I have a few creidt cards I stopped paying on around January 2005. Some have posted to my credit report (Charged Off) and some have $0 balance and some still have balances posted and 1 is with Arrow Collection Agency. Should I call the companies directly that still have balances posted and try to work out a payment schedule with them or is this opening a can of worms? Also should I call the collection agency and do the same? I havent heard from any of these companies by mail or by phone for close to 2 years. Thanks
2007-08-26 12:25:03 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes, now is a good time to resolve that old debt. You can probably settle them for 75%. If you initiate the discussion, you might find them more likely to work with you.
Many collection agencies buy up old debt and actually sue for even smaller amounts.
2007-08-26 12:37:05 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
The moral thing to do is to contact all of them and make payment arrangements to get them paid off.
Keep in mind, just because a debt falls off your credit report doesn't stop them from attempting to collect in the future.
If they do, you can use the SOL as a defense, but this only keeps them from suing you, but not from attempting to collect.
2007-08-26 12:36:02 · answer #2 · answered by mister_galager 5 · 0⤊ 0⤋