Re: For Why Chat

Posted by Why Chat (66.156.248.126) on June 19, 2002 at 10:44:23:

In Reply to: For Why Chat posted by Leeza on June 19, 2002 at 09:00:10:

Leeza- I have been reading your replies to other posts, I think you are trying to help, BUT, I do not believe you have a full grasp of the issues.There are TWO ways a reporting (7 year-NOT 7 & 1/2 year in practice) can be "re-aged". One is to make a "settlement" of less than the full amount,this triggers a "resale" of the balance to another CA who ILLEGALLY reports it as a new date of last activity. This can be disputed. The other is to pay it in full, which LEGALLY starts the reporting clock all over unless the CA has agreed ,in writing, not to verify if you dispute it with the CRA's.The SOL for being SUED, is different, it varies from State to State, generally a partial payment on account will not "re-age" THAT SOL, however, a partial settlement, in some States WILL allow a new "cause of action" for any balance, NO MATTER what the CA's "promise" Their promise, even in writing is limited to THEIR business, it has NO legal effect on the next CA they sell the balance of the account to.If you are not willing to accept advice from those on this board, you should be careful about giving out mistaken advice that can hurt people.

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