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CC1489

SOL nearing

2 posts in this topic

Last post was in '16.  Nearing end of journey.  I started with health issues after retirement.  Surgery, chemo & set backs late in 2012, mounting medical bills (all paid).  I was in debt to the tune of $63,000 both secured & unsecured.  I had no mortgage, I have one more collection showing on my credit report, I never had to declare bankruptcy, but had consulted a BK lawyer.  Their advice was to let sleeping dogs lie as I was basically 'collection proof'.  I just wanted to tie up loose ends so I kept prodding along.

First I had to get control of my finances so I went on a cash only basis.  I slowly paid off all my secured debt including a large personal loan & 2 auto loans. Nothing was ever repo'd although I did look at those options.  I settled one large credit card debt for 50% unbeknownst to me was that they were under no obligation to settle it was for more than $5K & being CP I guess they figured a bird in hand was better (paid).  I had called all my creditors, most were unresponsive to my plight & refused to discuss settlement.  

I had a 7k debt with another CC that they settled by setting up a payment plan with zero interest for 36 months (paid).  The other 4 cards refused, 1st ($3,600) went to court, got a judgement but it is not listed on any of the 3 Credit reporting sites, I'm sure it still lingers.  I missed the bullet on 2nd CC ($1,400), the OC went out of the credit card business, lost or destroyed all the information & when sold the purchasing firm couldn't validate my account.  They resold it to a bottom dweller who also couldn't validate.  

The 3rd ($1,400) couldn't validate either & resold and they sent me a letter stating they would no longer pursue the balance, since they couldn't validate, haven't heard from any other firm on this.  The 4th ($1,800) is listed in collections & the SOL is nearing the end.  Although I expect to hear from someone on this either before or after that date.  It is my only outstanding active debt that is listed.  I've kept copies of all my paperwork, releases, satisfactions & releases for the last 6 years.  

During the last 1 1/2 years I have been trying to rebuild my credit, I finally reached 700 on all three bureaus, tested the water, opened 2 CC total limit ($3,600), one retail account (online) limit ($600) & got pre-qualified for up to a $35,000 auto loan that won't be exercised but good to know I did qualify.  I have been refused a 'Discover' card because of the collection but that was ok, expected that.  I keep my balances between 5-10% of the 3, paying off the card before due dates then running balance up before reporting dates.  they want you to be in debt for a good score.  

I assume the collection will remain for the 7 1/2 to 8 years even though the SOL will have expired.  I learned from you all the process of a DV, C&D then live with the outcome, Thanks.   

 

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