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cashsubprime

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  1. BAD ADVICE It all depends on your individual state laws - which vary greatly state to state only in a FEW states does making a commitment or making a payment on an SOL debt Doesn't reset the Clock in Most States it DOES reset the SOL BEFORE ANYONE OFFERS ADVICE ON STATE LAW, YOU HAVE TO KNOW THE HOME STATE OF THE POSTER. I'm not aware of a single state that once a debt's SOL expired where conversation alone will reactivate it even if you acknowledge the debt is yours. (I've researched and could find no evidence to support otherwise, but if someone has proof otherwise I would love to hear about it). While I'm not a lawyer, I thought this translated to making payments as well since any payment you make at that point would be a GW gesture on your part. Since I may be incorrect here, I will remove the part from my previous post since I'm not certain. While not all, I believe even during SOL 16 states specify partial payment payment does not restart SOL clock unless there is a new written promise to pay. The states are as follows: Arizona, California, Florida, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New York, Texas, Virginia, West Virginia, and Wisconsin. I'm not in the habit of offering incorrect advice, so I apologize for anyone I may have confused. EDIT: Actually since you removed reputation for my post, I ask that you share with me a state where making a payment after SOL expired resets the clock.
  2. Yes to adding both the trust advance and your wife's income.
  3. Are you also disputing with CRAs? FDCPA violations are not something I'm keenly familiar with, but I do know they can not continue collection attempts until they validate. I would respond to them with what they are asking and also dispute with the CRAs. If they don't validate with them within 30 days it will be deleted.
  4. That's interesting. Maybe I just read into it wrong but the stuff for beginners that I read, including PsychDoc's stuff, made it sound like your initial steps especially for lates was a GW letter. That is because you shouldn't dispute lates if they are valid. Make that "don't dispute lates if it is a current, active account. There is no law or rule that says you cannot dispute lates on account that are no longer active. Myfico forums tell people it's illegal, unethical etc. The law says you have the right to make them prove anything they are reporting. All very true. When I say shouldn't, I speak from an ethical stand point not legal. As in I try to always be honest. That being said, I guess it would depend on how you dispute it and if your asking for validation they as you mentioned are required with the burden of proof.
  5. They do. I should have been more clear. I think the only thing I like an actual bill pay directly out of my checking for is my water bill and rent. My water bill is small and the free to pay them is like 20% of the bill if I use a card. I live in a privately owned rental community and while they will accept credit, it is apparently the owners personal Square account used and they charge 3%. I haven't figured out a work around to that yet.
  6. Even if you disputed with CRA, the CRA still notifies the bank and gives them time to research. A dispute with the CRA or the GW with the bank on valid lates will end the same 99% of the time. The fact that both of these accounts are still open and your dealing with the OC pretty much cements the fact they have the records they need. That's interesting. Maybe I just read into it wrong but the stuff for beginners that I read, including PsychDoc's stuff, made it sound like your initial steps especially for lates was a GW letter. That is because you shouldn't dispute lates if they are valid.
  7. It may not move your score for FICO 8, but it does factor into FICO 9 even if the model isn't widely used. I also don't know many mortgage lenders that will approve you without settling charge offs. Saying it rarely helps seems like a bit of a stretch.
  8. I don' That is simply the logic from people who don't take accountability for their actions. Or maybe better said that as a debt ages the benefit YOU get from paying it lessens. A debt that has exceeded your state's statue of limitations prohibits the debt collector from having a legal recourse to collect from you. A debt that exceeds 7 1/2 years will no longer be reported on your credit reports. Since PFD and GW don't have a high success rate, many prefer to let the old debt age off. Since many companies will even do business with you in the future after you have burned them, the only benefit you may get from paying a 6 year old debt is the knowledge you did the right thing. Wrong. Before paying anyone, you need to: Make sure whoever is collecting legally owns the debt. If it's a collection agency, try to pay the OC to have it removed. Use leverage to get the item deleted from reports. Etc....... There are lots of reasons not to blindly pay negative accounts and you should not accuse people who don't pay them of being deadbeats. You're twisting my words... He did not ask "what should you do before paying an outstanding debt?" he asked the logic behind "why not pay off old debts?" All of your examples are correct, but are for people who are planning to make a payment so it doesn't even answer his question. Furthermore, I never said to blindly pay anyone. If at the end of the day you choose not to pay a valid debt because it doesn't benefit you, then you are not taking responsibility for your actions. If you want to call that person a deadbeat, those are your words not mine.
  9. My insurances are set on auto pay and anything that has a flat monthly rate without the possibility of an increase. Since cable, phone, electric and things of that sort are billed of usage (on demand movies, data overages, broken AC in summer), I won't pay them until I review the bill first for accuracy. I still pay on time using bill pay, but I feel comfortable knowing I won't have Verizon hit me with an unexpected $500.00 phone bill.
  10. I thought I have seen people have success at 4/24 with back to back applications to get approved for two Chase cards. Am I mistaken? Discuss!
  11. That is simply the logic from people who don't take accountability for their actions. Or maybe better said that as a debt ages the benefit YOU get from paying it lessens. A debt that has exceeded your state's statue of limitations prohibits the debt collector from having a legal recourse to collect from you. A debt that exceeds 7 1/2 years will no longer be reported on your credit reports. Since PFD and GW don't have a high success rate, many prefer to let the old debt age off. Since many companies will even do business with you in the future after you have burned them, the only benefit you may get from paying a 6 year old debt is the knowledge you did the right thing.
  12. http://thepointsguy.com/2016/07/citi-prestige-lowers-sign-up-bonus-40k-points/ Hurts my soul. Was my favorite travel card for perks. Since they aren't lowering the AF, makes it hard to justify. I'm curious to hear more about those new rumored Sapphire cards.
  13. I think this really hits the nail on the head. Think of it this way, no bank or company is under any obligation to report info to a CRA and when they do, it doesn't mean they report to every single one. Of course it is in their best interest to since the more information available to them the more accurate of a decision they can form about a borrower or potential marketing targets. That is their motivation for reporting, not under a legal obligation. So having accurate information removed doesn't mean your report is not accurate, it just means it isn't complete. Of course any information that is reported is required by law to be accurate information. Just like when someone makes a verbal factual statement about you. If it is false, that is slander. Inaccuracies on your report can harm your image so there is safeguards in place for that.
  14. Ah, the concept of a threat. That is really defined by perspective. As panda said above they are not allowed to use deceptive practices to collect from you. i.e: make a claim them have no intention of following up on (you can even sue them for that). However, if they are setting a deadline for you to settle with them before they take action, that is simply a warning not a threat, which they can do. To also clear up possible confusion on panda's comment, do not think they don't have a standing to take you to court. Anyone can sue anyone for any reason. Even if you are past SoL, you can be sued. If you don't go they will win... SoL is simply your defense to get the case dismissed. Also no, making a commitment or paying an amount after SoL does NOT reset any clock on the debt. This is a misconception. Once limitation on a debt has been exceeded, they can no longer have a legal claim to that debt. However if you are still with in SoL and make payment arrangements and make one of those payments that could potentially reset your date of first delinquency which in turn will start the SoL over.
  15. Just to add, that while FICO 8 may not reflect a score change for a "paid in full", lenders do still look at that information and it is much better to have that listed as opposed to "settled for less" or "charged off". Pay it not. Try some GW letters and don't lose sleep over it.

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