Wow, messed up I think, help

Many years ago, a ran up a debt on 3 seperate cards with no ability to pay these cards back, a rather large debt, i dont want to say... and the status of limitations in my state is 7 years, so it was planned to let the statue run out, and then the cards would fall off the credit reporting service, well, the first went as planned! monitored the credit report and the card debt went away, it was listed as charged off for a long time, and then it was gone, but I was harassed by one of the credit agencies on another card, and they kept calling me and offering me deals. well, i just wanted them to stop calling, so i accepted a deal and then never contacted them again, and then I pulled my credit and the date of last activity was moved up to the month when i talked to the credit person?? wtf? now I have to wait another 7 years? is this legal? i did not pay them a thing. why is my date moved up. help, can i use a lawyer to fix this? I really need a good credit, as i was planning on a new business when my credit debt was off my record.....

shootthemoon said: i accepted a deal
accepted a deal = activity

pay up, deadbeat!

Hey OP, Let me know when your business opens so i can come and buy a bunch of stuff off you and never pay for it

shootthemoon said: Many years ago, a ran up a debt on 3 seperate cards with no ability to pay these cards back, a rather large debt, i dont want to say... and the status of limitations in my state is 7 years, so it was planned to let the statue run out, and then the cards would fall off the credit reporting service, well, the first went as planned! monitored the credit report and the card debt went away, it was listed as charged off for a long time, and then it was gone, but I was harassed by one of the credit agencies on another card, and they kept calling me and offering me deals. well, i just wanted them to stop calling, so i accepted a deal and then never contacted them again, and then I pulled my credit and the date of last activity was moved up to the month when i talked to the credit person?? wtf? now I have to wait another 7 years? is this legal? i did not pay them a thing. why is my date moved up. help, can i use a lawyer to fix this? I really need a good credit, as i was planning on a new business when my credit debt was off my record.....

Too early for the Blooper thread yet?

1, 2, you are part of the embarrassment crew.

mhesidence said: Too early for the Blooper thread yet?Hah, certainly not.

As to you, shootthemoon, sucks. You should have paid off your debt or at least attempted to. Not to mention you accepted a deal; stupid idea if you wanted to go 'off the grid' as you seemingly did. Live with your mistake and learn for next time. As for getting good credit...heh, good luck.

Allow me to interject a bit of legal reason to this thread...

The date of last activity is specifically defined in the FCRA.

Accepting a new deal DOES NOT EXTEND THE PERIOD WHEN THEY CAN REPORT A DEBT!

The debt can be reported for 7 years from the date of first delinquency, must come FULLY CURRENT and then go delinquent again for the reporting period to be extended.

This changed because the CRA's and collectors were playing games that allowed debts to be reported perpetually, moving the DOLA up when they sold a debt to another collector, etc...

Yeah, you can use a lawyer, but nobody cares about you like you.

accepted a deal = activity
Nope, not true. Read the law dumbass.

Looks like it's time to pay the piper.

Best bet: offer to pay the full balance in exchange for removing it from your credit report.


More bad advice. For a debt at or near the SOL (most states top out at 6 or 7 years), offering full payment is pretty silly.

Anytime you agree to new terms, the SOL clock starts all over again.
No, it does not. The reporting period is not the same as the SOL. Neither the SOL nor the reporting period is restarted by agreeing to new terms necessarily.

SOL's are 100% state dependent. In some states like Texas, I can agree to new terms all day long. As long as they aren't in writing, legally, nothing changes. In other states, acknowledging a debt can restart the SOL. It just depends, but you can't make blanket moronic statements like the above. The 7 year reporting period NEVER EVER restarts until an account is brought current, because the FTC says so.

codename47 said: Nope, not true. Read the law dumbass.

codename47 motvaitonal speech tapes can be purchased on e-bay for $1.99.

The how to invest in REIT pamphets are free.

lorcha said: codename47 said: More bad advice. For a debt at or near the SOL (most states top out at 6 or 7 years), offering full payment is pretty silly. Hmmm... I'm struggling to figure out why my advice to "pay what you agreed to pay" is bad.

The world would be a better place if more people did what they agreed to do, no?

Its not bad advice, just not very smart.
If the SOL is almost up on a debt, and remember that debt is compounded by huge fee,s and interest rates, then letting it just die is what everyone wants. Including the banks. They wrote off the debt and sold the note. The only one that wants your money is the collection company that purchased the note and they have no affiliation with the creditor. If you agree to pay them a dime, none of that money will ever go to the original creditor. It all goes to the collection company.
Collection company is also a bit misleading. Most modern American collection companies are debt brokers, so they should be called "brokerage firms".

Once you see the account as written off on a report, leave it alone. You will do more harm than good to yourself by trying to pay it back.
And never ever speak to a collection agency. Just hang up on them. If the send you a letter? mark return to sender.

There is a time and place for everything. Having a moral compass kick in after the fact is most likely the same kind of thinking and reasoning that got the person in a mess to begin with. It's called "bad decisions".

shootthemoon said: ... the status of limitations in my state is 7 years...
Every single status in your state is limited to 7 years?

