Hello forum, I need some help dealing with two collection accounts. The first account is a credit card account that is past the SOL, the CA is velocity investments. They contacted me on the phone (very rude) asking me to settle or make payments on the debt. The debt is for $1500 which is outrageous because my original credit limit was for $500. I stupidly offered to settle for $300, but thankfully they did not accept. They contacted me again and offered a settlement for $600 which I declined. My question is what are the implications that this debt has on me? After reading many posts on here I have realized my original mistakes when first dealing with the CA. I am curious what exactly the CA can do? I know they can not take this to court, can they report it on my CR? I do not have anything on my CR from them now. Any advice would be appreciated. The second account is a bank account from Fifth Third in KY that was closed over five years ago for $400. The CA was originally LVNV (which is reported on my CR), but when I contacted them they reffered me to Resurgent Capital. I innocently offered to settle for deletion they declined stating this was not policy. They offered to set up payment arrangements and I declined (yay me?). I would like to know what type of account a checking account is classified as for SOL purposes and if anyone knows the SOL on a checking account in KY. What is the best route I should take in getting the account removed from my CR? Should I start with a DV? and if so could someone help me with this? I have also read about sending them a NDA wondering if they would accept this? Any advice or information would be beneficial and appreciated. Thanks, NEEDREPAIR
Welcome to Creditnet! First, it's important to remember that there's a big difference between how long something can be reported on your credit reports and how long a creditor has to legally collect a debt. If the legal SOL has run on this debt, they could still sue you, but you would have an absolute defense. Generally speaking, collections like this can still be reported on your credit reports for 7 1/2 years,so there is a chance that something could be past the SOL but still reported on your credit reports. Does that make sense? It's something that often confuses people when they first start trying to clean up their credit reports. Also, I believe checking accounts are considered written accounts, but they may have their own SOL in KY. I'm not sure off the top of my head. Check your state's statutes for more details, but I believe the SOL for written contracts is a painful 15 years in KY. Always start with a DV too when dealing with a CA. You need to make sure you protect your rights under the FDCPA.
