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Debt Settlement.....Avoiding Reaging??


nusteem
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If the account has been sold then the oc should remain as is. Have you sent a dv to the jdb?

As for the other 2 if they are not showing an additional collector handling the account than they will most likely be updating the DOLA.

This is not really my expertise though..you may want to post another message on credit bureau or another topic that would better suit your question since it is more credit related than settlement.

Hope you find what you need.

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The DOLA is measured from the date the account first went delinquent and is NEVER brought current. If you settle for less than the current balance, the DOLA does not change...and it would be an FCRA violation if the OC does change it. In any case, any settlement should be in writing before you send any money, and you should attempt to "pay for delete".

This may not be the case for the SOL in your state...each state has their own laws and in some cases, making any payment resets the SOL.

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I was always under the impression that even a phone call re-ages the account or simlpy answering the phone...I've always treated DOLA like an exposed wire...always expect it to be live and avoid touching by all means.

Step around it to be safe if possible.

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Sorry, sifxpert but you're wrong...and this is a ploy that many CAs use to scare people into doing things they don't have to. The DOLA is a "date certain" fixed in time...the only way it can be changed is IF the account is brought current. The FDCPA has some info on this and there is both FTC rulings and case law to support that. If an OC sells the debt to a JDB, that does not change the DOLA.

There are, however some states that allow the date on which the SOL begins to change...usually by making a payment...never by just talking with the CA on the phone, unless you agree to something that might cause the date to change.

You'll find many...many...references on the board here to "re-aging" which is what the CA does when the attempt to report that the DOLA has changed. You'll find that many of those CAs have been sued for just that reason...

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I've always been confused about a number of little details and believe me I've looked around for the answers but could never find anything consistent.

As a matter of fact, about 2 years ago is when I first started sending out violation letters to CA's and JBD's when I caught them re-aging accounts to the day they were either bought or transferred...Arroe does it to just about every single purchased account...I would say 90% of the ones I found were. So, I gathered together about 15 and contacted this weasel of a guy who is one of Arrows attorneys and faxed him over all $0.00 settlement / delete letters. Well we got into it and fought back and forth for a good week but I could not find anything that said the account could not be re-aged when purchased... I was definitely naive and inexperienced and honestly, just did not have the time to focus my energy on this at the time. He agreed to delete all of the accounts if I could find something that specifically said "can not re-age accounts when purchased" but in the end he gave me 20% on each and deleted all of them and ofcourse figured out I was right but knew I got played.

I found this site by doing research on credit...I'm sure you could imagine what I witness everyday. Now that I have more time on my hands my plan is to figure out a way to really go after places like Arrow and Sherman and the CRA's strictly on FCRA violations. I deal with close to 5000 clients and just about every single one of them have been screwed by one of the above.

I appreciate the info.

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