Today a collection agency called me with an old account. It is set to fall off my credit report in 9 months. I was caught off guard and since I am responsible for it I promised to send out a partial payment right away. I got off the phone, am now rethinking the situation. Here is(are) my question(s)... Aside from the ethical questions, Could I wait out the next few months and when the SOL run out negotiate a better deal. By me agreeing to pay the bill, does this start the 7 year clock all over again. If I do pay it off? Any help would be greatly appreciated. thanks again. derick
RE: Collection, with 9 months First off you said it will come off your report in 9 months, are you referring to this being 7 years old soon?? What is the date of this collection? What is the SOL for it? Also from what I have read AGREEING to make a partial payment/payment CAN restart the sol clock. When you spoke with them did they mention if the phone call was being recorded or monitores for their """ purposes or whatever they claim the purposes are for?
RE: Collection, with 9 months My equifax report states that this account is set to fall off on 9/2001. I am assuming that the SOL runt out at that point. They did not say that the phone call was being recorded. thanks
RE: Collection, with 9 months If you do settle this debt,offer to pay on the condition that it is removed from your credit report.
RE: Collection, with 9 months I think you're confusing the SOL with the 7 year clock. SOL is after when they can't do anything to you legally to collect the debt. No wage garnishment, no liens, no law suits, etc. Legally, the debt isn't collectable at this point, and there's nothing really stopping you from just walking away from the debt. Depending on where you live, chances are that the SOL has already expired. I believe that in majority of the states, SOL is 5 years or less. Depending on where you live, a verbal agreement to pay back the debt could reset the SOL. I would check into that. The 7 year clock is a completely different animal and is in NO WAY connected to the SOL. The 7 year clock is the time that they are allowed to put negative entries in your credit report. The clock starts 180 days after your debt becomes delinquent and they begin any kind of collection activity, whether internal or external, and nothing can change that. TomL
RE: Collection, with 9 months Many people, including some of those who were trying to help you, are confused about these 3 concepts: 1. SOL Expired: The SOL period varies from state to state. If you acknowledged the debt when you spoke to them, then in all likelihood the SOL period was reset. Whether they can prove you said it is a different issue. 2. Time the item is reported: Has nothing to do with #1. 3. Time to collect the debt: Has nothing to do with either #1 or #2. It is perfectly legal to try to collect a debt after the SOL period expired. Q: If the SOL period expired, what does it mean for you? A: It means that if they file suit against you, you are entitled to have the suit dismissed even if it has merit. If you do not claim that right on time, the suit may still lead to a judgement against you. Saar
