I live in CA, so if anyone has any info regarding statutes and what not, that would be great! I know they can't sue me for it and it's not on my record, but I need to pay it off (don't ask why, I just do). Does anyone have any legitimate and helpful information on this? In CA, by just contacting my original creditors, will I be starting the statutes of limitations over again? I desperately need some advice. Thanks
2006-08-08 19:50:58 · 5 answers · asked by jhngofear 1 in Business & Finance ➔ Credit
If you pay money, you restart the SOL clock. If it's over 7 yrs old, I wouldn't pay it, especially if it's not on your credit report. If it's not on your report, how do you know it's a legitimate claim.
2006-08-09 03:56:48 · answer #1 · answered by bella_4624_19 4 · 0⤊ 1⤋
Just paying the debt can (and probably will) put the account back on your bureau. Any activity can cause the account to "re-age". If the account has been turned over to a collection agency, the original creditor most likely will not negotiate with you. They are likely contractually obligated to pay a percentage (33.3% norm) to the agency. If you've had correspondence with a collection agency about the debt, I'd contact them directly. Offer to pay the debt in full ONLY if they agree IN WRITING not to re-age the account.
good luck!
2006-08-09 08:27:06 · answer #2 · answered by Adios 5 · 1⤊ 0⤋
If you own yor own home you can refinance and pull cash out to pay off your credit card bill and raise your credit score dramatically. I work for United Lenders Group and I work with over 45 different banking companies so I could get you a mortgage loan no matter how bad your credit is or how much in debt you may be
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2006-08-09 12:37:21 · answer #3 · answered by Keyon F 2 · 0⤊ 0⤋
Strategies to Reduce Debt Quickly
http://www.complete-debt-info.com/category/Strategies-to-Reduce-Debt-Quickly.html
Online Debt Consolidation
http://www.complete-debt-info.com/category/Online-Debt-Consolidation.html
2006-08-11 09:32:45 · answer #4 · answered by hen d 2 · 0⤊ 0⤋
if you contact do not admit to the debt just get a inquiry/proof of debt. by admitting to it and/or making any payment will restart the SOL. If you do pay it off get it in writ ting that it will stay off your credit report.
2006-08-09 03:30:52 · answer #5 · answered by sarah a 2 · 0⤊ 0⤋