Why doesn't PFD reset SOL?

[valley_man0505]

As long was we are discussing DOLA and DOFD and the CO dates, I'd like to know if someone can figure this out for me.

I have an account listed on all CBR's, but they have conflicting information:

EQ:  Date of last activity:  Feb. 2003

         Date closed: Not reported

EX:  Date of last activity:  Oct. 2004

        Date of last payment:  Nov. 2003

        Date closed:  Not reported

TU:  Date of last activity: Nov. 2003

        Date closed: Oct. 2004

So, basically, I have 3 different dates of last activity--The EQ DOLA actually seems to be around the DOFD.  The EX DOLA appears that it is actually the date closed and not the date of last payment or DOFD.  The TU DOLA appears to actually be the date of last payment.  So, what would be the "official" date to use here for the start of the SOL?

[valley_man0505]

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fused wrote:

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valley_man0505 wrote:

Yes, but couldn't they just say "no, we don't want to do a PFD" and then reset the SOL by saying the you renewed the DOLA by offering to pay? Absolutely no! YOU didn't pay...period!

 Isn't "making a promise to pay" one of the scenarios that can cause the SOL to reset? 

Absolutely no!!!!

This question only applies if someone tries this before the SOL is up--from my understanding, once the SOL is expired, it can be reset again. No way!

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I'm not sure where you are getting this information from but it's entirely false.

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fused--there is so much conflicting information out there regarding the SOL, that I am completely lost.  However, I have seen numerous sources say that a promise to pay can reset the SOL (in some states, anyway).  I don't know if this "promise" has to be in writing or not.  In fact, I don't even know if the info is correct--if it is not correct, it seems to be a VERY popular myth then.

[Anonymous]

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valley_man0505 wrote:fused--there is so much conflicting information out there regarding the SOL, that I am completely lost.  However, I have seen numerous sources say that a promise to pay can reset the SOL (in some states, anyway).  I don't know if this "promise" has to be in writing or not.  In fact, I don't even know if the info is correct--if it is not correct, it seems to be a VERY popular myth then.

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First of all, "payment promises" only reset SoL in a FEW states, not the majority. Of the states that have an "extra" provision that tolls the debt (stops or resets the "clock"), most merely recognize voluntary payments.

Second of all, a PFD is not a payment in and of itself. It's more a case of settling the debt. So if they accept the PFD, they have, in essence, agreed to consider it paid in full. Therefore, no other payments can be required, so its not an issue of SoL any longer.

Third, when you negotiate a PFD, you're disputing the debt (though not "officially" -- meaning, they CAN take the offer of a PFD as a "dispute," but you aren't exactly disputing it). You are offering to pay the debt to clear your credit (and frankly, get them off your back) WITHOUT admitting ownership.

While you do risk waking the sleeping dragon when you offer a PFD if you're within SoL, it's not because you risk reseting the SoL, it's because you risk the CA filing suit against you.