2007-05-21 13:35:33 · 6 answers · asked by Big Daddy 1 in Business & Finance ➔ Credit
Yes, pay it, reach another settlement, or wait 7 years until it goes off your credit report.
PS. More bad info below. If the debt is old and beyond the statute of limitations for your State (most are about 4 years), then they cannot sue you for the debt. They can threaten to, but the judge will throw it out.
2007-05-21 13:40:53 · answer #1 · answered by JD_in_FL 6 · 0⤊ 0⤋
Wow a lot of misinformation here.
Unless you have a written agreement, they can sue you. You have no recoursrse. By the time it's gotten to collections it is well past due.
Now for the good news.
Many collectors are on comission and have a quotoa. Wait until the end of the month and try to strike a deal.
2007-05-21 18:34:49 · answer #2 · answered by Zzyzx 4 · 0⤊ 0⤋
I don't know that you have any recourse per se but if you keep making payments to them monthly, regardless of the amount, I believe that they are not allowed to come after you. If they do come after you, you have proof to show the court that you are making efforts to pay the debt and would not have your wages garnished.
2007-05-21 13:45:29 · answer #3 · answered by Answer Girl 3 · 0⤊ 0⤋
both parties have to agree in writing, if you throw some lowball number out they do not have to accept it. at this point there is no payment arrangement, because it is not agreeable to both parties. the only party who has recourse at this point is the note holder not the note maker. sorry
2007-05-21 14:33:35 · answer #4 · answered by tincan_man 1 · 0⤊ 0⤋
If you have a WRITTEN agreement, it is legally binding on both parties. Until you have a written agreement, neither party is required to accept a payment plan.
2007-05-21 13:43:37 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
Yeah. Hang up on the piece of s*** the next few times they call and see if they will be a little more agreeable.
2007-05-21 13:41:13 · answer #6 · answered by steve.c_50 6 · 0⤊ 0⤋