6 Years 11 mo. ago I had a major medical emergency. I had no insurance and was left with 28,000 of medical bills. Since that time I have been paying creditors $400 a month sometimes living paycheck to paycheck. I am now down to $4,265.32 of debt. All but three unpaid items remain on my credit report, which I am still making monthly payments to. My question is if I stop paying on these bills which will be removed next month due to the 7 year reporting limit, can they restart the clock and begin reporting them again if I stop making monthly payments.
To those of you that would scorn me and say I should pay my bills please don't reply. I was denyed assistance to help pay my bills because I didn't apply for food, housing or money assistance. I have always worked, I don't have kids and I am of the wrong race.
I would really like to buy a house and finaly put the past behind me. I would appreciate any sincere advice.
Thank you.
2007-06-05 12:53:51 · 5 answers · asked by niaflower 4 in Business & Finance ➔ Personal Finance
In terms of having good credit, four thousand dollars is by far a small amount to pay. Keep paying on the debts until fully paid off, and when it comes time to purchase a home and go for a loan the FACT that YOU did pay off the huge debt will be to your advantage, it will give you the ability to shop for the lowest interest loan available, and will save you tons of money in the long run. Between 2008 and 2010 are the best years to purchase homes. Best Wishes and Congratulations for being responsible, you will be highly rewarded in the end. Best Wishes and Happy House Hunting!
2007-06-05 13:09:58 · answer #1 · answered by Janice 10 7 · 1⤊ 0⤋
The 7 year limit on reporting items on your credit report CAN NOT be restarted. You do still owe the money. The statute of limitations for suing to collect has not started running as long as payments are being made. If you have been paying faithfully for nearly seven years and have paid 85% of the total, try asking if they will forgive the balance. Most medical people will be merciful if the payments are a true hardship.
2007-06-05 13:48:55 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
I am in the same boat as you. If you stop paying, they will auction off the note to a collection firm. The 7 year clock starts over. Debt never goes away on its own. Collection agencies are relentless.
2007-06-05 13:05:55 · answer #3 · answered by David G 3 · 1⤊ 1⤋
i could see a electorate suggestion bureau first, they supply unfastened suggestion, even no remember if that's just to point you in yet another course like a debt administration company. sturdy success, i think of which you're taking the main suitable steps, and not without delay into certainly one of those consolidation loan agencies.
2016-12-18 15:03:13 · answer #4 · answered by ? 4 · 0⤊ 0⤋
yes, they can and will restart the 7 year clock
2007-06-05 12:58:04 · answer #5 · answered by Anonymous · 1⤊ 1⤋