ILresident06 Posted May 22, 2007 Report Share Posted May 22, 2007 I read in another post that it's better to settle w/ an OC rather than a CA when possible, and that there might be a chance of requesting an OC to call back a charge off? If so, how is this possible?My BF had a Cap One CC account. It was closed 6/04, and they filed a judgment against him 12/04, but he never received the notice. The finally filed a dismissal w/o prejudice 1/06. Can't tell from the reports, though, when exactly the account was charged off (one of them seems to indicate 5/05). The CRAs also do not show who now holds the debt.Granted, he doesn't have any last statements proving what the charges were for. However, if he did decide to pay the debt should he contact Cap One and see if they will recall the debt?All CRAs still show balance and past due of $1,737, not $0. Date of last payment was 5/03, so he still has a year to go before SOL expires in IL. Should he wait until after SOL expires before contacting Cap One about the debt? By then would it likely be too late for them to recall it?Also, I'm not sure about this 1099 form that I only just heard about regarding the CC's tax write off and my BF having to pay interest. I don't think he received this for his 2006 taxes, which he's obviously already filed. Link to comment Share on other sites More sharing options...
willingtocope Posted May 22, 2007 Report Share Posted May 22, 2007 Here's the thing...CO does not mean the OC has given up on the account. If the CR's DO NOT show $0 balance, and "sold to another lender", then Crap 1 still owns the account...and would willingly take your money. The question is...would paying them do you any good? As for improving credit scores, probably not. Link to comment Share on other sites More sharing options...
ILresident06 Posted May 22, 2007 Author Report Share Posted May 22, 2007 Here's the thing...CO does not mean the OC has given up on the account. If the CR's DO NOT show $0 balance, and "sold to another lender", then Crap 1 still owns the account...and would willingly take your money. Hmm...this is good to know. Thanks!The question is...would paying them do you any good? As for improving credit scores, probably not.Really? Not even if we tried to negotiate for settlement w/ FULL deletion from CRs? So is the best thing to do to just sit and wait for the SOL to expire then just wait for it to fall off the CRs in 2010? What if they try to sue again? Link to comment Share on other sites More sharing options...
willingtocope Posted May 22, 2007 Report Share Posted May 22, 2007 Well, if you've got the money...you could call them and play "...oh gee, golly, just found you guys on my CRs...don't know how this slipped by me...can I just pay you now....and, will you pretty please fix my CR..."Might work. But, honestly, the best you could probably hope for is to have it marked PAID...with a bunch of lates. OCs don't normally go for the PFD. Link to comment Share on other sites More sharing options...
ILresident06 Posted May 23, 2007 Author Report Share Posted May 23, 2007 Well, if you've got the money...you could call them and play "...oh gee, golly, just found you guys on my CRs...don't know how this slipped by me...can I just pay you now....and, will you pretty please fix my CR..."Might work. But, honestly, the best you could probably hope for is to have it marked PAID...with a bunch of lates. OCs don't normally go for the PFD.Yes...I've been confused about the difference b/t all the settlement statuses (PFD versus Paid, etc.) and trying to read more on this forum about it. So, if the best we can hope for by paying it off is to have a "Paid" status on his CR, would it be better then to not pay at all and just wait for SOL to expire and then 2 more years for it to fall off the CRs? He has the money to pay the debt, although I'm sure there are many better things he could do w/ that money (we just bought a condo and are also saving up for a wedding). Would repaying the debt also reset the 7 yr period it appears on his CRs? I know it would reset SOL, but wasn't sure about the reporting period.It just doesn't make sense to me that people who try to take the high road and repay their debts often end up WORSE off than if they just ignored and never repaid. Link to comment Share on other sites More sharing options...
Ahntara Posted May 23, 2007 Report Share Posted May 23, 2007 "...filed a judgment against him 12\06..."This has escalated past being a CO and is now a legal item, a Public Record.CO/Collection is like shacking up. A PR is like being married. He needs a legal divorce from the judgment..."...he never received the notice..."He may have grounds to have the judgment vacated (dismissed) on the grounds of improper service. There is usually a short amount of time to appeal based on this. It's a legal issue, therefore nothing about the legitimacy of the debt will be addressed, only whether or not the plaintiff notified him properly."...dismissal w/o prejudice..."That doesn't make sense to me. Does he have a judgment or not?The rest of your questions and the answers you've received are moot until we know the actual status of this matter. You deal with a PR differently than a CO/Collection. Once the matter is a legal item, you have to deal with the legal implications. Link to comment Share on other sites More sharing options...
