SOL & DOLA

I believe that if you make any type of payment at all to any CA it will "reactivate" the debt and the time cycle will start over- so if your debt is about to fall off (7 years) don't make a payment! I hope this helps.

Thanks. There is no date for DOLA on the CR. Is DOLA determined from the current CA? No payment to the current CA so no DOLA? No DOLA so SOL is from the DOFD? If payment was made to previous CA, does that affect SOL, DOLA, DOFD? Trying to learn. Reading a lot. So confused. :(

Quote:

Found the following at budhibbs.wordpress.com/2006/08/08/help-from-the-internet/

Seems JDBs must go by SOL as determined from DOLA regardless of any payment to a CA. Correct? If so, anyone have a cite for that, and a cite for the part in bold? Thanks.

A payment does not affect the amount of time an entry remains on your credit report, but it can reset the SOL for purposes of filing a lawsuit to collect.

For over seven years a credit card debt was on my credit report. After that time, it was removed and my credit is fine now. Recently, that 10 year old debt was bought by Genesis Financial Solutions and they are attempting to collect it. My question to the community is: since this debt is past the statute of limitations and past the time it can be reported on my credit report, if I don't pay it now, will it be put BACK on my credit report??? By the way, I DID call Genesis today when I received their notice. I asked them what other options I had. They said if I payed it today, they would accept a payment of 40% of the original amount. Did I screw up and acknowledge the debt with that call and reset the SOL?

Did you agree to the settlement offer (40%)? I would send the a DV letter before you do anything else.

NO I didnt agree. I told them I would think about it and call them back. What is a DV letter?

A DV letter is a request for debt validation. This would ask them to send evidence that they do own the loan. There are sample letters in the Do yourself link above. You can use one of those and taylor it to meet your situation. To clear up your debt you want to make sure you are working with the right people. Someone with more knowledge will be along soon to advise you.

This should not touch your credit report again (legally, at least)...and it is your right to send them a cease and desist letter.

Morningstar, thank you SO much. I will be monitoring my credit report to see if they try to report it after I dont pay, and after I send them a cease and desist and validation letter. Thanks again.

guest....I think Morningstar is awesome with information!!!.but you do NEED to keep monitoring your credit report and above all keep ALL records ..at this point people are re-aging ..renaming...getting very creative etc. etc. and after you send the cease and desist and validation letter....odds are it will probably be sold again...and someone else will be contacting you later..keep all cease and desist letters..always ask them to validate..key points learned from my time on this site!!!! If you don't you will eventually end up getting hosed by trying to do the right thing and thinking you will put an end to it!

I DID call Genesis the first day when I received their notice. I asked them what other options I had. They said if I payed it today, they would accept a payment of 40% of the original amount. Did I screw up and acknowledge the debt with that call and reset the SOL?

I think one of the experts will key in here shortly..I would just suggest in future don't ask what options..ask them to validate first and foremost...then after you have received whatever validation they have....check them out on internet ...BBB...complaint resources etc...even ask members on site for their experience in dealing with "whatever" company.. I think....paying a resold debt at 40% of original amount doesn't simply make it go away unless you have validation of what you are paying and some sort of knowledge that company you are dealing with is on the up and up and have documents that paying will erase all debts owed....(my husband gets a letter from a company .....different name throughout the years...regarding a credit card with department store chain that went out of business here in early 90's...he paid balance but a supposed late fee was sold to a collection agency many years ago...which I am not sure what happens when companies go bankrupt and someone else buys the bad paper and how in the world they ever go about validating these types of things...my point is..this letter ..he gets it about twice a year tells him they will accept $47 and some odd cents to stop collections..this is regarding a $15 late payment fee that he says never happened almost 18 years ago....I tell him to throw it away..if he pays the $47...he'll probably just get another bill like this in a few years....my point is
try to settle debts before they get past original creditor if at all possible....then try to settle and get them out of your hair after they validate..(if you can!)...if you wait till out of sol..I don't see how settling anything unless you get a hold of a good company will be in your benefit and by this time I think the bottom feeders are not going to care a tick about your best interests!

I think at this point people have hit rock bottom with ca's..and there is a ton of crap to deal with..if you are persistent you can clean a bunch of this stuff up....if you take the easy way out and just ignore..you can keep ignoring once out of sol if you choose to do so..just my opinion and I have been wrong many times here...once again I know the experts will key in...I just want to say best of luck and take care!

First of all, I want to address a misconception in the above quote from Bud Hibbs website:
[quote=confusedtoo]Under federal law, the original creditor has 180 days to pursue the debt, the law mandates it must be charged off no later than 180 days, from when you last made a payment[/quote]
I have visited the reference site, and underneath that posting is another poster who references the FDIC : http://www.fdic.gov/regulations/laws/rules/5000-1000.html . Where it does indeed state that accounts should be charged off within a given time-frame. However, that is neither a Federal Law, nor does it mean a creditor only has 180 days to pursue the debt. That poster is commingling what he reads here with the FCRA.

