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If you make a payment on a charge-off does the 7 years start over?
Wiki User
∙ 12y ago
You should pay the account but make sure you benefit from it. Sometimes, it may be best to allow it to go to collection to pay them in order to get a deletion letter. Keep in mind that your credit score is calculated on what you have done in the last two years. It may be best to leave it alone for now. However, why are you paying the account now? If you want to get a mortgage, it is best to pay the account at closing. Based on Phil Turner's Credit Bible also here is the limitation of credit reporting from the book:
There is also a statue of limitations on how long a credit bureau may report negative information in your credit profile.
* Bankruptcies must be removed ten (10) years from the date filed.
* All other negative items including wage earner plans must be removed seven (7) years from the date filed. Late payments, P&Ls, and repossessions must be removed seven (7) years from the last date of activity (meaning the last date you made a payment with that company). Judgments remains for 7 years or State Statute of Limitations, whichever is longer. It can remain longer than 7 years under Federal Law or State Law that could be 10 years plus a renewal period of 10 years.
Wiki User
∙ 12y ago
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i want to make a payment
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22.5 years
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How do you make a payment?
i want to make a payment
At what level of income must you be to start paying back a Private Student Loan?
You will have to start paying it back six months after you graduate. If you are still unemployed or making very littl you can typically defer the payments for up to three years but usually interest will keep building so try to make some type of payment even if it is a graduated payment plan which means your payment will go up the more money you make.
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The first step you take in order to start a utility payment system is contact the utility you want to work for. Once you have been approved, you need to make sure you have the right tools in order to do the job.
How do you make a payment plan on speeding tickets in PA?
you have to go to the district majestrate, local/township courthouse,(where the ticket was issued)go to the secretary, and ask to start a payment plan.
How fast can you pay off a 30 year mortgage if you make an additional payment a year?
22.5 years
How do you pay a settled and paid charge off?
Once a chargeoff has been marked "paid charge off," the borrower still owes the debt, but from an accounting standpoint, the lender has decided that they will not be able to collect that debt. Also, the charged off amount will stay on your credit record regardless of the next steps that you take. If you pay off that chargeoff, the lender will not adjust the trans line in the credit report. However, if you are trying to "make it right," you may send a payment to the lender at the same address that you sent payments prior to when collections started (be sure to mark the check/EFT with your account number and name).
Does the statute of limitations on credit card debt start over when sent to collections?
No, the statute of limitations won't start over again unless you make a payment.
What can you do if you cant make your car payment and any future payments?
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Is the word payment a verb?
"Payment" is a noun. In the sentence "You make a payment" the verb is "make". The verb most closely related to "payment" is "pay."
