credit card debt that is 6 years old?

Question

should i pay it off ( the $2,000) or not? is there a statue of limitations on credit reporting? if yes, how long is it and should i just wait it out or would i still be responsible for this old debt?

Answer 1

Between the totally incorrect answers (such as zsleonard1997's), and the guilt trip responses like Kzlot's and lockerridge (can you hear the violin's playing in the background?)...what a bunch of nonsense!

So lets give you the facts.

For the past 6 years, the collection agent has trashed your credit history. In my opinion, you have done your "time" so you don't owe them a dime.

As Echo already explains, you may have gone over the "statute of limitations". If so, the creditor can no longer sue you for the debt. If they do, you can file a motion to dismiss based on the expiration of the SOL.

You don't give us the state you live in. Each state is a little differant.

So go to the link below and read up. It explains very clearly about the SOL and credit reporting time, and lists each state's SOL.

DO NOT pay the bill off, or even talk to the creditors about it.

Contact me if you need more info. or help

Answer 2

There are two different statute of limitations (SOL) that you should be aware of.

There is the reporting SOL and then there is the collecting SOL,

The reporting SOL for credit cards starts the first time you became 30 days late and never brought the account current leading to the charge off. The reporting period runs 7 years. The reporting period "cannot" be re-aged.

The collecting SOL depends on your states statutes. Some states start at the same time the reporting SOL starts. Other states have a last action statute where the SOL starts from the last payment or charge.

The length of time for a collecting SOL depends on which state you are in. Once the SOL runs in your state, you are no longer bound to pay, but, that doesn't mean a collection agency cannot call or write and demand payment. They cannot legally sue you if you are past SOL, but that usually does not stop them from trying to sue.

Check out the site I've listed. Click on Forums and do a search for your states SOL.

Answer 3

From what I have read in columns on MSN (Money), you are still "responsible" for the debt, BUT -- paying a debt off which is that old will do absolutely no good to fix your credit report. A debt gets listed on credit reports as 30, 60, 120, 150, and up to 180 days old. After that, the creditor writes it off as a bad or uncollectable debt, and it is so noted on your credit reports. Paying off this old debt can certainly ease your conscience, and yes - it would be the "right thing to do," if you can well afford to do it. But -- paying it off will in no way erase any bad marks on your credit reports with Trans Union, Equifax, and with Experian. If no bankruptcy is involved, bad credit reports go back for seven years. If they appear and they are older than that, you can ask the credit reporting bureaus to remove them. Good luck!

Answer 4

Did you get the 2000 dollars worth of merchandise or cash that you are being held responsible for?

If you did then you think about what you should do.
As an integrity value point to you.

If you didn't then as the answer that was first said leave it alone, the credit card company has already written you off as a bad debt. It will go off your credit report in one more year. But the write off as a bad debtor wil be visible for 10 years, in my state it is anyway.

Answer 5

The problem is that if you don't pay it off some other compnay with come through and purchase your account and try and make you still pay for it. Now if you don't pay them it will go back on your credit report and stay for 70 10 years as another delinquint account. A debt can stay on as long as the company keeps selling or trading your debt. and they will do it right before your 7 year deline is to take place.
Yoiu might be able to get them to reduce to 1000 and it will be considered a settlement and that will look better than nothing at all. And soemtimes they will give a few months to pay for it

Answer 6

yes, pay it off immediately

Credit cards are a great source of availing credit to meet your requirements. But they can lead to a debt trap from which you will find it difficult to come out. Hence you need to keep a close watch on your credit card expenses minutely

Answer 7

I believe that Credit Reports "recycle" every 7 years, so a delinquency over 7 years will not affect your score, but bankruptcies stay on the reports for more than 7 years.

Someone out there should have a more specific answer for you --good luck.

Answer 8

Yes, pay it. However, talk to the collection agency who's got the debt and get (in writing) and agreement to take it off your credit report once you've paid it.

Answer 9

Are you stupid or something? Of course you should pay it off!

If you had lent this amount from someone else, would you even consider the same question?

It's not like the credit card companies are the evil guys forcing you to spend money on things you can't afford. You signed up with them, used more money than you had, and now you have to take consequences for your actions. Pay it!

Answer 10

I dont know exactly how it works but I was sued over a similar amount. They froze my bank account and I had no choice but to pay, I later found out that the next step was going to be wage garnishment. If you have a bank account be careful, if you are going to wait it out I think its 7 years but dont quote me on that one. If they havent bothered you already its probably because it would cost them more money than it is worth to come after you. If it has been 6 years you might be able to wait it out, but your credit line will be messed up. I advise to call them and make payment arrangements, sometimes they will work out a sensible payment plan with you. But its your decision, think it over carefully.