I know some say not to, but I really want to pay them off even if I cant get a deletion for paying them, I dont want them to haunt me forever, being sold from one CA to another for the rest of my life, my question is, for example, I have a cap one c-off, my limit was 500, at time off charge off (97) I was right at 500, with interest it is now at 1500, are companys willing to accept payment in full of the actual balance -the 500, as full payment? has anyone had success with that? also, If I start making payments on these, will they reage on my report (Imean if I make monthly payments instead of a lump sum to pay it off)
I was in the same situation a few years back with C1. Limit was low, was young and foolish with credit, and subsequently my balance went to almost 3 times my limit. Unfortunately at that time, I had not found this board, nor did I know a thing about negotiating. I would advise you to PFB a letter off to Mr Cooke (Cap One's consumer advocate), asking to remove late fees, overlimit fees, and interest that came along with them, also ask for a better rating. This would work better if you can pay a lump sum payment right away. Others have posted that they successfully got Mr. Cooke to change their rating from R-9 (charge-off) to a R-5. R-5 rating still is not good, but looks better than a charge-off. As far as re-aging, and someone correct me if I'm wrong, it's illegal. Keep all paperwork showing when the account was originally charged-off, so if they decide to get cute, you have proof.
In NY, the SOL on CC Debt is...6 years. http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
Boy Star, you're so close to the SOL being run. Unless you think you're about to be sued, I think I'd be inclined to see if you can ride it out.
I just had success in getting a collection agency to settle for less than the original amount... I sent them a letter saying I wished to settle for X $$. They sent a letter back. I waited till the next to last day of month and called them, told them I was trying to come to a mutual agreement, but I had federal & state tax obligations ahead of them. So did they want to settle or not. Tomorrow's payday and I might have a little $$$ but it doesn't last long. They faxed me a settlement offer & I sent payment... it's done.
help me inderstand the SOL, I have 2 that are from 97, the rest from 99, so if I dont pay and its been 6 years, are you saying they can never legally get the money from me and it cant be resold again?what should i do about the 99 ones?
The SOL is known as an affirmative defense. If the SOL has run and you are sued, you can ask for a verdict in your favor on those grounds and, you'll win. However, you can be sued regardless of whether you are in statute or out of statute. The debt is not canceled and you must show up in court to raise the defense. Yes, you can have collectors calling you and sending you mail until you either pay or discharge the debt in bk. You're so close on the 1997 stuff-I think I'd try and tough it out. It really sounds like you're getting worn down from the collection activity.
