ABD74 2 Posted January 11, 2014 Report Share Posted January 11, 2014 Hello! I've read through this website and read through tons of forum posts, and I just want to clarify my situation with everyone to make absolute sure that I'm taking the best steps to fix things. About me:I had a car towed a few years ago which I never took out of impound due to lack of money so i incurred charges and it got sent to collections. It is now with Finex Group (if anyone knows anything about this company, information would be great!). This is REALLY affecting my score. I owe a lot of money ($6,000) on it because interest keeps accruing, and I can't use the pay for delete method. Therefore, I figured my only option is to settle the payment? Am I correct? Would this be the process?? I'm not sure how to go about that. 1.) Validate with credit bureaus2.) Then validate with Finex if credit bureaus do validate*** Then I don't know what to do from here!!! Should I negotiate a monthly payment plan? But would that help my credit in any way? Or keep it worse? Any help would be appreciated!! Quote Link to post Share on other sites
ABD74 2 Posted January 13, 2014 Author Report Share Posted January 13, 2014 Anyone? Quote Link to post Share on other sites
Flyerfan 442 Posted January 13, 2014 Report Share Posted January 13, 2014 What is the value of the car? So low that you left it there? Quote Link to post Share on other sites
ABD74 2 Posted January 14, 2014 Author Report Share Posted January 14, 2014 The value wasn't that much... I think $2000 at the most. It got impounded due to unpaid tickets and expired registration. REALLY rough time after getting laid off, and I live in a metropolitan area where cops give you tickets the second you're over the parking limit. That was 4 years ago.I just want this off my credit report and handled! Quote Link to post Share on other sites
shellieh98 1,505 Posted January 14, 2014 Report Share Posted January 14, 2014 the sol would be expired if it was 4 years agodon't pay them anything.dispute the debt to the CRA's. 2 Quote Link to post Share on other sites
TomnTex 389 Posted January 15, 2014 Report Share Posted January 15, 2014 Like Shellieh said, Calif. has a four year SOL. If your past that, then you only have to go a few more years to the 7 or 7.5 year mark for it to fall off your CR. If it's past the four year SOL then they cannot sue you. They can treaten to etc. but, as long as you use the SOL as a defense you should be okay. If you pay them anything, you restart the SOL. That's a NO, NO!! 1 Quote Link to post Share on other sites
ABD74 2 Posted January 23, 2014 Author Report Share Posted January 23, 2014 Like Shellieh said, Calif. has a four year SOL. If your past that, then you only have to go a few more years to the 7 or 7.5 year mark for it to fall off your CR. If it's past the four year SOL then they cannot sue you. They can treaten to etc. but, as long as you use the SOL as a defense you should be okay. If you pay them anything, you restart the SOL. That's a NO, NO!! Thank you for your responses! Yes, the impound was 4 years ago in 2009. So just to clarify:1.) dispute with the CRA2.) But DO NOT pay the collection agency anything because of SOL It seems like this collection agency- Finex- has been accruing interest though. It started off waaaay smaller than me owing $6,000. I just don't know where my old statements are to prove it. If I leave it on my report, that means it's going to show for the next 3 years... but I guess that's ok. But what about the interest that keeps accruing? I'm afraid I'll be owing more in the long run. Quote Link to post Share on other sites
TomnTex 389 Posted January 23, 2014 Report Share Posted January 23, 2014 Being past SOL they can't sue you unless you pay them something and restart the SOL. Just ride out the time. Keep an eye out that they don't get sewer service on you and get a default. Hang in there. Quote Link to post Share on other sites
