Clock wasn't restarted
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Posted by Marc
(65.9.173.142) on July 31, 2004 at 10:45:06:
In Reply to: Charge-off vs. Paid Charge-off posted by ADHD girl on July 31, 2004 at 03:39:05:
The only time you can essentially "restart" the clock is if you again became delinquent. As long as you continue with timely payments, the 30-60-90 days late or whatever will continue to stay where it is. The late marks remain for 7 years, period. In your case, it was probably best that you settled, since you weren't past the SOL and they may have filed suit. Do you still have some unpaid charge-offs? If so, you should probably wait until a CA actually files a suit, then you can worry about settling. Chances are the majority won't sue, but just threaten to. It depends on your assetts, what State you're in and how much debt is charged-off. If the cards were like $500 limits, the chance of them aggressively persuing you are a lot less than if they were $5,000.
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