CleverCynic Posted May 2, 2007 Report Share Posted May 2, 2007 Hey someone said down in the student loan section that paying off an old CA will NOT renew the 7 years from the date of last payment. Have I been mistaken or have I misunderstood what the good people up here have been saying? AFNI is due to drop off my report this time next year, but leaving an unpaid collection on my report may hurt my ability to get a grad/plus loan this year which requires no "adverse" credit which includes unpaid collection accounts. However, worse case scenario I COULD get a cosigner, and I don't want that listing there when I try to buy a house a couple years down the road. Thanks for any help on that. Link to comment Share on other sites More sharing options...
redbank Posted May 2, 2007 Report Share Posted May 2, 2007 My understanding is that it will not reset the 7 years that they can report cause that is based on date of first delinquincy, not date of last payment. Resetting that is called re-aging and is illegal.In some states, paying can reset the SOL that they could win a suit in court against you... I am not explaining this part well enough...There is a difference between reporting time and SOL.Re-read your post, now I am confused, lol. This is too early in the a.m. for me. Link to comment Share on other sites More sharing options...
MadinKS Posted May 2, 2007 Report Share Posted May 2, 2007 Like redbank said, they can't reset the federal reporting period, it's illegal. That date is based on the DOFD and should never change. That's not to say they won't reage; I'm dealing w/that on an ASSet account right now. However, if you are contemplating paying this CA, go for PFD if they will. If not, I say let it ride. JMHO. Link to comment Share on other sites More sharing options...
thomassl Posted May 2, 2007 Report Share Posted May 2, 2007 Hey someone said down in the student loan section that paying off an old CA will NOT renew the 7 years from the date of last payment. Have I been mistaken or have I misunderstood what the good people up here have been saying? You are in of the states in which paying on a debt does not reset the SOL. The SOL can only be reset in your state by a "written promise to Pay"! Link to comment Share on other sites More sharing options...
pinkeysas Posted May 2, 2007 Report Share Posted May 2, 2007 You are in of the states in which paying on a debt does not reset the SOL. The SOL can only be reset in your state by a "written promise to Pay"!I am in wisconsin and I just sent out a PFD letter to CA Midland. They were scheduled to come off of my reports in July of 2009, but I am buying a house this year and need unpaid CA off of my reports before i can close.So did I just reset the SOL by doing offering this PFD???? Link to comment Share on other sites More sharing options...
thomassl Posted May 2, 2007 Report Share Posted May 2, 2007 I am in wisconsin and I just sent out a PFD letter to CA Midland. They were scheduled to come off of my reports in July of 2009, but I am buying a house this year and need unpaid CA off of my reports before i can close.So did I just reset the SOL by doing offering this PFD????Your written PFD letter should include for the debt to be removed from your credit report. If they agree, you have nothing to worry about. You are also in one of the states in which the SOL is only reset by a "written promise to pay". PFD is your best option. Link to comment Share on other sites More sharing options...
pinkeysas Posted May 2, 2007 Report Share Posted May 2, 2007 You are also in one of the states in which the SOL is only reset by a "written promise to pay". PFD is your best option.So whats the difference between a PFD and "written promise to pay"?? I thought that is what a PFD does. Granted it is contingent on Deletion, but still I am promising to pay............... Link to comment Share on other sites More sharing options...
thomassl Posted May 2, 2007 Report Share Posted May 2, 2007 So whats the difference between a PFD and "written promise to pay"?? I thought that is what a PFD does. Granted it is contingent on Deletion, but still I am promising to pay...............A PFD makes it so that it's removed from your credit report which is what you want. There would be no need for a SOL for something that is no longer there! If you sent a written promise to pay and pay it, the SOL would stay the same and it will remain on your credit report for the usual 7 yr. period. Link to comment Share on other sites More sharing options...
pinkeysas Posted May 2, 2007 Report Share Posted May 2, 2007 Im not too bright this morning:confused: . That makes perfect sense, I should have been able to answer my own question. But thanks for spelling it out for me!! Link to comment Share on other sites More sharing options...
