I want to maximize my credit score. My credit is excellent now and I don't want to hurt my credit score by paying this 75% discounted rate if it will hurt my score. Do I just let the bill slide since it is 11 years old?
2007-10-03 00:39:47 · 9 answers · asked by trena77 1 in Business & Finance ➔ Credit
Don't fall for this scam. You probably no longer have a legal obligation to pay this debt. Check your State's Statute of Limitation
http://www.bankrate.com/brm/news/cc/20040116b2.asp#tx
Credit Card debts are always open accounts.
Send the collection agency a "Debt Validation Letter" asking them to validate the debt. Include a paragraph informing them that they can only contact by mail and only after the debt is validated. Also, if your State's SOL has expired, informed them of that fact.
Unfortunately, there is no limit on how long a collection agency can attempt to collect an old debt. Some unscrupulous ones will try forever banking on your ignorance of your rights.
Some may even try to sue you after SOL. If that happens, you must answer the summons to avoid a default judgment against you. Use the SOL as an affirmative defense and the lawsuit should be dropped.
2007-10-03 02:19:17 · answer #1 · answered by Ti 7 · 1⤊ 0⤋
Ignore the spammers above that are plugging personal sites (their comments will be deleted) The judge and credit agency are unlikely to forgive the debt unless it should turn up that your bills are the result of extreme medical expenses or similar hardship (and even that would require bankruptcy). Credit bills over the last 4 years that show predominately lifestyle or leasire items (drinks at bars, fashionable clothing and so on) will not help your case. 3 things I would do: First: Get the help of a licensed psychologist or physician, if you are not already seeing one. Pleading mental distress with a "self diagnosis" will ony hurt you, as you have no credible facts to back up your condition other than your own words. Second: If you are intent on fighting this, get a lawyer. Most will offer some level of consultation on what your options might be, but will not provide significant representation. After talking it over, decide whether it's worth it or not. Third: If you don't want to fight it - Call the company. Try to work something out; They might be able to recommend some consultation on how payments can be arranged that satisfy you and them. If you're a person of good character, the prospects of jail time are minimal. Most likely, you're credit will be ruined for the next few years and you will be put on a debt restructuring plan. As for your car, bankruptcy laws (if you can succesfully match the requirements) will allow you some relieft to protect posessions (such as your car). But don't take my word for it - Talk to a real lawyer. Just be honest, don't lie...If you do, you'll only make the situation worse.
2016-05-19 21:49:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, you should pay it. First of all, it is the right thing to do. You presumably charged merchandise in good faith on that card and when the bills are not paid off, that is the thing that raises prices and interest rates for everyone else.
Second, despite the fact that some people have said that you are not legally obligated to pay that bill, my understanding is that it varies depending on the state the card was issued from (not necessarily where you live) and may also depend on your credit contract that you signed. If you choose to not pay money that you owe, you should contact a lawyer first and find out what the case really is for you rather than take the word of strangers that you don't know on a forum.
2007-10-03 05:26:33 · answer #3 · answered by maypenguin39 4 · 0⤊ 0⤋
Question - Are you delinquent on this card? If so, then it will not effect your score after 7 years since the 1st missed payment. if you ever made yourself current, then it is 7 years from that point. A 75% discount on a delinquent account will still show missed payments etc therefore I would pay off the balance at the discount rate.
If you are paying it off and have been, you should really make attempts to pay the balance. Your credit history will show that you have made payments and reflect your history of paying.
Over 11 years you have paid WAY more then you should have for the item(s) you purchased.
Have you checked your credit profiles from the 3 major credit rating agencies? If not, do that once a year (free).
2007-10-03 00:49:22 · answer #4 · answered by AntDU 5 · 2⤊ 2⤋
Under the statue of limitation laws, the credit card company, can not collect on the bill . What they are . trying to do is illegal.Its call double pay-scam. The company, already has charged off that bill . When they filed thier business taxes , the federal goverment paid them for that bill . Now the company, is asking you, to pay it .They know that under the laws , they can not make you pay it .Thats why they are asking you, to pay less , than the total amount of the bill .
You can and should file a complaint with the Better Business Bureau .Also cvontact your local Chamber of Commerce .
2007-10-03 09:15:32 · answer #5 · answered by foxxy lady 1 · 0⤊ 0⤋
Listen up!
Depending on what state you live in the Statue of limitations is probably over on this bill. (In PA it's 4 years) Please dont confuse Statue of Limitation with Credit reporting which is pretty much 7 years everywhere.
Having said that, your 11 years clears you of any legal obligation.
Did you know that there are Bottom feeder debt collectors who purchase your account for pennies on a dollar. Yup I wouldn't lie to you. My husband use to work for a bottom feeder debt collector! They are the worse.
What you have to do is respond to them via letter and ask them for a debt validation letter: What this means is that they have to show and prove that you owe THEM the debt. You never signed a contract with them and since this debt is 11 years old, they will never stand a chance!
Be prepared they will hit you with all types of garbage like, we'll take you to court and sue you and we'll garnish your wages and all types of crap! They have no legal grounds to do neither and if they tried they are breaking the law and you could sue them!!!
If you are interested I can send you a copy of the very Debt Verification letter I and my husband are currently using. Please email me and I'll send it too you as it's sort of long!
Good luck and remember:
* Respond within 30 days or technically they can vlalidate the debt.
* Do not pay b/c you don't owe THEM.
*Your original debt was charged off!
2007-10-03 01:38:34 · answer #6 · answered by Wife~and~Mom 4 · 1⤊ 1⤋
If you can afford to pay off the discounted bill I would do so now. Unless you think they will settle for less. it is best to get it paid off for your credit score.
2007-10-03 00:44:18 · answer #7 · answered by Aloha_Ann 7 · 1⤊ 1⤋
letting the bill slide will come back to haunt you. if you cant pay the discounted bill, make a counter offer.
2007-10-03 00:49:53 · answer #8 · answered by Foonman 1 · 1⤊ 1⤋
This debt was already charged off by the credit issuing company , do not respond to this offer....
2007-10-03 00:43:36 · answer #9 · answered by Anonymous · 0⤊ 2⤋