As I see it, I have no REAL incentive here to pay this damn thing... The CA has been completely horrible to deal with. The most hilarious part is when they called to accuse me of not meeting my agreements. This idiot saw that I changed my payment agreement: WAS: $100 on the 15th IS: $75 on the 1st and $75 on the 15th The sheer lack intelligence floored me, he could not understand that I had actually increased my payment amount by $50, not reduced it by $25. Anyway, this moron pissed me off so bad, I refuse to deal with this CA. I thought because the OC was reporting this to the CRAs, including updating the balance, that I could convince them that it's in their interest to deal with me and not force me to deal with the CA. OC tells me they simply cannot/will not change the status of the account (charged off/collection). They tell me to deal with the CA. I explained the facts to the OC: FACT: OC is reporting the debt to the CRAs (even updating the current balance per my payments to CA) FACT: CA is NOT reporting the debt to the CRAs FACT: It's out of SOL FACT: It's off my report in late 2005 FACT: I have sent a quasi-ITS (or else send me $), cited multiple FDCPA violations and limited C&D to the CA (rec'd by CA 6/9/03) I tried like hell to get the OC to agree to take back the debt AND report it "current" after a period of "payments as agreed". She continued to tell me they will not take back the debt, it belongs to the CA now, End of Story. I told her that the CA has repeatedly violated the FDCPA and that I would likely sue them rather than put up with their nonsense and then that would leave the OC without the money they had been collecting. Still, no joy. I spoke with the 2nd in command at the OC, 1st is out of the office until next week. I have left a message for him. The woman I spoke with will note my complaints about the CA, wow. I would truly prefer to pay this, but ONLY if my TL is updated to a more favorable status, hell even "Collection: Paying As Agreed" would work for my purposes. Sure, it still hurts my score, but my CU would give me a loan atleast. If the TL will not be updated by the OC, I just don't see the incentive to pay this (moral obligation aside). I don't want to be walking on eggshells for the next 2 years with regards to my credit, not able to get the loans and APRs I want. Installment: Charged off in 1998 (4yr SOL), transferred to CA 2002 Balance is currently $4000 Paid $1000 to CA in the past 6 months. Any other ideas, random thoughts or suggestions?
You did a dumb thing - making ANY payments until everything at issue was agreed to first in writing. You claim the debt is outside SOL but by making a payment you started the SOL ALL OVER again. All you can really do now - now that you've given up your strongest bargaining chip - is to dispute and validate.
Thanks for stating the obvious. Anyone care to offer any more creative (read:helpful) suggestions? Realize not everyone has been scouring the net for credit repair tips. Yes, I made a mistake...excuse me, but I think these boards primary existence is to help those who have made mistakes. I can still demand full and complete validation of the CA. So, do I have any other recourse, or has anyone dealt with a simlar experience and had some success? Thanks in advance. p.s. can someone point me to the part of the statue that explicitly states that you restart the original SOL by paying a CA.
She continued to tell me they will not take back the debt, it belongs to the CA now, End of Story. rugger ============= She's telling the truth if the debt was sold to the CA. How's it listed on your reports? THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Status: Collection Account/Charged Off . $X written off. Creditor's comments: Transferred to recovery. The recent balance DOES reflect my payments to the CA, they are updating that each month. However, the recent payment remains $0...can I cite this as a FCRA violation? If they are updating the balance, must they accurately list my recent payment?
p.s. can someone point me to the part of the statue that explicitly states that you restart the original SOL by paying a CA.
That's what I'm wondering. I keep hearing conflicting views, and that can make a HUUUUUUGE difference in how you go about removing TLs.
In the FCRA, there aren't any hard and fast rules on how DOLAs are set. However, I have found on Why Chat's website the following protocol for the OCs: http://www.fdic.gov/regulations/laws/rules/5000-1000.html THE UNIFORM RETAIL CREDIT CLASSIFICATION AND ACCOUNT MANAGEMENT POLICY OF THE FDIC "Open-End Accounts Institutions that re-age open-end accounts should establish a reasonable written policy and adhere to it. To be considered for re-aging, an account should exhibit the following: â?¢ The borrower has demonstrated a renewed willingness and ability to repay the loan. â?¢ The account has existed for at least nine months. â?¢ The borrower has made at least three consecutive minimum monthly payments or the equivalent cumulative amount. Funds may not be advanced by the institution for this purpose. Open-end accounts should not be re-aged more than once within any 12-month period and no more than twice within any five-year period. Institutions may adopt a more conservative re-aging standard; for example, some institutions allow only one re-aging in the lifetime of an open-end account. Additionally, an over-limit account may be re-aged at its outstanding balance (including the over-limit balance, interest, and fees), provided that no new credit is extended to the borrower until the balance falls below the predelinquency credit limit. " IMHO, you have shown your willingness and ability to repay the loan and you have sent more than three consecutive minimum monthly payments. If I was the CA/OC, I'd say your DOLA just got reset to this month. If you had left it alone (not paid it, but demanded validation), your original DOLA would have started the 7 year clock to its dropping off of your reports. I'd say your best bet now would be to negotiate for complete removal of the TL for payment in full (I'd get that in writing, of course) or start counting seven years after you pay this thing off. Good luck to you.
