to take? Again, thanks for any observations or  suggestions.
 
A DV letter is sometimes to only way to find out who can legally collect on a debt- 
Be careful- if these are under SOL and they are able to validate they could sue you-
 
thanks again, your help has already made me feel more empowered over my circumstance.
 
 
 



Message 11 of 19
Anonymous
Not applicable

Re: What process should I use to start?

Can you explain more about, "Re-aging"?.   What does it mean, what is the process? Is this a common process or an exception that the mortgage co  is very reluctant to do?.  Is there a sample letter on the site that I can use to request this?
 
This would take a real load of my shoulders if this could be done.  I want to make sure I position the request properly.
 
Can you also review utlization?  I have seen references to it in other posts, but dont understand its impact.  Should I just contact them and see what they offer in order to get this showing as paid?
Message 12 of 19
Anonymous
Not applicable

Re: What process should I use to start?

Here is the long version-
 
 
such as loss of job, medical emergency, or change in family circumstances like loss of a family member. A permissive policy on re-agings, extensions, deferrals, renewals, or rewrites can cloud the true performance and delinquency status of the portfolio. However, prudent use is acceptable when it is based on a renewed willingness and ability to repay the loan, and when it is structured and controlled in accordance with sound internal policies.
  Management should ensure that comprehensive and effective risk management and internal controls are established and maintained so that re-ages, extensions, deferrals, renewals, and rewrites can be adequately controlled and monitored by management and verified by examiners. The decision to re-age, extend, defer, renew, or rewrite a loan, like any other modification of contractual terms, should be supported in the institution's management information systems. Adequate management information systems usually identify and document any loan that is re-aged, extended, deferred, renewed, or rewritten, including the number of times such action has been taken. Documentation normally shows that the institution's personnel communicated with the borrower, the borrower agreed to pay the loan in full, and the borrower has the ability to repay the loan. To be effective, management information systems should also monitor and track the volume and performance of loans that have been re-aged, extended, deferred, renewed, or rewritten and/or placed in a workout program.

Closed-End Loans

  Institutions should adopt and adhere to explicit standards that control the use of extensions, deferrals, renewals, and rewrites of closed-end loans. The standards should exhibit the following:
  • The borrower should show a renewed willingness and ability to repay the loan.
  • The standards should limit the number and frequency of extensions, deferrals, renewals, and rewrites.
  • Additional advances to finance unpaid interest and fees should be prohibited.
  Management should ensure that comprehensive and effective risk management, reporting, and internal controls are established and maintained to support the collection process and to ensure timely recognition of losses. To be effective, management information systems
{{6-30-00 p.5084}} should track the subsequent principal reductions and charge-off history of loans that have been granted an extension, deferral, renewal, or rewrite.




Message Edited by Timothy on 02-14-2008 07:14 PM

Message Edited by Timothy on 02-14-2008 07:14 PM
Message 13 of 19
Anonymous
Not applicable

Re: What process should I use to start?

you indicated that the utilization on the capital one accts is working against me.  can you explain how that works? Is there a process to ease this hit?  Is the utilization effect different if I settle for a lesser amount?
Message 14 of 19
Anonymous
Not applicable

Re: What process should I use to start?


 
I have determined that 4 items rank as biggest and baddies.  Two of them are capital one.
 
1. capital one acct. credit limit of 300, current balance 1150.  opened 02/01, last payment  06/04, scheduled to remain until 05/2010.   What is the implication of SOL?. my state is IL.  I have not heard from capital one in at least a year, although they show an accounts receivable inquiry in December 2007.
 
Can't get sued -- either wait for it to drop or try to cut a deal with them (all offers in writing) for NO MORE THAN the original balance
 
YOU  CAN still be sued - I used the open date not DOLA -MY BAD - leave this alone for now
 
2. second capital one account credit limit 500, balance 1950, opened 02/02, last payment 07/03. scheduled to remain  until 06/2010.  Again, what is the impact of SOL, the Bankrate chart says 5 years but 5 years from when?
 
Can't get sued -- either wait for it to drop or try to cut a deal with them (all offers in writing) for NO MORE THAN the original balance
 
YOU  CAN still be sued - I used the open date not DOLA -MY BAD - leave this alone for now
 
3.In 2002, a tenant in a property I own was scheduled to pay their own utilities, they skipped on the electric bill and the utility charged it back to the owners.This is a large bill ($6300),  I have supplied documentation to the utility but they refuse to remove the charge,  it has been referred to a collection agency and the agency shows it on the credit report. 
 