CleverCynic Posted May 2, 2007 Author Report Share Posted May 2, 2007 Thanks for all the info. The debt is just an old cingular bill for $103, which I would simply pay in one shot, so I'm not worried about SOL in this case. So having said that, if I pay it, it will say PAID COLLECTION ACCOUNT and STILL drop off next year, right?All this of course if if my current dispute to AFNI-BLOOM isn't succesful for a delete! Link to comment Share on other sites More sharing options...
thomassl Posted May 2, 2007 Report Share Posted May 2, 2007 I would try for a PFD so that it can come off your report now instead of falling off next year! Link to comment Share on other sites More sharing options...
MadinKS Posted May 2, 2007 Report Share Posted May 2, 2007 I don't want to burst your bubble, but Midland's policy prevents them from doing a PFD. How do I know? I just tried it last month. The SOL had been reset when they garnished my wife's wages illegally in Oct 06 and strong-armed her into a payment plan for the other account they had. Easier to PFD than fight it, or so I thought. They sent a settlement acceptance letter but said it will be updated accordingly. Nothing about PFD. So, one night my kids answer the phone and guess who? Midland. I tell the lady that I'm not going to pay an ALLEGED debt without your promise, IN WRITING, that it will be deleted. She said it's Midland's policy, yada, yada. Tell it to someone that gives 2 sh!ts!! I told her I know the laws and I'm sorry we can't agree on a settlement and GOOD BYE. I then sent a DV to stall 'em. Soooooo, I'm not trying to discourage but I don't want you to get a false hope that they would do it. I'm also not saying don't try it, just passing on what I know. Good luck. Link to comment Share on other sites More sharing options...
pinkeysas Posted May 2, 2007 Report Share Posted May 2, 2007 I don't want to burst your bubble, but Midland's policy prevents them from doing a PFD. How do I know? I just tried it last month. The SOL had been reset when they garnished my wife's wages illegally in Oct 06 and strong-armed her into a payment plan for the other account they had. Easier to PFD than fight it, or so I thought. They sent a settlement acceptance letter but said it will be updated accordingly. Nothing about PFD. So, one night my kids answer the phone and guess who? Midland. I tell the lady that I'm not going to pay an ALLEGED debt without your promise, IN WRITING, that it will be deleted. She said it's Midland's policy, yada, yada. Tell it to someone that gives 2 sh!ts!! I told her I know the laws and I'm sorry we can't agree on a settlement and GOOD BYE. I then sent a DV to stall 'em. Soooooo, I'm not trying to discourage but I don't want you to get a false hope that they would do it. I'm also not saying to try it, just passing on what I know. Good luck.Great!!!!!!!!!! I just mailed it out yesterday, Its only for a $134.91 but I was really hoping this would work. As you might know i am in the process of getting a mortgage so need this paid or gone soon. I disputed it with the CRA's it came back verified, I probably should have DV'd them but because of the time restriction im under i thought this would be more effective in my situation.Now, what? Cause if they refuse the PFD I can't really ask them to Validate now can I??????? Ugggg I screwed myself didn't I??????? Link to comment Share on other sites More sharing options...
CleverCynic Posted May 3, 2007 Author Report Share Posted May 3, 2007 Well, I guess it's a non-issue... at least for now. AFNI-BLOOM disappeared from EQ today!Hey does anyone know how to get a more detailed report on dispute status on EQ? Everytime I go in, it just gives the report number and estimated completion date. The other CRA's let you see what is completed and what is pending...thanks...NO movement on my EQ fako though... Link to comment Share on other sites More sharing options...
MadinKS Posted May 3, 2007 Report Share Posted May 3, 2007 Call them and inquire. They should tell you if you ask. Link to comment Share on other sites More sharing options...
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