ILresident06 Posted May 23, 2007 Author Report Share Posted May 23, 2007 "...dismissal w/o prejudice..."That doesn't make sense to me. Does he have a judgment or not?They did file a judgment against him in 2004 (just realized the date I originally had above was incorrect. I meant 12/04, NOT 12/06), but then filed a voluntary dismissal w/o prejudice in 1/06. We didn't know about any of this until we checked the FL public records last month. The document does not state the reason why Cap One decided to file dismissal. This is what it says:"Comes Now, the Plaintiff, Capital One Bank by and through its undersigned attorney and hereby voluntarily dismisses the above-styled cause, without prejudice."Maybe they dismissed it b/c they never heard from him since he never got the notice? So I guess this means that currently the judgment has been dropped so it's back to a CO/collections issue? I know, of course, that they could try to sue again b/c it was dropped w/o prejudice. Do you think that is likely to happen? That's why I'm wondering if we should try to contact them and pay. Or just sit silent and wait for it to eventually drop off...or at least till SOL expires. Link to comment Share on other sites More sharing options...
Ahntara Posted May 23, 2007 Report Share Posted May 23, 2007 Okay, So no actual, active, PR exists. That's good. He needs to avoid a judgment if at all possible.Crap One is notoriously difficult to deal with, uncooperative, and known to poison CR's by updating derog data each month for the full Reporting Period. It's impossible to know what they will do, but the fact that they sued him once indicates that they may do it again."...Would repaying...reset the 7 yr period..."No, nothing legally can reset that.Sorry, but with Crap One, there are just few good options. You're damned if you do and damned if you don't. You may wish to search here for other poster's experiences and see if you can develope a strategy. I wish you luck! Link to comment Share on other sites More sharing options...
ILresident06 Posted May 23, 2007 Author Report Share Posted May 23, 2007 "...he never received the notice..."He may have grounds to have the judgment vacated (dismissed) on the grounds of improper service. There is usually a short amount of time to appeal based on this. It's a legal issue, therefore nothing about the legitimacy of the debt will be addressed, only whether or not the plaintiff notified him properly.How would we find out what the appropriate time period is for "proper service" of a judgment? Is that based on state laws? Also, isn't there something in one the acts about OCs having to give proper notice of overdue balances before they can sue? B/c apparently my BF didn't get any of those such notices either. Link to comment Share on other sites More sharing options...
Ahntara Posted May 23, 2007 Report Share Posted May 23, 2007 Yes, SOL is state law. Search your state's statutes for the rules of civil procedure, or contact an attorney."OC's having to give proper notice of overdue balances before they can sue..."The general principle would be that the Cardholder knows what's been borrowed, how much is due and when, so no further notice should be required (other than getting the properly served court papers). But your state may have other, specific, provisions. Link to comment Share on other sites More sharing options...
ILresident06 Posted May 23, 2007 Author Report Share Posted May 23, 2007 Yes, SOL is state law. Search your state's statutes for the rules of civil procedure, or contact an attorney.OK. I guess since the original judgment filed in FL was dropped, we wouldn't be able to bring up the improper service of notice if they filed again?Also, not saying that this is something to be encouraged, but it seems that he got off a little easy for never having responded to that judgment (not b/c he willingly ignored it, but b/c he didn't receive it). If he gets served again and does receive the notice, should he respond or sit on it? I've read that if a judgment gets dismissed w/o prejudice TWICE, it cannot be brought to court again. Link to comment Share on other sites More sharing options...
Ahntara Posted May 23, 2007 Report Share Posted May 23, 2007 Always respond to court papers. Failing to do so would allow the plaintiff to obtain a default judgment. Link to comment Share on other sites More sharing options...
ILresident06 Posted May 23, 2007 Author Report Share Posted May 23, 2007 Always respond to court papers. Failing to do so would allow the plaintiff to obtain a default judgment.OK. Thanks again! I guess he really lucked out w/ the first one. I will search the board to see how others approached dealing w/ Crap One. Right now, though, I'm thinking we might want to lean towards sitting on this one until at least the SOL expires and hope they don't manage to track him down before then. Can we assume that if nothing comes up before the 7 year reporting period has expired (in 2011), then he can breath a sigh of relief and cross this one off of things to worry about? I know they can still TRY to come after him, but by then the SOL will also have expired, so there wouldn't be anything they could do. Link to comment Share on other sites More sharing options...
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