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Discussion in 'Credit Talk' started by worried, Apr 4, 2001.
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I think by starting repayment you have restarted the 7 year clock and if you stop paying now your new date of last activity will be 2001, rather than 1998. I could be wrong.
Since it was after December 17th 1997, it is under the new FCRA rules, meaning that it cannot be reaged, it is from the date of charge-off when it becomes obsolete. I found the info from the Bayhouse Forums under the FCRA Questions and Opinions.
If the the first day of deliquency occured in 1998, then it will go by the new FCRA guidelines passed in 97, which means the reporting clock won't restart, however your SOL to legally collect will restart since you have been making payments. I also think a repo is pretty damaging to your credit as well.
okay, so this is what i am thinking... continue to pay the debt off as much as i hat to because they could get really dirty and take me to court.. then I have a judgement on my hands. any other advice?
Try to avoid a repo. They really suck.
Most of the creditors that I have dealt with will help out. Just give them a call and tell them that you are having problems with money right now, and they will probably take less per month for a while. At least they are getting some money... Sometimes it works, sometimes it doesn't.
BUT DO TRY TO AVOID THE REPO!!!
Re: Charge off
Author: worried (216.229.203.---)
Date: 04-04-01 11:31
okay, so this is what i am thinking... continue to pay the debt off as much as I hate to because they could get really dirty and take me to court.. then I have a judgement on my hands. any other advice?
=================================REPLY ==How can they if you are making payments????????
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