I know this term is generally in relation to bankruptcy but I could not think of another word. I was interested in opinions. If a person were to contact credit card companies listed on their credit profile, all outside the SOL, an offer to pay the debt in exchange for: 1. A reporting change on the profile to "Paid, zero balance." 2. And/Or having the accounts reopened after payment. Would this restart the clock for the 7 year reporting period as it is technically acknowledging the debt?
Hal: I have to look at your question from a practical standpoint and in so doing I find that it begs the further question which is, where does one find creditors so willing to chance being twice burned? Secondly, if one did reach that unlikely conclusion to the situation, it would seem to me that it would or should become a paid as agreed, never late listing.
Hal, What I've been able to determine is this.... 1. If the debt occurred before 1/1/1998, then it's seven years from the date of the last payment (so if you pay it then the clock starts over) 2. If the debt occurred after 1/1/1998, then it's seven years from the chargeoff collection attempt etc. regardless of when you pay. I am in no way offering legal advice. This is my interpretation of the statute as I have read it and as such is open to misinterpretation. Does anyone else view this differently?
I'm missing something here. If they change it to a positive on your reports in exchange for payment, then why does the seven year period matter? The seven year period only matters if you have a negative reporting on your reports. Or, am I missing the whole point of your question?
Gumbo, No, I wasn't as clear as I wanted to be. My concern was if I contact them, and they DON'T agree to my proposal, does the fact I contacted them and acknowledged the debt restart the 7 year clock.
Hal- You could go into their office and fart in their general direction and it would NOT restart the 7 year clock. Nor would an aknowledgement. SK
Haha - that was funny SofaKing - never heard it put quite like that LOL. Negative information remains on your CR for 7 yrs - period. Nothing you do will "restart the clock". In my opinion, I would prefer not to reopen the accounts, but rather re-apply for new ones (with the same company or not) - that way you will have accounts on there that have no lates.
Definitions If state laws on "direction" don't provide any better definition of the word than they do "money" he will explode before he figgers that out. LOL
Re: Definitions Any promise to pay waives your right to the SOL. SOL and 7 year rule are 2 different things. breeze
