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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?
settle old debt
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
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.
however SOL tolls for civil cases when you leave the country. I don't know how this affects the federal 7 year reporting.