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SRI offered PFD, need advice... new to this.


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Have bad credit, need help to know what to do.... advice appreciated.

I defaulted Feb 2002 on Fleet. SRI now holds the $10k debt but has reaged it 2yrs and added $6k to the original amount. I disputed the amt 2wks ago with CRA... SRI responed by offering me a PFD if I pay $16k or a paid in full if I pay $10k.

I'm AZ resident and debt is now 6yrs and 110 days old. I think its SOL (3yrs in AZ), but one of credit reports still shows NY as my residence.

What should I do? Or what can they do to me? How do I challenge the reaging? Would they negotiate a PFD on less than this amount?

Thanks for any help here!

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One Of the best advice that I've been given is to have some patience when you are going through this. You posed severval questions but I also have some for you.

Will you be applying for major credit lines (car loan, mortgage) anytime soon?

Are there more recent baddies on you report that are NOT out of SOL? They are the ones you really need to worry about as they can still legally sue you and WIN.

What should you do? Wait until the CRAs finish their investigation, then you will have a clearer picture.

I'm AZ resident and debt is now 6yrs and 110 days old. I think its SOL (3yrs in AZ), but one of credit reports still shows NY as my residence

I think I know where you are going here, but you mentioned that you defaulted on the loan Feb 2002, you need to verify the date of first deliquency DOFD, that should solve your reaging issue which is a violation if you can prove it. good luck!

FICO Score Report Date

TU 581 6/9/2007

EQ 439 6/7/2007 :(

EX 569 6/9/2007

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What kind of credit line is Fleet, a CC or a written contract? Even if it's a CC, it's possible for the courts to determine CC's as written contract (look up case law or search this site for insite). If it is going to be considered a written contract, you may have awaken a sleeping giant. If it is indeed time-barred and out of SOL, you need to find out if the CA is the assignee or the owner. If they OWN the debt, they paid pennies on the dollar so I would NEVER pay the full amount. If it's time-barred, you have an affirmative defense in court of "beyond SOL" and an upper hand with the CA. Use that to your advantage to negotiate a better payment to delete. Personally, I would never pay a CA and would seek DV and undeniable proof that they own the account, can prove you are the debtor, etc. As far as the SOL and you residency is concerned. It doesn't matter what you CR says as your address, it's where you can prove residency. You live in AZ, they will have to sue you in AZ and use the SOL laws established for AZ.

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