rebuildincredit

Still confused in Michigan

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Ok- Let us set aside my debt situation and if I should pay etc.  Here is a scenario that I would like to look into.  A CA is trying to collect just $500 for a CC debt that has been charged off.  I have 5 months left on SOL and 17 months or so for it to come off of my report.  Rather than risk a lawsuit and judgement etc., I am considering this:   In Michigan, it is my understanding that the clock is not reset on SOL if a payment does not include written documentation or contract of making payments. (1 of 18 states that have this kind of law)  What if someone pays the balance for me( friend) and does not include a contract etc-- just makes a reference that this is for "_____myname_____" on the actual payment.  Would this prevent a resetting of the clock for it to stay on my report?        I am unsure of the statute for Michigan and am looking for some clarification.  Any legal opinions for someone that is soo confused by the Mich statutes

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Lets start over-Legitimate Collector. Original debt with a credit card, this is due to hit the 7 yr mark from the time it went delinquent in May of 2015.  If I pay this off now , will this reset it being on my report for 7 more years from the date I pay it or will it come off of my report in May of 2015(7 yr mark from going delinquent?)   Once I have this answer, I will talk about the Michigan Statute

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I don't think it's that cut and dried.

Some CRA's don't remove the negative trade line for 7.5 years.

It can also depend on who is reporting to the CRA's .......... or if you have disputed the alleged debt ............ or if it has been verified  previously.

Lots of factors here and very few details.

 

All - in - all ........... I'm with BV80 ........... if you pay the full amount, there is no debt. You (or your friend) should set up an agreement that it is a pay for delete (from your CR) with the CA.

 

Still would like to know the statute or law you referred to.

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@secure

 

No.  The only way a payment would cause the date of first delinquency (which determines the 7-year reporting period) to reset would be if the payment brought the account current.  In this case, the debt has been charged off and cannot be brought current again.  Therefore, paying it would not change the date of first delinquency being reported by the  OC.  The entry would still fall off 7 to 7.5 years from that date.

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Well-- I made contact, The firm representing LVNV will not do a PFD.  Remember, original debt is with CC company who Charged it off(report shows it)  and sold it to LVNV.  They have since hired a collection agent.      LVNV is showing past due.  So , here is my dilemma.  Will this fall off of my report if I pay it in full (or Make a settlement for 0 balance)  in the 7-7.5 yrs from original delinquency(May 2008) OR  will this reset if I pay it now and not come off the report until 2021?  Anyone else? 

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