navigating settlements without resetting SOL

[SSPA87]

I live in PA.  SOL is 4 years. I have several debts set to fall off within the next 12 months but want to clear up credit report to move within 6 months. Planning to offer settle-for-deletes on this accounts since they're set to fall off soon anyway.  

However,  I'm concerned that by telling my story (admitting to debt) that it will reset SOL. Or do I write a more generic letter not admitting to debt, not disputing, but just make the offer and that is that? I was hoping to use my story to be more genuine and hopefully get the settle for delete accepted. 

Thoughts?

[gdale6]

Do not admit owing the debt, it seems this can restart the SOL in PA and if that happens you are looking at full boat payment to avoid the judgment. Do not sign the offer either..

[SSPA87]

So just write a basic "this account is on my credit report, not disputing but offering a settlement of X to fully satisfy account and removal from my credit reports" then no signature,  just type my name? Do I have to specifically write that I am not admitting to the debt?

[gdale6]

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@SSPA87 wrote:

So just write a basic "this account is on my credit report, not disputing but offering a settlement of X to fully satisfy account and removal from my credit reports" then no signature,  just type my name? Do I have to specifically write that I am not admitting to the debt?

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Here is one of the better ones from our PFD thread  http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/... Just type your name and state you are not admitting to the debt...

Please be aware that this is not an acknowledgment or acceptance of the debt, as I have not received any verification of the debt. Nor is this a promise to pay and is not a payment agreement unless you provide a response as detailed below.

I am aware that your company has the ability to report this debt to the credit bureaus as you deem necessary. Furthermore, you have the ability to change the listing since you are the information furnisher.

I am willing to pay this account IN FULL in exchange for removal of the debt from the 3 credit reporting agencies (Equifax, Transunion, and Experian) within ten calendar days of payment. If you agree to the terms, I will send certified payment in the amount of $XX payable to (Collection Agency) in exchange for the removal of all debt-related information from the 3 credit reporting agencies listed above. You also agree not to discuss the offer with any third-party, excluding the original creditor.

If you accept the offer, please prepare a letter on your company letterhead agreeing to the terms. This letter should be signed by an authorized agent of (Collection Agency). The letter will be treated as a contract and subject to the laws of the State of ________.

As granted by the Fair Debt Collection Practices Act, I have the right to dispute this alleged debt. If I do not receive your postmarked response within 15 days, I will withdraw the offer and request full verification of this debt.

Please forward your agreement to the address listed below"

Sincerely,

XXXXXXXXXXXXX XXXXXXXXXXX

[SSPA87]

But since I'm only offering partial payment for deletion since the debt is so old, is this too harsh sounding? It almost seems as though it is rude verses trying to get them to work with me? Just want to make sure I get these right! :-)

Also, 2 are OC COs If that changes things

[gdale6]

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@SSPA87 wrote:

But since I'm only offering partial payment for deletion since the debt is so old, is this too harsh sounding? It almost seems as though it is rude verses trying to get them to work with me? Just want to make sure I get these right! :-)

Also, 2 are OC COs If that changes things

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The letter I posted mainly to show you how to write the start so you dont get into trouble with stating its yours. You need to tailor any letter to fit your particular circumstances and there are other examples which I recommend you review before making your final draft. As far as some creditors being OCs that doesnt change the approach at all you dont admit to it same as with a CA and you dont sign it.

Please be aware that this is not an acknowledgment or acceptance of the debt, as I have not received any verification of the debt. Nor is this a promise to pay and is not a payment agreement unless you provide a response as detailed below.

[SSPA87]

Thank you!

[Anonymous]

According to PA case law, this is what resets or "tolls" the SOL:

"A clear, distinct and unequivocal acknowledgement of a debt as an

existing obligation, such as is consistent with a promise to pay,

is sufficient to toll the statute"

Ref. Huntington Finacnce Corp vs Artesian Water Co.

[SSPA87]

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@Anonymous wrote:

According to PA case law, this is what resets or "tolls" the SOL:

"A clear, distinct and unequivocal acknowledgement of a debt as an

existing obligation, such as is consistent with a promise to pay,

is sufficient to toll the statute"

Ref. Huntington Finacnce Corp vs Artesian Water Co.

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But what does this mean in normal citizen English? LOL 

[SSPA87]

How does this sound? 

To Whom it May Concern,

I am writing in regards to an account on my credit reports. The account number is XXX.  I am not disputing this debt, nor am I acknowledging any claim to this debt as I have not received any verification. I am simply contacting you in order to settle this account in exchange for removal from my credit reports. I am able to offer $XX to fully satisfy this debt and removal of this account from my credit reports.  I understand that this is not a commonly honored request but I would be extremely grateful if you would be so accommodating. 

I appreciate you taking the time to read and consider my request. 

Thank you!