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Mission714

SOL does not apply for Charged off?

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I'm trying to repair my credit as fast as possible-even if I have to settle and pay.

 

I have 6 accounts, all credit cards, all have been charged off.

 

Here are my questions:

 

1. The SOL does not apply and therefore it will remain on my credit for 7 years?

 

2. I pulled TU and EX reports but they have conflicting information when it comes to the date of last payment.  Should I try to validate with CRA?

 

3. Will settling help my score?

 

4. If I wish to settle should I contact original credit or CA?

 

5. If I wish to settle should I validate first anyways?

 

Sorry I have so many questions, I've read all the information in here and now I'm just overwhelmed and do not know what to do first.  Its a lot of great resources...

 

Thanks,

Valerie.

 

 

 

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Not really, if your debts are three or four years old your better off leaving them alone. If you pay them anything you will either extend or restart the SOL....bad move! If you try to settle they will not give you anything in writing 99% of the time and you will get screwed. Just see what a couple of posters have already said about trying to settle just tonight. Even if you managed to get the to agree, it will just show up in most cases as paid as agreed or in full and will still remain on your CR for the entire 7 years left.

 

If you were trying to settle with the OC, I would say try it, but why pay a JDB what he wants for something that he either paid a penny on the dollar or 4.5 cents on the dollar for? Why would you throw away your money and yet not get exactly what you want done? Foolish move if you ask me.

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I'm trying to repair my credit as fast as possible-even if I have to settle and pay.

 

I have 6 accounts, all credit cards, all have been charged off.

 

Here are my questions:

 

1. The SOL does not apply and therefore it will remain on my credit for 7 years?

 

2. I pulled TU and EX reports but they have conflicting information when it comes to the date of last payment.  Should I try to validate with CRA?

 

3. Will settling help my score?

 

4. If I wish to settle should I contact original credit or CA?

 

5. If I wish to settle should I validate first anyways?

 

Sorry I have so many questions, I've read all the information in here and now I'm just overwhelmed and do not know what to do first.  Its a lot of great resources...

 

Thanks,

Valerie.

 

1.  There are TWO SOLs:  one for filing a lawsuit and one for reporting to the credit bureaus. The SOL for a lawsuit in FL is 4 years on written contracts.  The SOL for reporting to the bureaus if 7 years 6 months from the date of first default.

 

2.  It depends on when you defaulted.  If they can still sue:  no.  If they can no longer sue it can't hurt.

 

3.  Over time:  yes.  Immediately?  No.

 

4.  If your accounts have been sold you can no longer deal with the OC you would have to deal with whomever purchased the account.  

 

5.  You could validate but if you are willing to settle it isn't necessary.  If you do make a settlement offer of your paying them and they agree to delete the trade line make sure you get everything in WRITING. Unlike what TomnTex said I did settle 3 accounts with a PFD letter and my own drafted settlement agreement.  What you do not want is them drafting the settlement because they will obviously write it favorable to them.  You want terms that you can live with on your end.  They could care less as long as they get paid.  I would not say that 99% of the time they won't do it.  It depends a LOT on how much you owe, to whom, and what your offer is to settle.  I settled several accounts a couple of years ago with PFD and all 3 did follow through and I had no issues.  It happens more frequently than some people prefer to believe.  When it goes horribly bad is when the consumer allows the JDB to draft the settlement or does not get anything in writing.

 

Some creditors/jDBs have a hard line policy of not doing a PFD and you cannot change that.  As far as cleaning up the reports ASAP:  the ONLY thing guaranteed to improve a credit report is TIME.  There is no fast track to fixing it.  You didn't get into debt over night and you won't get out that way either.

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@Mission714

 

5. If I wish to settle should I validate first anyways?

 

 

@Clydesmom is correct, but I'll elaborate on the above.

 

You can send a validation request to the furnisher, but they won't be required to respond.  Validation is under the FDCPA.  The only time a debt collector is required to respond to a validation request is if it's sent within 30 days of their first collection letter (which should contain the 30-day notice) and if they want to continue collection efforts.  Even then, if they choose to stop collecting, they don't have to respond.

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Well thank you all for the response.  I'm just overwhelmed with all of this, I had a rough time with my husband's unemployed a few years ago and that's why I'm in this situation -- living off of credit cards.  Now we are in a better situtation and would like to have my credit reestablished I just don't know where to begin. 

 

Thanks again,

Valerie.

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