Re: INFORMATION AND DEFINITIONS FOR NEWCOMERS

Posted by pam mom (66.61.64.205) on May 02, 2002 at 09:23:11:

In Reply to: INFORMATION AND DEFINITIONS FOR NEWCOMERS posted by Why Chat on May 01, 2002 at 18:06:48:

WhyChat said:

"The starting date is NOT changed by making payments on the account UNLESS it is caught up to date, or settled with an agreement that it is "paid in full"."

Ok. Let's say an account has been charged off - 1997. balance was $650. If I decide to pay this off (not settle, but pay it completely off, for the full amount), then the clock will re-start? that would be considered, 'up to date', even thought the account is charged off? I mean, the account is NOT active anymore, so could that really be considered, 'bringing the account up to date'?

Based on what you wrote, it seems to me that ANYTHING you do with old debt would in effect, restart the clock. Making payments would, eventually, bring the account up to date, right? or wrong? And settlements would re-start it....

But if you DON'T pay up, creditor COULD sue you (if SOL hasn't expired), so you might get messed up either way you go - paying off restarts the clock - further damaging your credit, and not paying off may end up in a judgement being awarded (also damaging to one's credit). Is there a lessor of two evils here?

Follow Ups:

Post a Followup