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You keep going on about how your girlfriend doesn't have any responsibility for this because she was young and was manipulated. How old was she when she co-signed for the loan, and what was the nature of the manipulation?
Lots of people get put in these situations. Grandfathers do it for grand kids, Parents do it for there kids ect. Point is they didn't get the direct benefit either. But when s##t hits the fan, we pay up cause we know our credit will suffer. When you cosign you vouch for that person. That use to mean something in this country. Just like the handshake.. wow!! look how far we have come.
Location: 23.7 million to 162 million miles North of Venus
23,548 posts, read 12,525,568 times
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Quote:
Originally Posted by City Guy997S
I read about it in the Wall Street Journal. CC companies have to charge off the debt on their books after so many months but they don't have to sell it to anyone. So this tactic allows them to reactivate the debt legally and possibly recoup it........sneaky but legal!
When they sell the debt, they get almost nothing for it so it doesn't cost them anything really to keep!
That "tactic" is not legal after accounts are charged off.
In some states, like CA, after the account is charged off then nothing can re-set (reactivate) the collecting SOL - no payment, no written agreement to pay, etc., can re-set it in CA and some other states.
In other states - after the account is charged off, if a debtor makes a written agreement, that is signed by them (a check bearing the debtors signature can constitute a written agreement), to pay on the charged off account then it basically creates a new agreement, with a new SOL.
As I'd stated before, the dates that were posted look off. It's possible, but not probable, that the debt is already SOL. It's possible, and could be probable, that the debt may be SOL within the next few months. Or, it's possible that it may be longer then a within the next few months. Not enough info posted to go on in pinning down the SOL date.
Not necessarily, this was over 10 years ago when she was young and easily manipulated by her mom and brother into co-signing the loan. A huge majority of people are financially unwise when they are young, I have made my mistakes as well when I was in my 20s, you learn from those mistakes and becoming wise.
In fact, the truth is that many people who co-sign for relatives actually do not want to but they feel pressured into doing it.
Didn't you say it went delinquent in 2010 and charged off in 2011? That isn't exactly 10 years.
Do you mean she co-signed the loan 10 years ago and it has been paid perfectly up until 2010?
LOL, i'm strill trying to get a straight answer from my GF as she gives highly evasive answers when I talk about and appears downright irritated if I challenge anything she is saying or claiming. She claims the account has nothing to do with her and it's the handiwork of her brother and mom, she did not even have knowledge of the charge off until I saw it on the TransUnion that was pulled in order to get an apartment together.
You keep going on about how your girlfriend doesn't have any responsibility for this because she was young and was manipulated. How old was she when she co-signed for the loan, and what was the nature of the manipulation?
My GF has a chargeoff from Apr 2011 for around $17k. This account was co-signed by her and belongs to her brother. My question is this... can they come after her for this amount? When will this debt become uncollectable, meaning that will no longer be liable to pay it?
I know California has a 4 year statute of limitations so I am assuming that this is uncollectable after Apr 2015? Is the statute of limitations from the date of the chargeoff?
Quote:
Originally Posted by speeddev1l
LOL, i'm strill trying to get a straight answer from my GF as she gives highly evasive answers when I talk about and appears downright irritated if I challenge anything she is saying or claiming. She claims the account has nothing to do with her and it's the handiwork of her brother and mom, she did not even have knowledge of the charge off until I saw it on the TransUnion that was pulled in order to get an apartment together.
If she's evasive and getting irritated, time to back off and let her worry about it.
Location: 23.7 million to 162 million miles North of Venus
23,548 posts, read 12,525,568 times
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Quote:
Originally Posted by speeddev1l
The dates I posted are exactly as they appear on the credit report
Like I said, the dates don't add up. You/she will probably have to do some digging to find the correct info.
Quote:
Originally Posted by speeddev1l
per the credit file:
last payment made: 3/2011 <-- it's possible, but, *see below.
the account went deliquent in 8/2010 <--If the fall off date is 6/17, then this date is wrong.
estimated month item will be removed from report: 6/2017 <--This is the DOFD. It means that the date of the first late, or, a payment made that was for less than the amount due, and, the account had never been brought current .. it would have happened in 12/09-1/10.
date closed: 3/2011 <--this date is more than likely wrong.
currently it is showing 120 days late from 8/2010 to current. So i'm guessing the 4 years SOL is from 3/2011 which I can assume is the date of last activity.
* Since you haven't said what type of debt it is, credit card, loan, repo, etc., then I'll just treat it as a credit card default - other types of debts will differ. And, you haven't stated if the reporting is by a collector or by the original creditor.
Okay, for a credit card .. the first delinquency was in 12/09-1/10, the brother may have continued to make partial payments on the account but never enough to bring the account current. At some point the creditor had probably closed the accountto further charges while leaving the account open to accept the payments that were made. I'm not talking about charging off the account at that point. It's highly doubtful that even though the account is open to accept payments, that a creditor would allow a debtor to continue to make charges on the account for more than a year after the debtor began to default on the account and never brought it current. Finally the debtor completely defaults and the original creditor charges off the account.
Under CA Code of Civil Procedure § 337(2), and case law*, once the creditor stops extending credit on the account and there is no further activity on the account other than payment(s) being made ... then that means the SOL begins to run on the date the creditor had stopped extending credit - and not on the date of the last payment!!
Like I said, while the creditor may have kept the account open to accept payments, the creditor had probably stopped allowing the brother to continue to make charges on a defaulted credit card .. you need to do some research/ask the brother questions about when the account was closed to further charges.
thanks, I forgot to mention that it is indeed a credit card and the creditor is the original bank that issued the card.
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