I heard that too, but apparently if you make a new payment, the clock is started all over again and your credit can suffer.
>> I heard that too, but apparently if you make a new payment, the clock is started all over again and your credit can suffer.
I am an attorney, and worked in debt collection law while I was in law school.
I know that is is the case in Texas ... I’m not sure about Florida (though I would assume it is similar). The Texas statute of limitations is 2 years from the point at which the debt first went into default. Making a payment can reset that date - thus restarting the statute of limitations, and allowing the debt-holder to sue.
Debt collectors will often try to pressure you to make a payment to reset that date (though they won’t expressly say so). You certainly don’t want to do that on a 20-year-old debt ... as I am virtually certain that the Statute will have run.
H
Nope. There is no resetting the clock. The 7-1/2 years is from the date the account first went delinquent. A subsequent payment doesn't reset the clock.
That said, you could make a payment that brings the account completely current. Then a few months later you go delinquent again. That new delinquency will have its own 7-1/2 year reporting period. But partial payments that don't pay off the entire past-due amount have no effect on the reporting period.
I heard that too, but apparently if you make a new payment, the clock is started all over again and your credit can suffer.
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There are a lot of tricks that the scam artists know. I once had to file in small claims court in North Carolina to collect a $500. bad check. The clown who wrote the check saw me on the way to the court house and tried to give me a partial payment of $10.00. I had been warned about this tactic so I refused anything less than full payment. If you accept any partial payment then it changes from a bad check charge to a loan which is impossible to ever collect. He waited until the court day and went in and paid the thing in full to the court rather than pay me. I got my money but it cost me a whole day and a hundred mile drive to get it.