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Barclays Charge Off and SOL

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Contributor

Barclays Charge Off and SOL

Ok guys this will be my last baddie. I can leave it alone as they haven't bothered me in years and it will be coming up on the 6 year SOL in a few short months. There is no CA attached.
I would like to get rid of it as it will get LOL out of the bucket.
The amount is to high to pay and I don't want to risk restarting anything.
Should I let it run its course and if so is that 8 years?
Any other suggestions?
Thanks
Message 1 of 13
12 REPLIES 12
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Established Contributor

Re: Barclays Charge Off and SOL

They can try and collect as long as it remains unpaid with no time limit. It comes off your report in 7.5 years and as far as suing you for it that varies state to state so I would look that up for your state.





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Message 2 of 13
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Community Leader
Mega Contributor

Re: Barclays Charge Off and SOL

Your SOL is pretty close so you got a chance to dodge the bullet. It will stay on your report for 7 years and 5 months from date of first default. Keep in mind, if they decide to sell your debt to a collection agency, that will remain on your report for 7.5 years also. So, you could have it haunting you for 15 years.







Message 3 of 13
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Contributor

Re: Barclays Charge Off and SOL

It's 6 years where im from. They have left it alone for over 5 years so far knock on wood. If it goes to a CA I could always dispute if it got that far. Only reason im bringing this up is if the mortgage company is a pain. However I dont think they will cry over one Charge Off on a clean report.
Message 4 of 13
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Moderator

Re: Barclays Charge Off and SOL


@Brian_Earl_Spilner wrote:

Your SOL is pretty close so you got a chance to dodge the bullet. It will stay on your report for 7 years and 5 months from date of first default. Keep in mind, if they decide to sell your debt to a collection agency, that will remain on your report for 7.5 years also. So, you could have it haunting you for 15 years.


 

You sure about that? 

It was my understanding that removal is based on dofd, regardless who currently holds the debt. 

If it was not, just by virtue of changing CA, you could conceivably have same collection on CR for 100 years. I dont believe that each CA can restart that 7.5 year countdown

 

I 'm hoping somebody else chimes in like @gdale6 or @RobertEG 

 

I've been wrong before, though 

Message 5 of 13
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Established Contributor

Re: Barclays Charge Off and SOL

Different CAs don’t have their own DOFD each account goes by the original creditor no matter who its reporting under. A new CA reporting won’t change the fall off date matter fact if they started now they would only report for a couple months I know that from experience.





Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


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Message 6 of 13
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Moderator

Re: Barclays Charge Off and SOL


@Remedios wrote:

@Brian_Earl_Spilner wrote:

Your SOL is pretty close so you got a chance to dodge the bullet. It will stay on your report for 7 years and 5 months from date of first default. Keep in mind, if they decide to sell your debt to a collection agency, that will remain on your report for 7.5 years also. So, you could have it haunting you for 15 years.


 

You sure about that? 

It was my understanding that removal is based on dofd, regardless who currently holds the debt. 

If it was not, just by virtue of changing CA, you could conceivably have same collection on CR for 100 years. I dont believe that each CA can restart that 7.5 year countdown

 

I 'm hoping somebody else chimes in like @gdale6 or @RobertEG 

 

I've been wrong before, though 


No its not correct. The DoFD is set by the OC and all successor owners and CAs must abide by it too. The max time it can remain on your report is 7.5 years from the DoFD with the CRAs typically removing them at the 7 year mark.

Message 7 of 13
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Legendary Contributor

Re: Barclays Charge Off and SOL

Both a charge-off and any reported collections have the same credit report exclusion date under the provisions of FCRA 605(c).

They both must become excluded no later than 7 years plus 180 days from the date of commencement of the period of delinquency that led to the CO or collection, which is commonly referred to as the DOFD.

 

The date that a debt collector obtains their collection authority or the date that they decide to then report to a CRA is irrelevant to credit report exclusion of their collection.  It is, the same a a CO reported by a creditor, based ONLY on the DOFD that began the delinquency period that then led to the CO or collection.

Message 8 of 13
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Contributor

Re: Barclays Charge Off and SOL

Hey OP I'd tread lightly w/ Barclays. I live in VA and they took me to court and were able to get a garnishment. I ended up paying in full to avoid garnishment. I just wanted to give you a heads up.

Message 9 of 13
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Contributor

Re: Barclays Charge Off and SOL

Im X'ing my fingers things stay as they are. They have left me alone for 5 years with no file updates and im approaching SOL at 6.
Im on full disability (FED) so they cant garnish which may be one of the reasons I have dodged a bullet. I do have a lawyer who helps me out and took care of a couple of nasties who came after me.
Since im at 5 years from DOFD it might be best to let this age off at the 7.5 years.
Unless anyone has anything else in mind?
At 7 years maybe try a EE unless thats risky?
Message 10 of 13
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