Romeol99 Posted September 30, 2004 Report Share Posted September 30, 2004 I'm trying to figure out what's SOL and what's the SOL in Texas...If anyone know, please help? Link to comment Share on other sites More sharing options...
breathing_easier Posted September 30, 2004 Report Share Posted September 30, 2004 I'm trying to figure out what's SOL and what's the SOL in Texas...SOL = Statute of Limitations (time period during which you can be sued for a debt) There is a link to "Statute of Limitations" at the top of this page. Looks as if the SOL for TX for all contracts is four years. Link to comment Share on other sites More sharing options...
Romeol99 Posted October 1, 2004 Author Report Share Posted October 1, 2004 THANKS A PUNCH... I GUESS I NEED MORE TO GO.... ONE MORE QUESTION... DO CREDIT ATTORNEY WORK? COULD THEY CLEAN YOUR CREDIT AND COULD THE CLEAN YOUR CREDIT WHILE CREDITORS ARE PRESURING YOU FOR THE DEBT?Once again, Thanks! Link to comment Share on other sites More sharing options...
breathing_easier Posted October 1, 2004 Report Share Posted October 1, 2004 ONE MORE QUESTION... DO CREDIT ATTORNEY WORK? COULD THEY CLEAN YOUR CREDIT AND COULD THE CLEAN YOUR CREDIT WHILE CREDITORS ARE PRESURING YOU FOR THE DEBT?If you're talking about a credit repair company, you can do that yourself and you'll learn a lot about credit along the way, which will be beneficial for the future. If you're being pursued by collectors, and have money with which to settle your debts (or perhaps pay in full over time), you can also negotiate your settlements yourself. You just need to educate yourself first by reading EVERYTHING on this board (all the stickies, all the links at the top of the page, etc.). We would need to know more about your individual situation before we could help, but there are a lot of knowledgeable people on this board who can and will assist in any way they can. If you are currently being sued, and don't feel comfortable defending yourself in court, you can hire an attorney to represent you. However, even that you can do yourself. However, if the debt is legitimate and the original creditor or collector can prove the debt is yours and that they have the right to collect, not even an attorney can make that debt go away. Can you give us more details? Link to comment Share on other sites More sharing options...
Romeol99 Posted October 1, 2004 Author Report Share Posted October 1, 2004 OK... Creditor is Citi, but CA is calling me. I am not being suee only persued for money. I used $1,1000 but charging me $2,700 with finance, no payment, and late fees. They are trying to settle with $1,700 but cannot not do that. I am not economically stable. I told them but they can care less. They are like bullies, all they want is money if not then they will cut you up intil you die. The debt is over a year old. If there's anything else you want to know, just ask.Hope you can help.Darwin Link to comment Share on other sites More sharing options...
breathing_easier Posted October 1, 2004 Report Share Posted October 1, 2004 Have you sent a debt validation (DV) letter to the CA? Even if they are able to validate the debt, it will buy you some time. Do you have anything you can sell on eBay to raise the extra $$$ you need for settlement? Perhaps you can get a temporary part-time job? If this is your only collection account, then things aren't so bad. Link to comment Share on other sites More sharing options...
Romeol99 Posted October 1, 2004 Author Report Share Posted October 1, 2004 Yes, that's the only debt I have. And no.... I really don't want to pay the creditors money that I never used. I never done debt validation because I really am going to end up paying more with all there fees. I guess I'm going to have to do something about it... Link to comment Share on other sites More sharing options...
breathing_easier Posted October 1, 2004 Report Share Posted October 1, 2004 Yes, that's the only debt I have. And no.... I really don't want to pay the creditors money that I never used.The cc companies make most of their money by charging interest. If you carry any balance at all on a credit card then you will have to pay interest or, in other words, "money that you never used." It's right in your contract that if you're late making payments then they will assess late fees. If you signed the agreement, then you agreed to that. However, you can negotiate a payment that is more in line with reasonable interest and late fees. That will be your goal.I never done debt validation because I really am going to end up paying more with all there fees.You really should start with debt validation. This will ensure that the CA that is demanding payment from you really does have the right to collect the debt. It will also buy you time to come up with the funds so that you can settle the account as they are probably not going to go for your $600 offer. Also, it will give you time to negotiate the type of settlement you want -- a full deletion of the negative tradeline.You are very fortunate that this is your only negative account and perhaps tradeline. Get it cleared up and you'll be back on the road to great credit. Link to comment Share on other sites More sharing options...
