blooker Posted March 30, 2007 Report Share Posted March 30, 2007 I want to repair my credit by contacting old charge offs to negotiate. I know that I must first dispute it and have them validate it before paying them. My fear is stirring things up and causing the creditors to come out of the woodwork and sue me. I've done a pretty good job of hiding. I want to get these items removed because I cannot wait until 2009 for these accounts to come off my credit report. The SOL on these accounts have not expired and I am afraid that they will sue me if negotiations don't go as agreed. (I am currently being sued by NCO Portfolio for an account in which the SOL has expired. Hopefully I will win.)I do have some money in my 401k that I can take a loan from to negotiate with. I read a thread about CapitalOne suing after the debtor contacted them to negotiate a payment. I have the following accounts that I want to settle but afraid to contact:- Citibank (only appears on my Transunion report) but I receive a collections letter from Jefferson Capital to collect. (letter was sent to my parents house.)- Nordstrom- Wells Fargo (sold to Portfolio Recovery)- Sears credit card; not store card (sold three times already, now with Norfolk Financial)The SOL being used in Colorado is 6 years. My permanent address is in California (SOL is 4 years). These creditors are not aware that I now live in Colorado because collection letters are being sent to my parent's house. Should I try to negotiate using my California address? Anyone have experience with these creditors and their willingness to take settlements? How do I deal with accounts that have been sold to collection agencies? I want the original creditor? Is there any possibility that they will deal with me once they sell the account to a CA? Link to comment Share on other sites More sharing options...
admin Posted March 30, 2007 Report Share Posted March 30, 2007 They'd have to sue you in California, and therefore the Calif SOL would apply. Link to comment Share on other sites More sharing options...
hiblues Posted March 30, 2007 Report Share Posted March 30, 2007 Ya, that has happened to others...sometimes you jsut want to let the dog sleep... Did you get the credit in Cali? Link to comment Share on other sites More sharing options...
blooker Posted March 30, 2007 Author Report Share Posted March 30, 2007 I am currently being sued by NCO in Colorado but I don't have to worry about the SOL for this one because it has also expired in Colorado.The other accounts are what I am worried about. The accounts were obtained while I was in California and were defaulted in California. Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 30, 2007 Report Share Posted March 30, 2007 You mentioned 2009 and the Colorado SOL. Under the Cali SOL, 4 years and not 6, are you then now out from under these, or will it be later this year before the Cali SOL expires?If it's later this year, can you let it lie until then? I mean if it's April, let it sit. But if it's December 2007, can you wait that long? You have a LOT more leverage when they can no longer legally sue you. Link to comment Share on other sites More sharing options...
blooker Posted March 30, 2007 Author Report Share Posted March 30, 2007 The SOL will expire for the accounts either the end of this month or next for California. They won't attempt to use the Colorado SOL because I sorta live in Colorado? I still have a California driver's license, cell phone number, and address. Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 31, 2007 Report Share Posted March 31, 2007 Legal residence and where you lie your head down at night are two different things.Maintaining your California DL and address help establish that as your residence. Of course you would likely have to file a California state income tax return. If you're filing a Colorado state income income tax return, you might have some trouble making the claim you're a resident of California.Over the years, I've had coworkers in IT who were cross country code for hire bandits. Work a contract in Albany for 9 months, then Boston for 15 months. Austin for a year, then Chicago for 10 months. All the while maintaining their legal residence in California, Washington or wherever.If you can make a solid case that California is your legal residence, regardless of where you lie your head at night, I say let the debts about to slip away under the California SOL lie dormant. Wait a couple of months, then tackle 'em. You could draft dispute letters and what have you using your California address, address the envelope, stick it inside another envelope and mail that to a trusted friend in California. Ask them to open it and mail it. That way it has a California return address and a California post mark. Helps to prevent a paper trail from leading to Colorado. Link to comment Share on other sites More sharing options...
blooker Posted March 31, 2007 Author Report Share Posted March 31, 2007 Darn. I've been filing Colorado income taxes because taxes from my paycheck are paid to Colorado and I file for a refund of the overpayment. I will wait this out a little while and write the letters and send them to my dad in California and ask him to put them in the mail for me. Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 31, 2007 Report Share Posted March 31, 2007 Darn. I've been filing Colorado income taxes because taxes from my paycheck are paid to Colorado and I file for a refund of the overpayment.Hold on there. Lemme see if I got this straight. Your employer withholds Colorado state income taxes, but then you file to have that money reimbursed to you because you don't owe Colorado ANY income taxes at all. Right? If so, then it sounds like you're good and on solid ground claiming California residency. Link to comment Share on other sites More sharing options...
Recommended Posts