Hi all I have a quick question. I have a very old debt...6 years 5 months for 300 dollars. It was an old medical bill. Today I got a letter from Gulf State Creditors saying that they would settle the debt for $0.00. It said to send that amount and the debt would be cleared. Yes I know it was a typo on their side, but technically could I use this mistake as proof that the debt is infact settled?
I would just wait you only have another 5 or so months to go and sometimes people are able to get them off prior to seven years. If you settle with them now and knowing that company they will try to reage the darn thing and add on more years.
I remember reading somewhere that for large loans that are over a certain limit, the seven year rule doesn't apply. So if I were to apply for a mortgage of over that limit, the derogs that have fallen off the report would show up. Is this correct? If so, will I have a different FICO score for a large mortgage?
Re: Settlement Letter Question Author: Jugnoo (---.ipt.aol.com) Date: 03-21-01 19:37 I remember reading somewhere that for large loans that are over a certain limit, the seven year rule doesn't apply. +++++++++++++++++++ Never heard of this or seen any thing posted on this board about it!
