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ihwayne

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Will negotiating a settlement "restart the clock" on an old debt
I have an old debt with Wells Fargo Dealer Services. My ex had a car that I co-signed on repossessed. It has been over 6 years since the date of last payment (statute of limitations in my state) But I will want to start looking for a house by the summer. I am under the impression that with that unpaid (charged off) debt that I might not be able to get a mortgage. I know some years ago WFDS offered a settlement of around $1300 on a total amount owed of about $5700. Now, I'm sure the smart thing would be to just wait for the debt to fall off, but that'll be about another year. I'm wondering if calling WFDS and seeing if their original settlement offer still stands. If I do this will the clock restart on my debt? I want to get this debt off my report but I don't want to do more harm than good. Any help would be greatly appreciated.

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Since the SOL has expired, it would be foolish to pay this debt off.  Just let it fall off.  Your debt to income ratio will be the biggest factor in getting a mortgage. But  as one who has been a renter then a homeowner, I hope you have considered the extra costs (insurance, appliance repair and property taxes) that  add to the cost of a home.

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