I was just notified that I owed 1k to a utility company back in 2004 and since then a collection agency has bought the debt and has been mailing letters to me (no phone calls yet) asking for payment. I recently moved to a different state but the debt was accured in WV which has a 10 year SOL for written aggrements. Does this mean they can sue me for up to 10 years? Should I pay all of this off at once or let it go? If I do pay it all will it help my credit of should I jsut wait 7 years for it to be cleared? Only $333 of this debt is actually what I owe - the rest should come from my 3 other roommates who split the bills but they wont pay up so I got screwed...
2007-05-30 07:04:07 · 8 answers · asked by jwvu2004 2 in Business & Finance ➔ Credit
I will answer your questions, not in the order presented.
About the bill and your roommates. If your name is the only one on the bill, you and only you owe the bill, at least as far as the law is concerned. Forget your roommates.
The utility sold the debt to the collection agency, and they have now the legal right to collect. Any legal right the utility had, was also transferred.
The collection agency may try to collect, using letters at first. Then, they may decide on more aggressive methods, or even may register the debt with the credit bureaus. If I were them, I would take a discreet look at your situation. If you had the money and could easily pay, I would send letters, then a lawsuit. In case of a lawsuit, if you lose, you may have to pay additional legal charges. If I see you did not have the money to pay, I would register the debt with the credit bureaus. Sooner or later you will ask for a loan or mortgage, the bank will look at your credit history, find out the debt, refuse the loan. Or, you may check your credit before taking a loan, notice this debt, settle before asking for the loan. As you see, there are ways to get the money, will little effort to the collecting agency..
If I were you, I would arrange to pay the money. The debt would otherwise stay with the credit bureaus for years. You do not know your situation when you may need good credit, for a loan or a job. Depending on your situation, you may settle for less than the face amount. However, it is important that the arrangement will not damage your credit, so you get a proper agreement with the collecting agency.
2007-05-30 07:36:55 · answer #1 · answered by epistemology 5 · 0⤊ 0⤋
If you want credit in the future and without high rates pay it immediately, then in 3 months ask all 3 credit reporting agencies to update info.
They can go solely after you, but you may be able to sue your former roommates. There is a time limit, but because the reporting agency has just notified you, it would not hurt to ask at the court house.
2007-05-30 07:07:58 · answer #2 · answered by jenshensnest 4 · 0⤊ 0⤋
You will incur higher interest on any future credit you try to obtain. Some banks may require you to pay it off before you are approved for a new loan. If it is with a collection agency you may be able to negotiate the balance with them and accept a settlement for a lower amount. Choose better roommates next time!!
2007-05-30 07:16:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You will never get any money from your friends, and if their names are not on the bill they will not be responsible legally. If you let it go its not going to do any good for you. Most companies will work with you to either set up a payment plan, or reduce the balance by a few hundred dollars if you pay it in full immediately. Give them a call and be nice to whoever answers the phone. Otherwise they are going to haunt you forever.
2007-05-30 07:09:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You incurred the debt. Do you have some question that you genuinely owe the charges ? If not, pay up.
2007-05-30 07:07:58 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
properly, enable's only say that if he gets stopped for a employing cost ticket, they could locate this on his checklist. i exchange into in site visitors college for a value tag some years in the past, and considered one of the different pupils exchange into there for an analogous element as your pal. The law enforcement officers had him out of his automobile along with his hands over his head. He had an analogous look as somebody else that they have got been searching for. that they had their weapons drawn. whilst they ultimately found out that he exchange into the incorrect guy, they observed the staggering cost ticket and a bench warrant. there exchange right into a mix-up so, as a replace of going to court docket, he took site visitors college.
2016-10-06 08:09:52 · answer #6 · answered by guyden 4 · 0⤊ 0⤋
pay it.sometimes if you talk to them they will settle for less than actual amount.all they wantis the money
2007-05-30 08:11:21 · answer #7 · answered by mamanana9 4 · 0⤊ 0⤋
Pay it...
2007-05-30 07:14:51 · answer #8 · answered by shorty21 5 · 0⤊ 0⤋