The FDIC acts as a form of insurance. Its regulations only apply to its FDIC-insured member banks. A credit card company or any other finance company who is not FDIC-insured DOES NOT have to follow those regulations.

Now as to DOFD, I went into a detailed post here: http://www.debtconsolidationcare.com/collection-agencies/reconciliation-process.html

DOFD is the date your account became delinquent - ie the date of the first payment you missed that lead to your current delinquent state. Items will be purged from your credit report 7 years after the DOFD, except chargeoffs/collections get 7 years+180 days from the DOFD. DOFD CAN NEVER BE RESET, unless you bring the account current. If an account is sold/transferred, the DOFD should always remain the same.

In regards to credit reporting, DOLA means nothing because the 7-year reporting period goes solely from the DOFD.

Now SOL is a different story. SOL begins when an account defaults. In that sense, SOL starts on DOFD. BUT any time thereafter that you "ratify" your debt, it restarts the SOL. You effectively ratify your debt anytime you acknowledge its existence. Making a payment, or simply admitting to it in writing, will restart to SOL. Like DOFD, the SOL belongs to the account itself and is not reset by virue of an account being sold/transferred. Keep in mind that SOL only refers to the time-frame in which a court will award judgment to the creditor -- SOL has nothing to do with your credit report. And also, it is not up to a judge to raise an SOL defense for you -- if you are not present in court to argue the debt is past SOL, then the judge will still award a judgment to the creditor.

If there are still any confusions, please post away.

Debt cruncher always has the


!!!!!You are awesome!

Any advice, please. I 'disputed' a few things, in which the 'drop-off' date has passed. The CB's came back with a letter stating, the CR has been "updated." However.....the pst debts are still on my CR. Isn't the CB's suppose to automatically take off those debts, that SOL has expired? Is there something else I NEED to do? Something else I CAN do?

Hope you get some answers here sdchargers. I have been reading through tons of forums and posts trying to figure out when my SOL is. I think I figure it out and then find somewthing conflicting and get confused again. SOL starts at 30 days late as of (date) right?

if you send a collection agency a validation letter and they take a while to send it to you and the sol expires before they send you validation can they still legally send you to court? when is it a good time to send them a notice that the sol has expired???

I'm not sure on that one tyler. Usually they only have 30 days to validate a debt from my understanding. I also think they have to file a law suit before the SOL for it to stop the SOL time clock. You and I both should get a reply today.

Now..just think. Some people, on this forum are asking about "good and legit Credit Repair companies." Of course, I have been looking, too. With all the information, we are getting on this forum, someone would be paying a 'Credit Repair Company' a ZILLION dollars for the same info (I'm sure 'you' see my point here). SOOO......as frustrated as we may get, with our OWN issues, just remember we are getting VERY helpful ( and free..!!) advice, from this forum.

Totally agree with you sdchargers. You sound a little upset in the last post..hope I didn't offend you. I was just expressing how confused I get trying to understand statute laws and DOLA laws. Sooner or later I'll get it straight.

i have desputed this phone bill dept saying its not mine and filed idenity theft to the police but it took them a long time to answer my validation request. then they sent me a bill with my name on it and addresses i never lived at. i disputed it in 2006 and i just got so called validation last month 2008.it says that it was delinquent on dec 2000.it is off my credit report and such cause i did dispute it to the cra but im still wondering if they still can legally send me to court since it took them this long and the sol in nevada has since long expired.if so when is it a good time to send a letter to them to quit bothering me and inform them that the sol has expired? im tired of trying to prove that this debt isnt mine!!

good luck Tyler
..instead of tired..I hope you get inspired...which is what kept me returning to this wonderful sight!
if bill was delinquent in 2000.....I don't think you will have a prob with this but I know the experts will weigh in here!
in the meantime......

good luck don't get tired...prove it isn't your debt then move on to bigger and better things!

Tyler, if you're certain it's past SOL, you could just send them a total cease-and-desist latter. There's a template in the do-it-yourself section of the site, I believe.

The real bottom line is this. You HAVE to be taken to court and a have a judgment against you in order for ANYONE to really truly hurt you financially. They all threaten and try to manipulate you into paying but in reality they can do nothing without that judgement. Don't ever agree to pay when your SOL is almost up. Cahnge your phone number, change bank accounts or simply do not answer when they call.

That is what I would do, especially since the phone bill isn't his. Restarting an SOL leaves more years of headache.

regarding this post...I just want to emphasize BE VERY CAREFUL in expecting acknowledgment and recognition of your dispute..from what I have seen on site..these companies are very vulture-istic sorry.... created new word here...


I think they purposely ignore your requests to validate in this time frame and may try to say they have sent you things and have not received whatever you attempted to send to them..and they play games with people who expect them to do the right thing but it doesn't end up happening....a company on the up and up will not ignore a simple certified letter and your attempts at doing the right attempts to validate debt they are contacting you about sort of thing.....if this happens when they call before you receive any sort of thing in the mail...RUN FORREST RUN!!!!! JMO could be wrong here :D :D :D