statute of limitations, reset, reage, where is the law

[jackson212]

there have been talks about statute of limitations being reset when you make a payment on an alleged debt. where in the law does it state that making a payment will reset the statute of limitations for both reporting and legal action? (or where does it say it wont reset sol)

this is my situation:

i do admit that i have a balance with....i'll call them "chase." i had a credit card with "chase" in 1999 and had a balance of $1500. in 2003 i defaulted and the account was close, charged off, but never sent to collections. they basically just sat on the charge off and did not try to collect on it.

i called chase and wanted to apply for a credit card. they said i cant because i still have a balance from 2003. i said "oh really, whats the account number" and they gave me the account number.

i go to my bank, and do a balance transfer from the old chase account to my banks credit card in the amount of $500 and i plan on paying the balance in full within 60 days. (the remaining $1,000).

i am not disputing the debt my question is a rather simple one:

can chase now put this on my credit report as a negative tradeline? is there any chance this will hit my credit report?

what statute or authority supports the answer to the above question?

[BV80]

Regarding the SOL, check your state laws. My state has a law that says a payment resets the SOL for collection and legal action.

I wouldn't think a payment would reset the SOL for reporting. The account has already been charged off and is past the SOL for reporting. Since a negative TL begins with a delinquency, I'm not sure they would report based on the fact you paid the account off. But, I could be wrong. Hopefully, someone here knows for sure.

[jackson212]

thanks.

i spent some time reading info from CIC and found this:

Credit Reports - How Long Do Negative Items Stay on My Credit Report?

it satisfies my question for the most part.

thanks bv, as always

[legaleagle]

Send them a document to sign with the payment. I suggest doing it with a check. The document should set forth the conditions: a covenant not to sue on the specific account because of accord and satisfaction, a full release now and forever of any claims related to account numer XXXXX, and a promise to remove any negatives on the credit report and make no further negative entries.

[jackson212]

Send them a document to sign with the payment. I suggest doing it with a check. The document should set forth the conditions: a covenant not to sue on the specific account because of accord and satisfaction, a full release now and forever of any claims related to account numer XXXXX, and a promise to remove any negatives on the credit report and make no further negative entries.

my man!

thanks