I have a CC debt thats past the SOL, for Florida. 2 weeks ago I sent the CA a validation letter, and now recieved a computer generated response back. The CA is Portfolio recovery, the debt is due to fall off report in 2010 as far as the OC is concerned. Any suggestions as to what if anything I should do from this point on? The last activity on this CC was 04/2003. My problem is, is this TL is the only thing holding me back from getting approved for a mortgage. I already made the mistake of paying a debt off, before reading these forums. Whats the chances these CA's will persue the courts, even if they see I can be aggressive? I know I can use the SOL defense. I also disputed this TL on my report through the online form.
What is the SOL for Florida? What was their computer generated response? What did it say? And not for the CA? Has the CA also put adverse tradelines on your report? If so when do you think those fall off? There really isn't much you can do. You might have to make the same mistake again if you want a loan and can't find a lender who will finance you with an outstanding debt or a judgment on your record. Credit is getting tough to obtain now and it is going to get much, much harder to get as time goes on. Lenders are running scared now and borrowers should be running far more scared than the lenders. We haven't seen the bottom of the real estate market yet by a long way. The chances are great that if you buy a house today it will be worth about 10% of what you paid for it 5 years from now. This is the time to pay off debts, not incur new debt. Older homes are still selling and holding their value but new homes sales are dropping rapidly. We are seeing homes that had for sale signs on them before now have for rent signs on them because they aren't selling. People are running scared and well they should be. We aren't anywhere near the end of the mortgage meltdown yet and the credit card and auto loan meltdowns are yet to come. The auto makers are also in deep trouble and if any one of the big 3 American auto makers go bankrupt and out of business we will lose another 1.4 million jobs all across the American economy. I hate to be so gloomy but we are in deep trouble and Obama isn't going to solve the problem. He is inheriting a recession from Bush and when he leaves the presidency his successor will inherit the depression he left behind. That's not a question we can be expected to answer. They might sue you today and they might not ever sue you. The only one that can make that decision is the attorney they use to sue people in your county. They might tell their attorney to sue you but the final decision is up to the attorney so there is no possible way anybody can tell you when they might decide to sue you. About all anybody can say is that the chances they will sue you are pretty good. What have you done to make them see that you can be aggressive? Sending them a demand for validation certainly didn't do that. They sent you something they claim is a response and seem to have done it quickly so now they are free to move on with whatever collection activity they choose including filing a lawsuit then garnishing your wages or other assets. If they sue your chances of winning are slim indeed. Apparently you do have a SOL defense if you can prove when you made your last payment to the original creditor. I suggest that you start digging up your old bank statements now because if you don't you may have a hard time getting them later. Do you know how to prepare such a defense and present it to the court if you are sued? If not then I suggest you start learning now. So what happened with that? You ask what can you do next. There really isn't much you can do but wait and see what happens. You can't move against them unless they have violated some law. You haven't said anything here alleging that they violated some law.
First, do not dispute online insofar as you cannot target the appropriate data fields. They can and are deleted with the proper methodology employed. Did they mark the debt as being in dispute on your reports? Even if they didn't, some of their data fields are inaccurate and as such, you could sue them under the FDCPA and FCRA since they verified it. I assume that you've already been declined for a mortgage.
No actually I have been approved for the mortgage, conditionally. That being, if I pay this debt that is showing on credit. However I can just wait til this matter resolves somehow, but I refuse now to pay for cap1 CC thats over 5 yrs out of SOL. My mortgage approval is not based on score, some other math equation was used because I am a paralyzed Vet and they just needed this paid off. I will see what happens with this online dispute and if nothing then I will try the CMRRR TO THE cra's.
Cap1sucks: Heres what the printout reads, Re: verification info concerning PRA account REF#XXXXXXXXXX sELLER/cREDITOR Capital one bank The following info is being provided in response to recent communication Account#xxxxxxxxxxxxxx and its proceedswere sold, assigned and transfered by the seller to PRA ON 9/26/07. And so on. Then it gived me the options to pay this debt by CC. The DOLA is 4/03, and charge off is somewhere in 2004. The SOL for Florida is 4yrs, however Ive seen where they say 5. Even 5 is out of SOL on this CC. The credit report states CO is 1593.00, this print out says the sellers records were 2911.00 and PRA says I owe them 3024.00. Somewhere theres inaccurate info anyways. Thanks for your input, Iwas just wondering what options were available after getting a response from this DV. I am ready if a suit comes my way, Ill just keep reading and be better informed and prepared.
That's all I know what to tell you to do. If you do a search on this board for the search term WESTCAP you might find a solution but it won't get you out of paying the debt. It is an old post from back in the early years somewhere after 2000. I haven't seen it in a long time but it might still be here. That might help you get it off your credit reports quicker. If you have to sue on the contract you could probably take it to federal court under the diversity clause even though breach of contract is normally a state level action.
