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Nick
Joined: 17 Aug 2007
Nick's page
Posts: 5
330 Magic Points
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Subject: So.... I have an old charged off account...
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Fri Aug 17, 2007 6:12 pm
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It is listed as having been bought by lvnv collections, and they are listing it on my credit report (they keep re-reporting it as an open collections account, as recently as last month, but I have made no payments on it recently). I am not disputing the debit, but I think it should be much lower than it is. I had some particularly nastyness in my life when I first defaulted on this, and later was working on paying it. The net results is many of my records were destroyed. I think that I had gotten the debit down to about $150.00, but LVNV is now listing over $900.00 to the CRA's. I do not believe I have ever been contacted by LVNV.
I live in WA, and I had the CC in WA. Bank of America closed the account in early 2002 as transferred or sold. When I look up the SOL for open ended account, it lists 3 years. Does this mean:
a) That they do not have a right to collect it.
b) That I am likely to be able to use this as further leverage to have them list the debit as paid if I offer a settlement. |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Fri Aug 17, 2007 9:35 pm
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While I could be wrong, LVNV is a collection agency that is permitted to charge interest pursuant to the original credit agreement...therefore, the debt could still be growing. Demand validation from the collection agency--get a good breakdown of the balance.
a) No. Debts do not go away with time. SOL means that you could raise SOL as a defense if you were sued over this debt.
b) Quite possible. If you go this route, get it in writing before you pay. |
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Nick
Joined: 17 Aug 2007
Nick's page
Posts: 5
330 Magic Points
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Sat Aug 18, 2007 1:00 am
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Ok I thought as much with the first question...
For the second, if one has requested validation, will that weaken ones position in negotiatin the terms in the second question? |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Sat Aug 18, 2007 3:10 am
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In the end, all they want is money...I wouldn't worry about it much. You do need to make sure you're not getting ripped off.
_________________
I don't dream since I quit sleeping |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: account
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Wed Aug 22, 2007 5:52 am
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| First things first...........get a copy of your credit report. Lok and see if that account is being reported as an 'open-ended' account. USUALLY, with 'charge-off' accounts, that means the account was sold to someone else ( the company or people) you had the account with assumes, by this time, the account will not be paid for. In THAT case, it will be on your credit as a 'deliquent/charged off' account. IF it is, look at the 'drop off' date ( listed to the right or the bottom of the account name) nad see when it will come off. From personal experience, I'm just giving advice. Hope this helps. |
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Nick
Joined: 17 Aug 2007
Nick's page
Posts: 5
330 Magic Points
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Thu Aug 23, 2007 7:28 pm
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It doesn't list a date that it will fall off.
And it shows as reported as receintly as last month. but it is still showing as open. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: credit report
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Thu Aug 23, 2007 8:49 pm
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| Ok...if it is still an 'open account', it won't have a 'drop-off' date. If you have proof that the account is paid off, I would send a copy to the CA and a copy to the Credit Burea ( so they have a record of it). Then 'dispute' the item. The item may not 'drop-off' right away, because the account was just updated, but, it will appear as a 'closed account'. If it is a 'closed account' , THEN it should have a 'drop-off' date. Hope this makes sense and helps a bit. |
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Guest
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Thu Aug 23, 2007 9:05 pm
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| Yup that certainly does help! |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: credit
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Fri Aug 24, 2007 12:50 am
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| Good..I'm glad it does. I had to this, on an account, that a CA said I STILL had opened. I sent a copy to the CA and a copy to the Credit Bureau.The account is still on my credit, but, now...it has a 'drop-off' date. Good.I'm gald I can help you. |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1402
34547 Magic Points
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Fri Aug 24, 2007 7:46 am
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So that account of yours had been paid off?
_________________
Regards,
Laura. |
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