Re: SOL and Charge-off

Posted by Linda on October 10, 2001 at 11:55:17:

In Reply to: Re: SOL and Charge-off posted by Mike on October 10, 2001 at 10:02:24:

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(1) Do you know where I can find web site for bEtter Business Bureau? I really don't know how this works.

Sorry the capital E was a typo.
http://www.bbb.org
http://www.ftc.gov -scroll down to the bottom and use the search engine -search for "credit counseling"

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(2)What kinds of problems I may face after these
four years. I will pay off all my debts. All charge-offs will take off from my credit report?

No, the charge offs will remain for 7 years, and most likely so will a lot of late payments. You do not get any consideration for having paid anything. In addition, the charged-off amounts will be sold to collection agencies over and, and you will be hounded forever.

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(3)Based on my understanding, SOL will prevent those credit card companies from suing me in the next three years, right?

Wrong. the SOL will not apply any longer. You have already waived your rights to the SOL, by acknowledging the debt and making arrangements to pay. The horse is out of the barn, you have few options now. bk is the other one.

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(4)My wife has very good credit rating. However, she is staying at home and taking care of our kids. If we want to buy house, how can we get the mortgage from the bank. It won't work if the bank check my credit report.

A mortgage approval is not likely in the next few years. Check with a mortgage professional for that kind of advice. And don't get taken in by a rent-to-own scam. You are a perfect target for it.

Sorry. Don't shoot the messenger ;)

Linda

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