... so it was planned to let the statue run out, and then the cards...
Whoa! Big mistake here. I thought the statue would run out also, but then the security guard caught it because it was made of bronze and not very fast.

... as i was planning on a new business when my credit debt was off my record...
Please tell us what business venture you were going to start - I have only pissed my pants laughing twice today and I would like to go for the hat-trick.

People are wayy to harsh.

While i'll agree that paying what you owe should be of paramount importance.

You are paying a collection agency.

And these people are as bad as loan sharks, drug dealers etc. People that provide very little to the overall economy yet reap huge rewards.
in fact, if the o.c. was able to collect the world would proably better off.

but no. They sell their debt to some agency for what starts off as at most 20cents on the dollar. Then the C.O. tries lies about the amount owed and brings it up to god knows what terms and conditions.

i.e. you failed to pay 200 dollars on the end of a 3000, dollar loan. all of a sudden you owe 3000 dollars and fees on that.

So they paid 40 dollars for the debt and are now attempting 3000 dollars.

But yes we should pay all our debts to these collectors with no questioning what so ever.
.

Whats even worse is when some of these debts hit the 3rd market down, the first C.O. didn't / couldnt collect. Bundled them togther, and sold them for pennies on the dollars. so now the new C.O. paid 6 bucks for your 200 dollar debt, added on more fees and wants 4000 dollars.
--

and while f.w. is not the right place to talk about these things. Alot of the people here that Did things right, just dont know the black hole of hell that spawns from not paying you bills.

So their simple answer is 'pay what you owe'. without ever thinking that even if you now could pay back what you owe. The person who's money you borrowed wont see a penny. And the collector is trying to turn lead into gold.

Dumbass.

lostdude said: Ok, why don't I just let my bill slide and eventually it will end up in collection.

WoHoo... no need to pay these scumbags !

OP already declared that he had no intention to pay when he incur the debt. Too harsh?

i was speaking more broadly. then just the op. who appears to have done this intentionally. In his case, whatever he gets, he earned.

LMAO Good seeing a deadbeat fraud gets what he deserves for a change. 7 more years. Epic! LOL Even if anyone could do much to help OP, why would they anyway? Better to grab popcorn and enjoy the drama.

I like how OP says "I was harassed by one of the credit agencies". How is it harassing when they are trying to get what he owes them? If one of the companies we didn't get our rebate from or our $50 login bonus stiffs us, are our calls to get that money considered harassing?
I don't know what was said or how many times they called, BUT presuming that the calls were harassing, OP can call it harassing because there is a federal law that precludes harassing calls or behavior, that's why. Any Federal law precluding you from calling up a creditor? Just because you owe money doesn't mean harassment or abuse is ok.

LMAO Good seeing a deadbeat fraud gets what he deserves for a change. 7 more years.
hate to burst your bubble, it is 7 years, total, period.

codename47 said: Allow me to interject a bit of legal reason to this thread...

The date of last activity is specifically defined in the FCRA.

Accepting a new deal DOES NOT EXTEND THE PERIOD WHEN THEY CAN REPORT A DEBT!

The debt can be reported for 7 years from the date of first delinquency, must come FULLY CURRENT and then go delinquent again for the reporting period to be extended.

This changed because the CRA's and collectors were playing games that allowed debts to be reported perpetually, moving the DOLA up when they sold a debt to another collector, etc...

Yeah, you can use a lawyer, but nobody cares about you like you.

accepted a deal = activity
Nope, not true. Read the law dumbass.

Looks like it's time to pay the piper.

Best bet: offer to pay the full balance in exchange for removing it from your credit report.


More bad advice. For a debt at or near the SOL (most states top out at 6 or 7 years), offering full payment is pretty silly.

Anytime you agree to new terms, the SOL clock starts all over again.
No, it does not. The reporting period is not the same as the SOL. Neither the SOL nor the reporting period is restarted by agreeing to new terms necessarily.

SOL's are 100% state dependent. In some states like Texas, I can agree to new terms all day long. As long as they aren't in writing, legally, nothing changes. In other states, acknowledging a debt can restart the SOL. It just depends, but you can't make blanket moronic statements like the above. The 7 year reporting period NEVER EVER restarts until an account is brought current, because the FTC says so.

pwn3d

sucks to be you

and while f.w. is not the right place to talk about these things. Alot of the people here that Did things right, just dont know the black hole of hell that spawns from not paying you bills.

Well.....I've been in that black hole. I do feel for folks who lose their homes through no fault of their own (think sky high medical bills paying for cancer treatments). It doesn't appear that the original poster had any intention of paying those three credit card bills, so no sympathy from me. In fact, I find it hard to believe he/she has the cajones to whine about starting over in the process. Hire a lawyer? I bet they'd laugh at you as they show you to the door.

You are the reason that credit cards charge the interest rates they do.

WHAMMY!!!

Woodchuck312 said: Hey OP, Let me know when your business opens so i can come and buy a bunch of stuff off you and never pay for it