Does anyone know if a settlement on a CO that doesn't get deleted will change the DOLA for that account? I'm going to try to go for deletion, but I'm trying to figure out worst case scenario. BTW these accounts are Direct Merchants Bank. Maybe I should wait and see if the company folds and then dispute?
BTW does anyone know any info about DMB and what's happening with this company? I wonder who I will send validation etc too if they fold. I am not by any means an advocate of not paying your debts, but I can't say I would be overly sad if they disappeared and they were unable to validate my debt.
If you are settling for less than the full balance, make sure you get in writing that they will not sell the balance of the debt or try to sue for it ie the difference of the settlement amount and the actual balance will be forgiven. Make them promise in writing that no one will EVER try to collect on it. I have made a payment on an account after the charge off. The DOLA did not change. The CRA used the date of the charge off as the DOLA (EQ).
The DOLA will stay the same. Queen B is right on when she says get the settlement offer in writing. I will add further that you should keep that document for seven years, just in case.
