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CA check by phone/dv letter...too late?


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hi i am helping a friend improve her credit so that she and her husband can get a decent rate on a mortgage loan (i am so sweet) but her circumstances are a bit different than mine.

she has a credit card that is at a ca (i think... if first national bank of omaha is a ca)

it's old, she has a terrible payment history/charge off (trying to figure out when so we can see when the reporting period began)...

but she has a check by phone thing going with them (she didn't know any better) but they didn't even agree to stop the interest. SO i am wondering what to tell her to do. the acct was opened 5/95 her first late payment was 4/97 (according to ex) so i am nervous about having her send a cd/dv letter with the check payment thing going on... what do you think? i am afraid that if she sends this letter they will respond with a law suit, the balance is like 2 g's

any advice... hint hint.. swede...

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You need to assess the viability of a SOL defense before you can evaluate the threat of a lawsuit. You will need to figure out what the SOL is in her state and whether partial payment restarts the clock. You should also find out whether she signed anything regarding payments by phone and, if so, what it says.

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she didn't sign anything for the check by phone thing. 6 years in michigan...

i have 'heard that there are laws against partial payment extending SOL' here in michigan. but when would i figure the SOL for her? at first delinquency?

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Account History:

Charge Off as of 5-2003, 4-2003, 3-2003, 2-2003, 1-2003, 12-2002, 11-2002, 10-2002, 9-2002

150 days as of 8-2002

120 days as of 7-2002, 4-2002, 1-2000, 7-1997

90 days as of 6-2002, 5-2002, 1-2002 to 3-2002, 12-1999, 12-1998 to 2-1999, 6-1997, 1-1997

60 days as of 12-2001, 3-2001, 2-2001, 8-2000, 11-1999, 11-1998, 5-1997, 12-1996, 11-1996

30 days as of 11-2001, 8-2001, 1-2001, 7-2000, 10-1999, 9-1999, 6-1999, 10-1998, 4-1997

YET, experians says it will stay on record until 11/2008

is that weird?

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