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unemployednomore last won the day on August 9 2013

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  1. So, I'm trying to clean up my credit report. The score is absolutely terrible, and it won't seem to go up. I think part of the problem is the set of student loans that defaulted and charged off several years ago. Last time I made a payment was 2009, and they remained unpaid on my report for the next six or so years. Last year, the lender (Wells Fargo) sent me a notice that they weren't collecting anymore and that I would get a 1099c in the mail that I'd need to report to the IRS. I'm insolvent, so I was able to avoid paying taxes on the amount forgiven. The date they were first delinquent was seven years ago (well, it will be next month - they went into delinquency in February 2009). I never paid them over the years (various financial problems like unemployment and housing in security prevented me). Wells Fargo zeroed out the balances at the end of 2014 when they sent me the 1099c. My question is: If these loans don't disappear from my credit report in the next few months (given their date of delinquency more than 7 years ago), can I get them removed even though the lender "paid" them at the close of 2014? Right now, the trade lines look like a nuclear holocaust of late payments. There are about 6 late payments on each loan (there are four of them), as well as about four years of straight charge-off status.
  2. Even if something is charged off, it'll impact your score much less if the debt is paid. The credit scoring model was updated in about 2014 to reflect this change. A payment on an old debt used to not matter much - if you had something derogatory, it didn't matter if it was paid or not; it would harm your score regardless of its payment status. http://www.inc.com/vince-passione/what-you-need-to-know-about-upcoming-changes-to-your-credit-score.html So, the important concept here: "FICO 9 forgives you once you make things right with the collections agency and pay the balance."
  3. Interestingly, it would appear Wells Fargo has decided to stop collection efforts (not that it ever made much effort...) and do a 1099-C. It's over $20,000 (which would more than double my income for 2014), but I'm insolvent, so I'll be submitting my taxes for next year with the insolvent form.
  4. I would send a certified/tracked letter to the lawyer stating your belief of identity theft, so you have something on file to say "hey, I told them this wasn't me." Might come in useful later for a cross-complaint.
  5. Same thing happened to me on my lawsuit. I made rent, car payment, and had a bit for food, but since I wasn't living in my car (or something similarly drastic), they wouldn't give me a fee waiver. The best I could do was to request a payment plan where I could pay over several months.
  6. Have you BOP'd them? Have they responded to any other communications? It wouldn't hurt to send a M&C at some point. Or even two. You could even call them to inquire if the M&Cs don't work. Whether you decide to file a motion or not, your efforts now to get the information outside of court will be appreciated when it comes time for trial.
  7. I do have some federally guaranteed loans, but my Wells Fargo ones aren't as far as I know (they don't show up on the federal database with my other loans that I got through the feds). I don't believe I have the original promissory notes anymore from the 1990s, or I'd check to make sure.
  8. According to this article: http://www.avvo.com/legal-guides/ugc/statute-of-limitations-on-promissory-note-in-california it's 4 years for promissory notes in CA - which is the same for things like credit cards. I know that the SOL won't stop them from suing; however, I've fought off debt collectors before who were trying to get zombie debt. Fairly certain I could do it again. It feels odd that they'd just walk away from 22,000 (or so) worth of debt. My only guess as to their silence is the debt I'm paying off to the IRS. I think they'd try to garnish wages or something but probably notice I owe Uncle Sam about 6K at the moment.
  9. The SOL in CA is 4 years. I made the last payment (no question on this) on 8/27/09. SOL here runs from the date of the last payment. My CR says it will fall off from reporting in 2016. I'm okay with that since I'm not planning to buy a house in the next several years and I also have a vehicle, so I won't need to make any big loan applications. Honestly, I've been waiting for a debt buyer to start calling me and harassing me, but each year Wells Fargo still reports the loans as charge off. Some background: when they originally tried to collect (in late 2009/early 2010), the letters came from 3 different sources. Wells Fargo and 2 of their directly hired collection agencies. No activity after that or contact AT ALL. My Wells Fargo loans aren't listed in there. My $128,000 federally-backed loans are, however. I make too much for food stamps. Which is surprising to me, but the limits are pretty low when you think about the cost of living here. Also, when my loans were current, Wells Fargo refused to do economic hardships or deferments for me. They told me that private student loans couldn't be put on hold for any reason. They were kinda assholish about it.
  10. Interestingly, I've still heard nothing from WF on these loans. Each year, they continue to report them in Charge-Off status. I know this thread is a few years old, but this debt is still following me and I don't seem to be able to do anything about it. Although I've won a court case at this point (on an unrelated debt), I'm still curious what Wells Fargo would ever do with these loans. They're not federally insured and are private loans, but I wonder if they'll ever try to sue. In 2012 they pulled my credit report, but I'm guessing they saw it was a minefield and thought it would be futile to try and sue someone with my laughable income and lack of assets. I know there's a gray area with student loans and SOL, but I'm fairly certain if anything happened at this point, it would be out of the SOL. I paid on these loans for several years until I was laid off during the recession and got the balance from about $25K down to $15K, but then when I couldn't pay the balance went back up to $22K.
  11. I know it's been ages since I won this case, but I thought I'd come back to update things. The lawyer on trial day warned me after the dismissal that they could come back and sue again (since it was w/o prejudice), but I haven't heard back from them yet. I hope they've learned their lesson. I can break out the lawyer garb and my phat legal motion skills again if necessary. I'm half-expecting them to sell the debt to someone else (despite the nearness of the SOL). Will be interesting to see if they do. I want a license plate that says LV2ARGU
  12. Oh, that's a new one. You "waived" your right to SOL? Utter bollocks. I'd love to see their actual argument on that (if you have a document or something). Even if it does to go trial, their witness won't show up and I bet you folding money they'll dismiss day-of before the start. My advice would be to prepare arguments in advance when you speak with the lawyer (he/she'll pull you aside that morning to discuss a "deal"). Although dismissing days before trial is common - it's also common to see a dismissal the morning of trial or even while you're speaking to the judge initially at the start. Prepare for trial as if it was going to go the whole 9 yards.
  13. Statute of limitations for breach of oral contract is 2 years. http://www.saclaw.lib.ca.us/pages/statutes-limitation.aspx Your lawyer might know this already, but just in case.