What is the name of your state? La. ...Received our "Updated Credit Report"..now it shows (2)Paid Charge Off's..last Date of Activity..8/2000..-$0-balance..from same Co..on both accounts..Question#1:What does this mean in terms of future communications from these people?#2 SOL ran out?..also.. shows (1) "Charged Off Account;Account Closed by Credit Grantor"..Last Date of Activity 2/2000..Date of Last Pmt.3/2001..Charge off amount and Balance amount different...I've never had an account with Capitol One(but i do understand they buy accounts,so this may be the case here)I have never paid on this account..so what does this mean?
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stressedinLa.
- Thread starter gsant
- Start date
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seniorjudge
Senior Member
Charge off just means the accounting department is tired of trying to keep up with it.gsant said:
They will still want their money.
I understand that..I tried to arrange payments with these people in 2004; through the mail and they would not answer me.I requested Validation of these debts in 2004;no responce to that either.. So this year I requested the(3) credit beureau's to investigate items on our report that were not our's(duplicate items and others) and the "updated results" were what I stated in my Post..(1)Will these accounts be bought by someone else now? (2)Have they passed the SOL for La.?(which I understood to be 3 years) Because,just as sure as they're's Mosquito's in our fare State..if I won the Lottery "they'd" be the first thing I'd take care of.
hello..well i tried that...just wanted to know the answers to a few questions i had..since we got the CB's to investigate all this,i didn't understand some things.I also found,here on the forum,where you,Debt Guy,were talking to someone in Ar.about SOL's...you said.. " in some states :if a SOL for suing on a debt expires and then the debtor confirms the obligation after that,the SOL may start anew and give the creditor the ability to sue for a judgement"(from your quote on 08-02-05)..do I understand this to mean...if I confirm the debt is mine..TO THE DEBITOR..the SOL can start all over again? How do people ever get to go on with their lives?In that same post of your's you even remarked.."furthermore,the defendant should not have to worry forever about weather the claim will be brought.At some point he should be able to move on and forget about it"..You see I think you are very learned on this subject(even though you are a "debt" person) I do value everyones opinions and advice.... Now,back to my origional post..What type of actions can we expect from these creditors on these (2) "paid charge off accounts"?
TigerD
Senior Member
A simple acknowledgement of the debt can restart the SOL in some states. For example, in North Dakota if you sent a letter attempting to dispute a debt and wrote that you owed $800 when the CA was collecting on $1100, you will have reinstated the SOL period.
What I was getting at with that other poster is that you need to becareful in how you phrase your letters.
Bad debt never goes away. It is sold like a 20-year-old pinto, for less and less money. However, once the debt is outside the SOL, you have anaffirmative defense in court.
I have just started buying debt that is OOS in short stat states and still long on credit reporting. While I personal have no intent to file suit on debts that are OOS, many companies do. So you can't ever ignore a summons.
To address your questions specifically:
A paid charge-off will remain on your credit report until 7 1/2 years. Expect nothing, it is paid. .... I apoligize. I will have to respond tomorrow. I just had oral surgery and thought I was more coherant than I am. I'll respond later.... thansk
DC
What I was getting at with that other poster is that you need to becareful in how you phrase your letters.
Bad debt never goes away. It is sold like a 20-year-old pinto, for less and less money. However, once the debt is outside the SOL, you have anaffirmative defense in court.
I have just started buying debt that is OOS in short stat states and still long on credit reporting. While I personal have no intent to file suit on debts that are OOS, many companies do. So you can't ever ignore a summons.
To address your questions specifically:
A paid charge-off will remain on your credit report until 7 1/2 years. Expect nothing, it is paid. .... I apoligize. I will have to respond tomorrow. I just had oral surgery and thought I was more coherant than I am. I'll respond later.... thansk
DC
TigerD
Senior Member
Sorry to have to quit that in the middle of hte response, here goes the rest of it.
Capital One has a history of buying debt and offering credit card accounts to the debtor. It is great for OOS debt because once you accept the card and make a payment, the OSS debt is paid and they have an in stat account.
Unfortuantely, Capital One also has a history of setting up those accounts without your approval or request. I remember LNR posted something about Capital One months ago - perhaps she'll chime in if she still has the info.
You should definitely investigate the Capitol One account, since you don't remember doing business with them.
My advice on cleaning up your credit is to work on items that are newer first.
DC
Capital One has a history of buying debt and offering credit card accounts to the debtor. It is great for OOS debt because once you accept the card and make a payment, the OSS debt is paid and they have an in stat account.
Unfortuantely, Capital One also has a history of setting up those accounts without your approval or request. I remember LNR posted something about Capital One months ago - perhaps she'll chime in if she still has the info.
You should definitely investigate the Capitol One account, since you don't remember doing business with them.
My advice on cleaning up your credit is to work on items that are newer first.
DC
stressedinLa
This clears up something for me..Cap One has sent me several "letters of acceptance"(in 2005) to take the card..with the debt amt. as beginning balance.."to clear up my past debt"..But since I've never had a Cap.One acct. I couldn't figure out what this was for.I did speak with them ..once..and asked what this was for?..Asked them to send me proof of origional debt.. in my name ..they said they didn't have to.."The debt is yours" they said..I responded..NOT..I no longer get these letters or calls from them(been almost a year since the last one) I assume someone else will now take up the gauntlet.CR shows date of last activity 02/2000..date of last pmt. 03/2001.(don't understand these 2 different dates)So this is past SOL??..Also...where do I go to check out my States court rulings on c/card debt SOL being 3yrs.vs.10yrs.? I read in one of the post that some states judges have different ideas/rulings on this.
This clears up something for me..Cap One has sent me several "letters of acceptance"(in 2005) to take the card..with the debt amt. as beginning balance.."to clear up my past debt"..But since I've never had a Cap.One acct. I couldn't figure out what this was for.I did speak with them ..once..and asked what this was for?..Asked them to send me proof of origional debt.. in my name ..they said they didn't have to.."The debt is yours" they said..I responded..NOT..I no longer get these letters or calls from them(been almost a year since the last one) I assume someone else will now take up the gauntlet.CR shows date of last activity 02/2000..date of last pmt. 03/2001.(don't understand these 2 different dates)So this is past SOL??..Also...where do I go to check out my States court rulings on c/card debt SOL being 3yrs.vs.10yrs.? I read in one of the post that some states judges have different ideas/rulings on this.
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