gamtam Posted October 13, 2004 Report Share Posted October 13, 2004 Hello all,I live in Ohio. My husband and I were having major financial problems for the past 4 years and are just now in a possition to start clearing things up. We have several MasterCard/Visa accounts that have not been paid on for over 5 years now, a judgement from a repssession that occured in 2001, a few old utility bills and 2 accounts for bounced checks.We want to try to settle as many of these accounts as possible. I have been reading several different items about the Ohio laws and Debt Settlement. I am not certain if I am understanding the laws correctly. For example:We owe Chase $5000 and offer to settle at $3000 with them clearing our credit rating as Paid As Agreed, can Chase then come after us for the remaining $2000?We are vary confussed on this issue. If there is a signed agreement I don't understand how they would be able to not legally follow it.Any and all help would be great.We do not want to do all this work and find out we should have hired and attorney or gone through bankruptcy instead.Thanks Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 13, 2004 Report Share Posted October 13, 2004 I gotta tell you BK might still be a viable option for you. Something to consider. If you settle on teh Chase card for 60%, you get them to sign a release, which is a legal document that says they will not go after you for teh balance. Now, they will file a form with the IRS saying they forgave 1.5K, and you will have to report that as income, so be careful on that. Also, before you do anything, how old are these things? What is the statute of limitations for contract/ account actions in your state. If they are past the SOL, don't worry so much about them, unless they show up on your CR. Even then, use that as a leverage tool. Link to comment Share on other sites More sharing options...
gamtam Posted October 13, 2004 Author Report Share Posted October 13, 2004 Thanks for the response Recovering Attorney.Most of the Credit Card Debts are between 5 and 6 years old. They are still showing on the credit reports but most are scheduled to be removed in 2005. The credit report is showing so many different things for these accounts. It shows a 30/60/90/120 and turned over for collection dates. How can I tell which date to look at for the beginning of the SOL time? In Ohio it states SOL as:Oral = 6 yearsWritten = 15 yearsPromissory = 15 yearsOpen End = 6 yearsWhich one of these is for a Mastercard/Visa Credit Card account?Thanks Link to comment Share on other sites More sharing options...
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