the $6500 CA question....

[dmor]

Hi Guys,

I just stumbled onto this site a few months ago and I am totally addicted to repairing my credit and taking control of my finances again. I'm currently in the process of DV'ing some paid CA accounts on my report (I wish I saw this site first to insert the PFD clause, so I'm crossing my fingers) However I have one line that I am reluctant to touch at the moment.

I purchased a bedroom set in 11/2003 from a furniture company that is now out of business. I made the purchase through the use of an HSBC store card that was being offered at the time. The agreement was no payments/interest for one year on the card but shortly after I ran into major financial set backs and never made a payment to date towards this purchase. When I pulled my CR I see the account has been sold to 'Asset Acceptance' for the amount of $6500 (original price was $5800). To date I have not received any notification from Asset about making any kind of payments. My questions are:

1. Since I never made a payment on this card do I start the SOL clock (6yrs in NYC) date on 11/03 (purchase date) or 11/04 when the first payment was due? I dont want to attract attention to the account if the SOL might expire this yr..

2. Should I go on the offense with Asset and DV them? I figure since the original furniture company is out of business, it might make it harder to obtain validation?

3. Offer to settle the account for $1500 with a PFD clause?

Any advice would be greatly appreciated!!

[cap1kid]

1. SOL starts when you missed your first payment-11/04

2. Have you received ANY communication from Asset? If no- I would let a sleeping dog lie.

3. I don't know how much they bought the debt for- but I bet that $1500 would not entice them to settle- while there is plenty of SOL time left. Wait until they make an offer and low ball that. Be careful of making any paymnets- In some jurisdictions it may restart the SOL.

I am not familiar with ASSET- do a search - some agencies are more likely to sue- some won't negotiate- some are easy to get removed.