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Should I make a deal with the car company on past SOL debt

Date: Wed, 12/14/2005 - 11:38

Submitted by anonymous
on Wed, 12/14/2005 - 11:38

Posts: 202330 Credits: [Donate]

Total Replies: 3


I bought a car in 99 and the engine failed. I disputed with the company so did not pay them until they fixed. They did not fix, I did not pay. I stored in garage, it is still there. I transferred overseas and worked for five years. This account is past SOL and off my credit reports. I can not sell without title except the parts when I return. I can buy a cheap engine and drive again. My question is if I make a deal when I return with the car company, will it go back on my Credit report and I will be haunted another 7 years? If so then I guess I will sell it for parts. Doing the right thing penalizes you in the credit system so, don't know what to do. I am in great shape financially now and my CR is down to four entries from 60 and only 1 derogatory. Any suggestion would be helpful.


globetrotter,

Have you confirmed the expiry of SOL as per your state laws? You can post the name of the state where this account took place and confirm yourself doing the right thing.

SOL is renewed only when you make a payment towards the account. Or, it may also get activated if you have made a promise to pay the debt. Otherwise, nothing can be entered in your CR except the present status where your debt is shown negatively since 1999. This negative mark should hopefully get removed by 2006 unless you make a partial payment or a promise to pay the said account.


lrhall41

Submitted by ben on Wed, 12/14/2005 - 13:33

( Posts: 2034 | Credits: )


Ben,
Thanks. I just returned to Europe from xmas holidays. This was in Pennsylvania. It is past the SOL, and has already dropped off my credit reports for some reason in the last month. I have not promised to pay or made a payment, so one more mark deleted. I got a notice from a collection company to pay called Reliable Adjustment Bureau, but just ignored, it is out of SOL and off credit reports. It is a shame you can not do the right thing when you return to better financial conditions without penalizing yourself, but it is a business decision, not a moral one. Thanks for the response and sorry for the late response back.


lrhall41

Submitted by on Tue, 01/10/2006 - 08:24

( Posts: | Credits: )


Globetrotter

I was going through a thread and thought of bring it to your attention as well. Some collectors make a legal stand against you if you do not respond to their calls. You are aware of your debt being out of the SOL period and thus are ignoring the collection calls, but do you know that this avoidance might result a possible legal case filed against you.

Read the thread given below and get a fair idea why you should dispute every collection calls and letters. Some of the agencies purchase junk debts and as the consumers are aware that it is an age old debt, the collectors use illegal methods by filing a case against you at the court and get a possible judgment. Know more on this issue in the thread given below.

http://forums.debtcc.com/forums/scarycollection.html


lrhall41

Submitted by john on Tue, 01/10/2006 - 09:44

( Posts: 1231 | Credits: )