The loan was for an auto repo. A debt collection agency contacted me and said they would settle for 25% of the loan amount, which is a great deal. If I do not pay the amount could it affect my credit again in the future?
2006-09-29 13:47:31 · 19 answers · asked by joeybflowers 1 in Business & Finance ➔ Credit
Imagine nobody pays their bills anymore, what's going to happen?
2006-10-01 12:44:52 · answer #1 · answered by ken_voss12345 4 · 2⤊ 0⤋
Yes it will affect your credit in the future.
We had a credit card company call us one time and asked us to settle the debt for 50%. It didn't occur to us that this would show up on our credit report later.... and for a long time afterward.
2006-09-29 13:55:35 · answer #2 · answered by mia2kl2002 7 · 2⤊ 1⤋
Collection agencies buy the debt from the finance co. A deal is a deal. It is a deal between them now. You did not sign an agreement with the collection agency.
You may go to heck (not hell) for not honoring your first obligation though. Shame on you, but shame on the collection agency too.
2006-09-29 13:59:42 · answer #3 · answered by jekin 5 · 2⤊ 1⤋
sure, it is going to help, if not now, later. at last, they are going to be suggested to the credit bureaus and have self assurance me when I say they're going to. by potential of paying them off now, you will get rid of any destiny negativism's from being suggested. be constructive to get a chuffed in finished receipt and a letter stating that the loans have been paid in a passable way. they like the money they provide you with this way of letter. in the event that they gained't then you definately've gotten some issues down the line, yet with this letter, you are able to continually override their unfavorable reporting, if it have been to ensue interior the destiny.
2016-10-15 08:52:49 · answer #4 · answered by ? 4 · 0⤊ 0⤋
First of all, ask them if it will show up on your credit report. If yes, before you pay them a dime, convince them Not to report it. Get an agreement in writing. If no, also get it in writing. Remember, you have the advantage because they want your money. Also research the statute of limitations in your state for that type of debt to make sure that they can legally collect. At any rate, before you pay them a dime, get an agreement in writing that will protect your credit report. Do not let them bulls**t you by telling you they have no control over how it is reported, for they have complete control over how it is reported. PLEASE, do your homework before paying! Good luck.
2006-09-29 13:59:55 · answer #5 · answered by flagmagnets 3 · 1⤊ 2⤋
It sounds like they are giving you a chance to pay BEFORE they put it on your credit report. I would have to say if you decline to pay, it will show up later & mess up your credit. 25% is a good deal, most demand at least 50%. I'd say pay & be done with it.
2006-09-29 13:59:00 · answer #6 · answered by Psychic Sk8r 3 · 2⤊ 1⤋
ask yourself why after 8 years they will settle for 25%- they run out of time and by now, they look to recover something, because is to late for them to take you to the court to get the judgments against you. statue of limitation is caught with them and you don't have to pay them now. take your credit report and if from the date they report your repo past 7 years- ask credit agencies to remove those negative accounts form your credit.
2006-09-29 17:19:01 · answer #7 · answered by bianca 4 · 1⤊ 2⤋
Geez look at all the crappy answers!!!!!
Pay the bill????? You nuts!
For starters, they can NOT post any negative information to your creditor report for 7 years, beginning on the date of the delinquency. If your car was repo'd 8 years ago, you are safe. If they try to post anything, sue them for $1000 for violation of the Fair Credit Reporting Act!
OK, now THINK!
You got a collector on your back. Why do you suppose he hasn't posted it to your history yet? Because he's such a swell guy? NO! Because he CAN'T!
And why do you think he's offering you a 75% cut in the amount you owe? Because he cares about your finances? NO! Because the Statute of Limitations has run out and he KNOWS you have no legal obligation to pay him anything.
You don't know the law, so he's trying to sucker you into paying ANYTHING he can get!
So do yourself a favor and read the links below. DO NOT respond to this guy. If he continues to bother you, send him a cease and desist letter.
The rest of you responders need to read it too....quit giving out bad advice!
2006-09-30 09:55:36 · answer #8 · answered by Anonymous · 3⤊ 3⤋
If it is not on there it probably dropped off. and If they went to court and got a judgment against you they can always put it back on. Generally things fall off credit reports after 7 years , and If you have a judgment against you it is on for 10 yrs and the creditor can renew it for another 10 years.
2006-09-29 13:57:49 · answer #9 · answered by grgnwen 1 · 0⤊ 3⤋
Take the 25% and pay it, get the monkey off your back, seriously, I am a creditor and it will affect you sooner than later.
2006-09-29 14:18:41 · answer #10 · answered by T 5 · 3⤊ 1⤋