bassguppy

GC Services is the CA that is handling my defaulted SL's. I made my 9th payment last month then they notified me that I had to continue to make payments for an additional 3 months. They stated that with the bad economy banks are reluctant to take on loans, they originally stated that NY higher ed lost their lender and they have to find a new one. What incentive do they have to find a lender since this is delaying me getting out of default? My loan originally went into default in Oct/Nov 2007 because I originally had a deferment but it came out and they had a previous address on file so no mailings at all.

Back in late 2002 my wife and I hit bad financial times and after the rent and utilities there was nothing to pay credit card bills. We settled a few over time but the old ones not paid are still there. There are several in collections and a Cap1 that is still being reported BUT all are due to fall of in Sept, Oct, and Nov of 2009. They are past the 4 year SOL in California. These bills are still providing a pretty big hit on our scores but we have steadily paid all our bills since late 2003 with nothing ever late since then. Do I want them to just age to the 7 years until they fall off or possibly DV them since most are at a CA?

My spouse had a Cap1 card back in Nov 2002 that financial hardships on our part was not paid. On her credit report it is CO'd but is still reported. It will drop off her report in Nov/Dec 2009 (7 years). BUT, we want to buy a home now and we can afford to make payments on the card. What's are the chances of getting the card reinstated with a credit line of the amount owed or less? It was originally 1,800 and now it's 6,500 bal due. If it's not likely that the card will be reinstated what's a reasonable pay-off/settlement?

I'm in California. California AFAIK has a 4 year SOL and my wife just received a bill yesterday from a collection agency in New Mexico for services that were done in Aug 2002. They never sent a bill before, but are trying to clean up the CR's for mortgage shopping. Not sure if it's a HIPAA violation but there was a description of each service and the amt. (CAT scan of kidney, CAT scan liver, etc...). So, the OC sent pertinent medical data to a CA and they CA charged interest and tax on the interest nearly doubling the bill (all broken down). Do I send a pre-HIPAA letter to the orig OC? a C & D to the OC as it's past the SOL? I'm very new to the fight the CA game so any guidance is welcome.

No, the CA's have not proven debt (I have not DV'd them). Basically, the mortgage counselor/person went over my wife's and my credit report looking over items that may bring up a "flag of sorts" to a lender going over the info to apply for a mortgage. Some of the items were these older accounts where she said mainly you want to show the potential mortgage lender that these were paid and fulfilled/settled. I guess thereby showing some financial responsibility. We were hoping to apply for a mortgage this September. If we were not applying for a mortgage I would just wait for them to drop from the CRA's but that won't be for over a year.

stupid question time from California resident.... I did a search and checked the newbie section but couldn't locate an answer (just so much info...). When an OC charges off a debt and it is then resold to a CA, does the SOL timeclock restart back to "0". Someone mentioned to me that CA's can continually resell a debt thereby it can always be reported to the CRA's and never fall off after the 7 year reporting limit and can always be within the SOL of your state. I'm trying to up my wife's credit score by paying off a few old debts and want to use my states SOL timeframe to possibly offer a lesser settlement. In her case the clock started on her last payments (due to unemployment) back in October 2002. California law says 4 years for the SOL but it won't drop from her credit reports until Oct/Nov 2009. We want to get in mortgage shape. Thanks!!

I need an email address for RJM to send a PFD letter. It seems easier than using snail mail. Thanks!!!!!

Just looking for info and opinions.... I went to a mortgage counselor last night with my wife and I need some information on if the information I received is legit? I just started a rehab program thru GC Services for my defaulted student loans. In the loan documentation and on the NYS Higher Ed website it states you could be penalized with an 18.5% penalty for collection costs. GC Services in turn added or will add nearly $10,000 to my orig loan balance of $52,000. Now my question...The mortgage counselor when I told her this says I could have located another lender and refinanced my student loans, paid off the NYSHE and not dealt with GC Services? Thereby saving $10,000 in collection costs. She stated lenders would have been likely to finance since they are gov't backed. comments and advice please...

I'm in the same situation trying to clean up my past mess. When using the online form for a paid collection account is it best to use not mine OR account paid in full?

Thanks in advance for dealing with my naiveness... My wife and I are in the process of doing whatever repairs to our credit that we can. We spoke with a mortgage counselor yesterday who went over our credit reports and told us what to fix, pay, dispute or just leave alone in order to get a lender for a home loan (with FHA). My question is we have some CA accounts that were sold/charged off by the OC. In my readings in the newbie sections is my understanding correct it may be best to contact the original creditor and have them recall the debt, and make a settlement offer with PFD? Or, should I stick with the CA? Some of these accounts are 4-5 years old and we are past the SOL as we live in California but we don't really have the luxury of waiting several more years for those to drop off. just a quick 2nd question also. If you had not made a payment to an OC for 5 years and they sold the debt 2 years ago does the 7 year clock start over with each sale of the debt. The mortgage counselor said it will. I didn't think that was the case.

Well, I did a lookup on the Texas BBB and state licensing mortgage and lending websites and the State of Texas says they are in "temporary good standing". The BBB states they had 34 complaints in the past 36 months with many complaints resolved. How does that sound? My guess is 34 complaints for the "assumed" amount of business they do doesn't seem that bad. Does anyone agree?

My wife applied thru LendingTree for a mortgage to take advantage of the housing market as we have always been renters living in Calif and we had the assumption that we would never own because the housing cost is very high in Cal. My wifes (mine too) credit score is poor due to unemployment back in 2002/2003 and repairing has been difficult. We received an offer thru Profolio Mortgage out of Texas for a loan (FHA loan) of $266,500 with 6.5% @ 360 mo. That is the highest $$ offer we had received. We also received a pre-qualifying offer via email. They stated her credit scores were 567, 617, & 620 thru the CRA's. My question...Is Profolio a legit company? I tried to do a search here and google and can't find very much info on them other than their address. They are licensed in a number of states though. Any help is appreciated.

I had a long period of unemployment in late 2002 thru most of 2003 and let a Capital One credit card I had go by the wayside. My last payment to them was in October 2002 and have had no contact or payment to them since. I checked my Experian CR and it shows that Cap One continues to report monthly now with a balance of $6,800 (my original amt was $2,600) as of May 2008. The SOL in Calif is 4 years so no worries there (I hope) but should it still fall off my credit report after 7 years even with Cap One reporting monthly and my having no contact with them since Oct 2002? In Oct or Nov 2009 it will be 7 years. Sorry if this has been mentioned before but I did a search and could not locate an answer.