Romeol99 Posted October 4, 2004 Author Report Share Posted October 4, 2004 Do you know a good debt validation company? Link to comment Share on other sites More sharing options...
breathing_easier Posted October 4, 2004 Report Share Posted October 4, 2004 Do you know a good debt validation company?Did you mean to say "debt settlement" company? Debt validation is something you would definitely do yourself. (Remember, use the "search" function to find all the posts on a subject.) Many on this board would also say that you should do your own debt settlement. If you search the board you will find many posts where the poster had a bad experience with a debt settlement company. From what I've read, the chief complaint is that debt settlement companies often leave your credit in worse shape than before you entered into an agreement with them. Since I have no direct experience with debt settlement companies (only a mortgage broker who didn't know what he was doing -- or perhaps just didn't care), I'll let those who have worked with them respond. With just one outstanding debt you should be able to handle the payment or settling of this account without the intervention or expense of an outside company. Link to comment Share on other sites More sharing options...
Romeol99 Posted October 6, 2004 Author Report Share Posted October 6, 2004 Ok.. I sent a DV letter to CA. Hopefully they can't prove nothing... If they can't prove anything what would be my next step? The CA is a little one, hopefully they won't. Link to comment Share on other sites More sharing options...
breathing_easier Posted October 6, 2004 Report Share Posted October 6, 2004 Ok.. I sent a DV letter to CA. Hopefully they can't prove nothing... If they can't prove anything what would be my next step?.If the CA is reporting the account under their own TL with the three credit reporting agencies, then once you have your green card back from your certified mail, return receipt requested letter (CMRRR ... you did send it that way, right?), then you can check your credit reports to make certain that they've marked the tradelines as "in dispute." Remember, it is the responsibility of the CA to notify the CRAs that the TL is in dispute.The CA may take many months to respond to your DV request, or they may not respond at all. On the other hand, since the debt sounds fairly recent (you didn't give any dates as to chargeoff, etc.) then they may be able to validate, and fairly quickly. So, while you're waiting for the CA to respond, you should be thinking of ways to earn the extra $$$ to settle this account for a deletion of any negative TL by the CA. It sounds as if you acknowledge the debt as being yours, but you object to the extremely high interest and late fees. This is just my opinion, but if it were me, I would calculate the amount that I know I actually charged on the card, plus perhaps reasonable interest (such as the original interest you were paying on the card), and set that as the absolute most I will offer as settlement. You might want to set that limit at a lower amount if you know for certain that the CA is a junk debt buyer. You only have one delinquent account, and it's not for a lot of money. I know their settlement offer of $1700 sounds like a lot, but they will settle for somewhat less, and in the big picture even $1700 is not a lot. I think you'll feel a lot better about yourself if you make an attempt to settle it. You have the time...on eBay sell music CDs you don't listen to anymore, get a temporary part-time job to raise the funds. The holiday season is just around the corner and stores will be looking for holiday help. You'll then have learned from this one credit mistake and I'll bet you'll never let another account go delinquent again. Link to comment Share on other sites More sharing options...
Romeol99 Posted October 6, 2004 Author Report Share Posted October 6, 2004 Yes sir, I did sent the DV with CMRRR. I thought they had 30 days to respond. I wrote on the letter they have 30 days as said by law. And yes, this debt was charged off last year (2003). But Citi stop dealing with me... and out of the blue, when I thought they were never going to contact me again, a CA started writing letters to me representing Citi.But only Citi marked my credit report. When I check my Credit report there was no collection record on it, only that it was charged off. It had no collection record on it. Could a CA delete what Citi marked on my credit report? Link to comment Share on other sites More sharing options...
breathing_easier Posted October 6, 2004 Report Share Posted October 6, 2004 Yes sir, I did sent the DV with CMRRR. I thought they had 30 days to respond. I wrote on the letter they have 30 days as said by law.No, there is no such law that says they must respond within 30 days. They can take as long as they want to respond. However, they must cease collection activity until they validate. They also must mark any tradeline they have on your credit reports as "in dispute," but since they have no tradeline on your reports that doesn't apply here.And yes, this debt was charged off last year (2003). But Citi stop dealing with me... and out of the blue, when I thought they were never going to contact me again, a CA started writing letters to me representing Citi. But only Citi marked my credit report. When I check my Credit report there was no collection record on it, only that it was charged off. It had no collection record on it.How is the OC (Citi) reporting the tradeline? Does it say "Account Sold or Transferred?" Citi is one OC with which I dealt directly with them and not a CA. Not sure, but they may prefer to handle their own collections. Your debt is well within the SOL so little chance that they are going to go away quietly.Could a CA delete what Citi marked on my credit report?Only if you're dealing with Citi's internal collection department. If Citi sold your account to a CA/junk debt buyer then no, the CA would have no authority to delete Citi's tradeline. Link to comment Share on other sites More sharing options...
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