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Help me please...

Date: Thu, 12/28/2006 - 17:34

Submitted by natdust20
on Thu, 12/28/2006 - 17:34

Posts: 1345 Credits: [Donate]

Total Replies: 33


I have a credit account on my CR that is reporting as a charge off. On the other hand, I am getting calls and letters from NCO regarding it. I looked on the web and found that the SOL for NC is 3 years on open accounts. Also on my CR, it is showing 30 days late as of OCT 2003, so wouldn't it be out of the SOL in OCT 2006?? If so, will I be able to get it to change anything on my CR or will it still affect my credit?? Also, need help with fixing a letter for NCO to get them to stop harassing me...HELP......


MAN, IT'S GREAT TO SEE YOU BACK..I HAVEN'T SEEN YOU ON IN A FEW DAYS...MAYBE I JUST DON'T GET ONLINE WHEN YOU ARE...LOL So, what should I do about the NCO pain in the butt ppl calling me everyday and mailing me letters?? Could you help me put together something that contains the SOL for NC, so I can send it to them??


lrhall41

Submitted by natdust20 on Thu, 12/28/2006 - 17:39

( Posts: 1345 | Credits: )


How do I go about doing that?? They send me letters all of the time, is that a debt validation?? I went in and checked my credit report that just updated yesterday and I saved it. Is there anyway that you could help me with getting something together to send them that lets them know that I am aware of it being out of the SOL??


lrhall41

Submitted by natdust20 on Thu, 12/28/2006 - 17:57

( Posts: 1345 | Credits: )


I've never actually had to send one myself; but I do know they have to state the name of the company they represent and how much the debt is for. Check out these threads. The first one is for the laws regarding debt validation. The second one has a link regarding NCO and how to deal with them as well as a template debt validation letter. Good luck, natdust. Let us know how it goes.

http://www.debtconsolidationcare/validation.html

http://www.debtconsolidationcare.com/forums/about6873.html


lrhall41

Submitted by dbaker6 on Thu, 12/28/2006 - 18:10

( Posts: 1600 | Credits: )


SOL doesn't have anything to do with credit reporting... the SOL's vary by each state's laws. Credit reports are governed by the FCRA which is a Federal law.

Whether or not a debt is collect-able, it can be reported to the credit bureaus for 7 years from the date of first delinquency.

After that, they can still call you and try to get you to pay. But if you know they can't sue you, then they wouldn't get very far trying to collect.


lrhall41

Submitted by DebtCruncher on Fri, 12/29/2006 - 19:17

( Posts: 2293 | Credits: )


I may not know about payday loans but I know about this. I work for a collection agency. You can start a dispute with the credit bureaus, they only have 30 days to reply, most don't because they get so many disputes...so at that time the credit bureaus will delete that record. If NCO contacts you just simply tell them you are aware that the statue of limitations is up and are disputing this, as well as letting them know they are in violation of fdcpa and not to contact you anymore.


lrhall41

Submitted by jessie61520 on Sat, 12/30/2006 - 16:18

( Posts: 33 | Credits: )


Well, the only thing is they are not reporting it. Capital One is still reporting it, I don't know why since NCO has the account. I disputed it today with experian and equifax anyway. Do you think that Capital One will let them delete it since it is past the SOL and they haven't got any pmt since OCT. 2003??


lrhall41

Submitted by natdust20 on Sat, 12/30/2006 - 16:20

( Posts: 1345 | Credits: )


Yes, what will happen is that Capital one will get the dispute, 9 times out of 10 they wont validate it, if they do look into it they will see that it's way past the SOL and ignore it. If it doesn't work the first time just keep disputing it. Again because they get so many not all of them get validated.


lrhall41

Submitted by jessie61520 on Sat, 12/30/2006 - 16:23

( Posts: 33 | Credits: )


Sometimes you have to dispute it when it's paid off with them. The SOL stars when they received your last payment. So if for some reason you sent them even $1 last month then it would start all over. Another thing is that you can send them a payment even $1.00 and if you write on the check "this is a final settlement payment on this account" if they cash it, they have just accepted that settlement!!!!


lrhall41

Submitted by jessie61520 on Sat, 12/30/2006 - 16:34

( Posts: 33 | Credits: )


If you disputed it with the credit bureaus just wait until you get a reply. Is it a substantial amount? Depending on the balance they may think you are trying to get something (house, loan car etc.) and validate it...even if it's over the SOL...then you'd have to wait the 7 years. But even then I'd keep disputing it. They will not always reply. I had something that I disputed a couple years ago, they validated it, it was over the SOL, this year I disputed it again....it was removed because they didn't respond.


lrhall41

Submitted by jessie61520 on Sat, 12/30/2006 - 16:41

( Posts: 33 | Credits: )


Quote:

Another thing is that you can send them a payment even $1.00 and if you write on the check "this is a final settlement payment on this account" if they cash it, they have just accepted that settlement!!!!


NOT TRUE.

The memo line on a check is just that, a "memo" for your own personal records. Writing something on the memo line does not in any way create a new contract, or alter the terms of a contract that has already been executed. Any comments you may write on a payment do not actually void the original agreement.

As a test, the next time you make your car payment, go ahead and write "paid in full" on the memo line. I guarantee they will still cash that check; and if you stop making payments after that, I guarantee they will come take the car. Then see how well your argument holds up in court.


lrhall41

Submitted by DebtCruncher on Sat, 12/30/2006 - 18:22

( Posts: 2293 | Credits: )


Talking about collection agencies & collection accounts, accounts that have been witten off as bad debt, not regular mortgage, car or loan payments. That would be rediculous to try and be on their bad side. Of course there are agencies out there that don't follow the guidelines. However, at the agency I work for they will not cash such checks....and NO it's not in the memo line you write it. It's where they endorse it on the back & it has to be written in a certain way.


lrhall41

Submitted by on Sun, 12/31/2006 - 08:23

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