That's a good question. I'm not sure what is the right answer to your question. I'll do some Googling and get back to you if I find an anything. You should email the people at Lending Tree as they probably could help you..

Hi,.

I'm in Alabama. The only reason I paid was to satisfy a Lending Tree mortgage qualification...

How should you handle them?.

A lawsuit for breach of contract would fit the bill quite well and probably get you your money back to boot!.

Tac..

Ahhhh that explains it! I agree, pull out your paperwork and sue them and get you money back, LOL..

This debt is past the SOL. No worries - they can't do anything to you. If they should threaten to sue you, let us know..

Http://www.edebtnetwork.com/content/...ws.asp#Alabama..

Sorry to burst this bubble, but the payment made re-started the SOL. I would think the poster has stronger footing relying on Sherman'soffer ofa settlement and claiming it is paid in full per that offer. After all, an offer followed by an acceptance followed by the passage of something of value consideration) is the essence of a valid contract...

This still does not excuse their breach of the contract. As long as he has that letter they sent them and the cancelled check made out in the amount they've requested to settle the debt they are gonna lose bigtime..

There continuance of collecting this paid debt is not only a breach of contract but fraudulent with them knowing the fact that they account is in fact paid as they specified..

I had the same problem with Capital One last November..

I settled as agreed in writing and paid them to be done with them. The amount owed and paid to them was $700.00..

As luck would have it they failed to report the account accurately as promised and failed to correct it when I contacted them. They also tried to have an outside collection agency pick up the difference they claimed I still owed..

I sued Capital One and was not only given back more then $700 I paid but they also updated the charged off account to a "Paid Never Late" status due to my inconvienance I suffered..

Actually this is the best thing that could have ever happened to you, do as I did and capitalize on this screw up of theirs!!.

Now not only did I make money on this matter but I now have a perfectly great tradeline reporting on my credit report. I got a boost of almost 50 points when this was corrected!.

Ask Capital One...."Whats in your wallet??"...Like I did..LOL!!.

Tac..

SOL in regards to CRA's:.

THE FAIR CREDIT REPORTING ACT.

605. Requirements relating to information contained in consumer reports [15 U.S.C. 1681c].

(c) Running of reporting period..

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action..

============================.

The individual state may have it's own SOL for actually collecting debts, and it's own rules pertaining to re-aging.. I don't know. But the FCRA is pretty clear on how things are to be reported. And 624. Relation to State laws [15 U.S.C. 1681t] seems to indicate that state laws can not run counter to section 605...

Just to clarify to the newbies...the PAYMENT didnt reset the SOL...the WRITTEN AGREEMENT to settle and payment may have...I am not so sure that this would even reset it..

Paying on a chargeoff doesnt reset SOL. A new written agreement does..

For instance:.

If you have a collection through a cA...and pay 100 of it instead of 150 after you and the oc agree to this amount...technically it shouldnt reset..

Now, if you fall for those stupid cap1 offers for a new cc that will carry a bal of an old charge off...that WOULD DEFINATELY reset sol, since it is a new conract..

Am I making any sense?..

Hmm, good point.. one would have to make sure that the debt isn't rolled into a new account. Think this would happen with a payment plan?..

Nope...you have to sign a new CONTRACT for this new account in order for this to apply...

Don't confuse SOL's..

The 7 yrs from the FCRA is a reporting period. The SOL they are discussing is for collection of the debt, which is defined in each state's code..

Ie bad debt in TX - can't collect after 4 yrs (I think LOL), but they can still report it to the CRA's for 7 years from the DOLA...

So, they get to have their cake and eat it too? The new agreement restarts the SOL, but they do not have to honor the new agreemen?.

Hmmmmmm. Nah...

Well, they might want to claim that this is a new contract, but if it is, the contract was that the $600 paid the entire debt. Heads you win, tails they lose...

Exactly..

Even if this agreement was reached, it may not fall under the qualifications to reset sol..

I believe in order for it to qualify as a new agreement, you must sign an acceptance, i.e. like the accpetance agreement of crap 1's offer to "reorganize" the debt into a new card..

You and the creditor were not talking about arrangements or anything like that. Your payment was for and applied to the original account, hence no new or binding contract or obligation was made...