how to settle old debt

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

Matilda
Guest

Subject: how to settle old debt

Mon Mar 15, 2010 12:36 pm

Hello,

I would like to know how to settle an old debt problem. This debt was incurred before my marriage. I had to leave U.S. because of immigration problem. After this I got married to an American citizen and became a green-card holder. I forgot about the credit card debt. It is 8 years old. Now it is being reported on my credit report. What can I do?

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2675

48566 Magic Points

Subject: settle old debt

Mon Mar 15, 2010 12:44 pm

Hi Matilda,

Can you tell me what is the status of the account on your credit report? Moreover you should also check the Statute of Limitations on your debt. It is the time limit within which the creditor will be able to sue you for not paying the dues. However, if the SOL has expired, the creditor won't be able to sue you. So, you should first check the SOL of your state on debts. It also varies according to the account.

Hope this helps.

Regards,

Aaron
_________________
Keep in touch Smile

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Mon Mar 15, 2010 1:19 pm

Matilda, Aaron is correct. The statute of limitations most likely will apply to a debt this old. Even after 7 years this debt should not even be listed on your credit report. If it is you will need to dispute the debt as old with the three credit bureaus and this should get it removed. Paying a debt that is protected by the SOL does not do one much good. It can not effect your score because of its age and if you do make even a single payment then you will have reset the SOL and reopen yourself for as lawsuit. If you do not know what your SOL is then let us know the state that this debt was aquired in and we will look it up for you.

cinnamngrl

Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455

6339 Magic Points

Wed Mar 17, 2010 2:41 pm

however SOL tolls for civil cases when you leave the country. I don't know how this affects the federal 7 year reporting.
_________________
CMRRR Templates
How to PFD, OPT-out, Complain, etc
All credit articles at EHOW

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.