A collection agency is requesting payment for a debt owed beginning in september of 2001 (date of first delinquency: 6 years ago).
The information is not in any of my credit reports. If it was, It should drop off in September of next year. But if I pay it, wont they report it as a paid collection and keep this paid collection on my credit reports for the next seven years? Or if I don't pay it, do you think it will be entered on my credit reports and then drop off anyway?
Please help.
Thanks
2007-03-13 14:14:11 · 9 answers · asked by Mr. love 3 in Business & Finance ➔ Credit
Do not pay this debt. It will do nothing for your credit score if you pay it. Each state has a statute of limitations on debt and your six years may be close to it or even exceed it! In Florida it's 6 years and in Nevada it's only 3! Do NOT tell them you will pay it or the time limit will start all over again. Find out what the statute of limitations is in your state, and if it is close or exceeded, tell them you are aware of the statute and to leave you alone. If the statute has run out and they keep bugging you after you have informed them, tell them you will seek action against them for violating the law.
2007-03-13 14:33:44 · answer #1 · answered by karen s 1 · 0⤊ 0⤋
If you OWE someone something, PAY it. Especially if you can afford it. I realize some people can't pay cuz they have to go bankrupt, etc. But it sounds as if you can & you should wether or not if it'll look good or bad on your credit reports. There are plenty of ways people have dealt with bankrupcy on their record for seven years. That reporting won't be that bad & actually may look good as you fulfill your obligations! Do the right thing & feel good about it. You owe, you pay if you can. If not, that's why we have bankrupcy in our country.
Did you know about this debt? Is this legitimately yours?
Even if statue of limitations has run out, I'm sure you can still pay if you want to. The wierd thing is that credit agencies & collection agencies usually typically would send/& or call, too, in reminders of trying to collect on a debt & work out some sort of payment. That's part of their job, too. It doesn't seem right that after all these years, now they are on you saying you owe & now owe alot of interest???? Unless you knew of their complaints all along that you owed & were ignoring.
2007-03-13 14:21:34 · answer #2 · answered by Nocine 4 · 1⤊ 0⤋
If the statute of limitation in your state has expired then you have no legal obligation to pay the debt. The statute of limitation varies from as little as 3 years in some state up to 15 in others. Since the collection agency probably bought your debt for pennies on the dollar, and if you feel you have a moral obligation to pay your debts, you may be able to negotiate a settlement with them for a fraction of the original debt.
2007-03-13 14:20:35 · answer #3 · answered by Ti 7 · 1⤊ 0⤋
Need more info.
The statute of limitations has probably run on this bill which would make it non-collectible.
First, what state are you in? (statute of limitations varies from state to state).
What was the date you last made a charge or the last date you made a payment on this account?
Statute of limitations starts from the date of the last activity. Activity is a charge, a payment or an agreement to pay. Any one of those things can start the Statute of limitations all over again.
2007-03-13 14:22:01 · answer #4 · answered by Faye H 6 · 1⤊ 0⤋
Dont Pay yet. Check your statute of limitations for your state through your local municipal court (small claims) who has advisors for advice that does not cost you.
Now, if you believe you owe the $, and this was overlooked you may trust your conscience (or not) to ante up and consider you probably made money in the last 6 years on interest. work out a payment schedule that suits your abilities to repay.
2007-03-13 14:23:34 · answer #5 · answered by momhee 2 · 1⤊ 0⤋
Well, Mr Cool, it's not cool to let a debt go that long without paying it. Live up to your obligation and pay the darn debt and be prepared to take whatever.
.
2007-03-13 14:20:36 · answer #6 · answered by J T 6 · 1⤊ 0⤋
I believe all bills, no matter how old, should be paid. & if it were to show up on your credit reports, @ least you can show you have good faith, while trying to acquire good credit.
2007-03-13 14:19:27 · answer #7 · answered by chevy 4 · 0⤊ 0⤋
Well, technically you are stealing if you dont pay your bills. But if it doesnt hurt your concsious, then I would not pay this bill. They might put it on your report and it would only hurt your score.
2007-03-13 15:28:59 · answer #8 · answered by Together 4 · 1⤊ 0⤋
if you owe it pay it. otherwise you stole it!
2007-03-13 14:17:26 · answer #9 · answered by R L 3 · 2⤊ 0⤋