Contact the PSC in your state ansd see if they actually can do this under their franchise/license, etc -  also ask about having energy assistance for this is they can do it.
 
4.Because of employment and immediate family death, we pay two mortgages (our residence and a small income property)  on the 59th day after our due date.  We have 7 consecutive 30 day lates showing.  I have a fixed amount of money to devote to this.  With the string of lates, should I consider incurring a 60 day late on one account in order to bring the other account current.  I'm not sure that a single 60 day late will be more negative than this continous string of 30 day lates.  I would appreciate any discussion on this topic.  I speak reguarly with the mortgage co. and while they dont like it, I have documented the circumstances which have led to this.
 
 I like Timothy's annswer - see if this will work before everything else.  DO THIS FIRST
___________-
 
My second set of issues is a lot less dire.
 
There are 2-3 long distance service collections (ATT, SBC) in the 200 range.  It looks like these could be the same account sold from CA to CA ( calvary, midland, MCO).  How do I determine who has the actual collection in order to pay only once?    I'm considering sending the letter authrored by Lady Scalet on 11/24/2007.  Is this the correct path to take? Again, thanks for any observations or  suggestions.
 
Okay that was probably Tuscani's letter - it is easier to go into my stash of Word documents than to hunt down a post for a letter.... If past SOL on this then DV them concurrently. If not past SOL DV each one at a time.
 
thanks again, your help has already made me feel more empowered over my circumstance.
 
 
 





Message Edited by Lady_Scarlet on 02-17-2008 04:16 PM

Message Edited by Lady_Scarlet on 02-17-2008 07:28 PM
Message 15 of 19
Anonymous
Not applicable

Re: What process should I use to start?

Hi Lady scarlet and thanks for the info can you tell me the following:
 
1. There are several references to utilization, and how the utilization on the capital one accts is killing me. I have found several references to utilization, but dont understand what it is or how it is impacting me.  can you help me out?
 
2.  I posted a query in the Mortgage section regarding a sample letter to petition my mortgage co to "re-age" the account and the responses I got had no knowledge of this. Is this something that is done often?  Do you have a sample letter that gives me an idea on how to approach this?  Is it just a good will letter where I ask for this?  Is this a request I should make in writing or on the phone to the serviceing agency? thanks for any comments you can offer.
Message 16 of 19
Anonymous
Not applicable

Re: What process should I use to start?



Lady_Scarlet wrote:
 
1. capital one acct. credit limit of 300, current balance 1150.  opened 02/01, last payment  06/04, scheduled to remain until 05/2010.   What is the implication of SOL?. my state is IL.  I have not heard from capital one in at least a year, although they show an accounts receivable inquiry in December 2007.
 
Can't get sued -- either wait for it to drop or try to cut a deal with them (all offers in writing) for NO MORE THAN the original balance
 
2. second capital one account credit limit 500, balance 1950, opened 02/02, last payment 07/03. scheduled to remain  until 06/2010.  Again, what is the impact of SOL, the Bankrate chart says 5 years but 5 years from when?
 
Can't get sued -- either wait for it to drop or try to cut a deal with them (all offers in writing) for NO MORE THAN the original balance


SOL on these looks like 06/09 and 07/08, respectively.  Why do you say can't get sued?

 
Message 17 of 19
Anonymous
Not applicable

Re: What process should I use to start?

MY bad - wait for SOL to expire before doing anything - and pray they don't come after you
 
There are times I ADD wrong..this time I added to the 'open' date not DOLA


Message Edited by Lady_Scarlet on 02-17-2008 04:17 PM
Message 18 of 19
Anonymous
Not applicable

Re: What process should I use to start?

update 06/29/08
 
I was reviewing your message and after re-reading it, I am hesitant to send adebt verification letter to capital one. ( Just posted a post referring to a letter I received from weltman, weinberg, and reis from columbus oh, offering a 75% settlement if I respond in the 30 days from 05/30/08). If as you say  the statute of limitations is keyed to the last payment made, the 5 years would be up in 07/08. 
 
What are my options on 08/01/08?  Capital one can no longer sue me, but am I in a position to ask that the charge be removed?
 
I've decided not to send it, but if  they bring suit in July of 08, is my only option to respond to the sumons?  I would appreciate some consul in this matter.  Thanks.
 
 
Message 19 of 19
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