I have not filed BK, because I'd preferred to pay my debts for personal peace of mind, regardless of how long it takes. In other words, I really don't care if collectors are getting the money, instead of the original creditor. I'm just interested in putting out what I've taken in. I know 90% of you won't agree with this, but it's something personal with me. Afterall, I did accrue the debt. I can't go back and change what led to the debt, but I can make effort now. I've accepted the fact, that I have bad credit, so I don't worry about the score anymore. I only need collectors to offer affordable monthly payments due to my income restrictions. I could understand, rushing things to court if debt buyers thought they could acquire a lump sum payment from me, but when that is not possible(and they know because income is verified), why take it that far? One particular debt, I offered to pay $70 per month, which would have been paid off a few years ago at that rate, but that was not accepted, and now it may go to court. I just don't understand. If payments are resumed, the SOL restarts, so court is always an option later if that's their worry. I can not give what I do not have. I'm curious, from a business standpoint, is it better for debt buyers "not" to accept monthly payments for some reason? They seem more willing to accept a 50% lump sum payment, than all of the money owed paid over time. Or do they believe everyone lies when they say, they don't have the money? Right now I pay those who work with me, and accept the fact, the rest will take things further. Unfortunately, some of those you pay monthly are not the easiest to deal with. If this continues, I may have to file BK, although I don't want to, because I worry that paying them, will make things worse in the long run, if credit reports aren't updated, and receipts aren't received for future verification(explained in previous two threads I created).
If you feel this way you should know that a JDB bought your 10K debt for about 300 bucks if that. You want to feel good, donate the money you defaulted on to a charity. Because they are not nice people? WRONG about SOL once it is CO'd or sold to a JDB. I would never pay a JDB voluntarily, I don't know what they think. They think of you as an easy mark. They will not ease up on you and you really cannot reason with things of this ilk. Woofer
Sooner or later you're going to get mad enough at them to turn into Flyingifr. For your sake I hope that's sooner. If you want to do the right thing now, look at the bigger picture and start fighting not just for yourself but for others abused by these jackals. In the end, karma will reward you for it. Oh and don't think of BK as a huge help ... google up an article called "Prisoners of Debt" if you think otherwise.
Hi Woofer. Can you elaborate more on the SOL. When you say I'm wrong about that, do you mean the SOL has not restarted? Byt the way, I do feel like an "easy mark". Well, more like a sitting duck sometimes. lol Thanks
If you had an OC CO say 5/04 and then a JDB got it and you paid a JDB on 5/08, your SOL would be the year 04 and probably DOFD would be 6/04 so you would be out of SOL according to your state,or unless you moved and it was tolled.It would not start at the year 08. On credit reports they have to remove a tradeline that is neg in 7 years. Some states have SOL at 3, others 4 , some 6. YOu just need to know what applies in your case. Woofer
This is so confusing because we use SOL to refer to two completely different things. There is an SOL for REPORTING -- it's seven years from the DOFD. This is set by Federal Law and doesn't change, although CA's sometimes illegally re-age an account. Then there is the SOL for filing a lawsuit. This depends on state law. In my state (North Carolina) it is three years for credit card debt. In NC and many other states, making a payment on the account DOES reset this SOL.
Everything I have ever read, when you pay off a debt, it does not re-age it. If they do try to so so you have them on another violation. When a JDB tried to re-age I disputed and off it came from my crs. So I have never had a problem. Also when I had to settle with an OC, even though I paid them in 07 my DOFD was 02 and it has stayed that date. Hope others will chime in here on this to let us know what the real scoop is. Woofer
Thanks for this answer Woofer. I'm familiar with SOL when it comes to credit reports, but I'm confused about SOL when it comes to lawsuits. For instance, in Illinois, I've read the SOL for CC's is five years. So, if my last payment on the card was August 2002, could the collector still win a judgment now, or is it past the SOL? I'm not sure how all of this is calculated. Because.... The illinoislegalaid website, states that the SOL for CC's is 10 years, because most likely a "written cardholder agreement" is behind the credit card debt. I didn't officially sign an agreement, and initially applied online, so would that be considered a written 10 year contract, or a 5 year contract? Very confusing. I can't post the link in my message, but if you visit illinoislegal dot org and search for "What Is the Statute of Limitations on Credit Card Debt?" you'll see the info about 10 years for a credit card debt. Also, if I contested the debt as being past SOL, what would I say in court? What proof would I need?
It does not re-age it for REPORTING to the CRAs. It does re-set the SOL for lawsuits, at least in some states. See NC Statutes Ch 1-31 for details here. The "last provable action" on the account starts the SOL. A payment is a provable action. Other states have similar laws.
