I have some old collection on my credit. I am in between 5 - 7 years. Should I pay them off, or leave them a lone. I have no credit card debt just collections....I am trying to see what is the best avenue.
I have been getting offers to pay 50% and I am tempted to do it, so they will show up as paid in full.
2007-02-21 04:53:38 · 10 answers · asked by natural_lee_sweet 2 in Business & Finance ➔ Credit
The statute of limitations varies by state on older debt. The statute of limitations starts on the last date there was any activity on the account. You need to check and find what the statute of limitations is for your state. I've put a link below that gives you the number of years by state.
2007-02-21 05:01:20 · answer #1 · answered by Faye H 6 · 0⤊ 1⤋
Well we should all try to make good on our obligations - but consider this, collection accounts on credit reports last only 7 years before they are deleted from your file. However this does not prevent further collection efforts - the statute of limitations per state only limit the amount of time a debt collector is allowed to file suit against you. Collections can be indefinate, but 99% of the collection agencies see no reason to persue if the legal avenue is exhausted. If you make a payment and not payment in full while your account is reported/or not to a credit bureau - it will renew the statutes from that point on - including the ability to file suit in some states. In other words - either pay them in full or dont pay them at all.
2007-02-21 10:06:57 · answer #2 · answered by JD 2 · 1⤊ 0⤋
Leave them alone. Paying these off now will lower your score, as it will show currect activity. The older the debt, the less impact it has on your credit. Besides, debt this old is just about to drop off your credit report anyway.
Also check the statute of limitations for collecting said debt. If you're over the SOL, you can write a "Cease and Desist" letter and notify them the SOL has expired.
If you are past the SOL and the collection agency tries to sue you, you have a valid defense. But you must answer the court or the collection agency will win judgment by default.
2007-02-21 05:16:48 · answer #3 · answered by Celeste 6 · 2⤊ 1⤋
when I did it, it decreased my score into the 5 hundred variety. notwithstanding, my score went up truly intense about six to 9 months later. also, paying off previous debts or understanding an settlement stops some type of series efforts and aides in getting a reliable job and perhaps an position of abode. no one needs to employ those who've bill creditors calling at artwork. at the same time as temporiarly, it became worse, interior the longer time period, it really is extra appropriate that I did this. interior the quick run, it became worse.
2016-12-04 11:23:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You owe them money - you should pay them. If you do not it is stealing. It may not be illegal, but that doesn't make it right. I would give them a call and tell them that you could pay them today if they would issue a letter stating that the account should be DELETED from your credit - as if it were a mistake. That way you have it both ways. You pay them what they are owed, and it does not impact your credit adversely.
2007-02-21 05:15:01 · answer #5 · answered by sdmike 5 · 0⤊ 1⤋
I would say leave them alone. An unpaid debt is not much worse than debt that was overdue 5 years. Of course you must consider the morality of not paying the people you owe, unless they are the devil or Haliburton or someone like that.
2007-02-21 05:06:02 · answer #6 · answered by Rob T 1 · 1⤊ 1⤋
Pay off the full amount you owe. Do it as soon as you can. Don't be a deadbeat. You'll respect yourself more in the long run.
2007-02-21 04:58:22 · answer #7 · answered by Steven D 5 · 1⤊ 1⤋
If they are over 5 years then leave them alone, as your FICO scores will not go up due to paying them off and it only lines the their pockets.
2007-02-21 04:58:33 · answer #8 · answered by Akbar B 6 · 1⤊ 2⤋
pay them off, yes if you ever intend to oen anything worth while, ie house car business, just do it.
2007-02-21 05:05:19 · answer #9 · answered by Billie R 4 · 1⤊ 1⤋
sure you should
2007-02-21 05:01:14 · answer #10 · answered by charles h 4 · 1⤊ 0⤋