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Tonyv33

Joined: 04 Mar 2010
Tonyv33's page
Posts: 4

73 Magic Points

Subject: consolidation

Fri Mar 05, 2010 2:47 am

I need help removing a college debt that has been given to a collection agency. Should I consolidate or ask for a delete account

fireyone

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

127 Magic Points

Fri Mar 05, 2010 3:05 am

Tony, We would need to know a lot more about this debt. Is it a fairly recent debt? If so and the original creditor still holds the account you could ask for a pay for delete. This is when the creditor agrees in writing to "erase" the mark from your credit report if you pay the debt in full. If the debts are older you may be protected bY the SOL, (statute of limitations) and by paying on this debt you could renew the SOL. How old is this debt? All debt is usually taken off after seven years. As you can see we really do need a little more information to give you the best advice.

electric
Guest

Fri Mar 05, 2010 3:29 am

The debt is from 1996 but was just sent to a collection agency it's for a federal perkins loan. Please let me know what you think. I didn't know student loans were protected by SOL

Aaron

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

48566 Magic Points

Subject: college debt

Fri Mar 05, 2010 5:35 am

Hi,

Statute of Limitations (SOL) applies also on college debt. However, the SOL varies according to the type of account, and also according to the state you live in. So, you can check the SOL of your state. If the SOL has expired, the collection agency won't be able to sue you. However, if you do any activities on the account, it may restart the SOL.

Another most important thing is, if you really owe the debt, I think it's better to pay that off. Even if the SOL has expired, it does not mean that the collection process may stop. Moreover, the collections will also get reported on your account. Thus, it's better to pay off the dues, either in full or as settled.

Hope this helps.

Regards,

Aaron
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Tonyv33

Joined: 04 Mar 2010
Tonyv33's page
Posts: 4

73 Magic Points

Subject: Credit Scores

Sat Mar 06, 2010 1:25 am

Does anyone know how much a PDF once removed increases your credit score???

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