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Nessie1
Joined: 04 Mar 2009
Nessie1's page
Posts: 8
276 Magic Points
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Subject: settlement offers and fall off dates
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Thu Jan 28, 2010 3:31 am
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| Hello everyone. I have a couple of debts that are going to soon be "falling off" of my credit report. This past week I have recieved offers to settle two of these debts. Should I bother to settle with these companies now even though these debts will be falling of sometime this summer? Im working very hard to repair my credit and the last thing I want is to put any more negatives on my report by settling a very old debt. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Thu Jan 28, 2010 7:54 am
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Hi Nessie1
Paying off a debt can never adversely impact your score. On the contrary, it will only help boost your score. Moreover, since you owe the debt, you are required to pay it off. Now whether you would wait for them to fall off your credit is absolutely your personal choice. But, ideally, if you have borrowed money from someone, you are required to pay it back.
I think you have a similar post which I answered. Check here
http://www.creditmagic.org/repair/about9788.html#40653
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cinnamngrl
Joined: 01 Nov 2008
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Posts: 1455
6339 Magic Points
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Subject: I disagree
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Thu Jan 28, 2010 11:51 am
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If these debts are falling off this summer, then they are about 6 to 7 years old. That means it is likely to be past SOL in the OP state which you can check.
http://www.fair-debt-collection.com/SOL-by-State.html#36
that means if they try to sue you, they will lose. That being said it you are in a big hurry, you can try a pay for delete. Unless you instruct them otherwise they can call and write you even after the 7years reporting is past.
I would be afraid to send them a payment as they might re-age the account. So don't pay anything unless it is deleted.
1. check SOL for this kind of debt in your state
2. decide what is best for you
3. if you pay get an agreement to delete in writing.
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CMRRR Templates
How to PFD, OPT-out, Complain, etc
All credit articles at EHOW |
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Vanessa
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Subject: thanks
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Thu Jan 28, 2010 11:13 pm
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| thanks so much for your responses. |
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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455
6339 Magic Points
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Subject: settlement offers and fall off dates
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Sat Jan 30, 2010 11:50 am
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Hi Nessie,
I completely agree with what cinnamngrl has to say. You should first check the SOL of your state, then you can decide what you want to do with the debts.
However what Carol has said is not absolutely wrong. If you owe a debt to a person, if possible and within your limits, you should try to pay those back. If you decide to pay back the debts, you should always keep in mind to get a pay for delete agreement from the concerned company.
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Justin |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Sat Jan 30, 2010 1:11 pm
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Hi Justin,
Not every creditor would agree to a 'PFD'. However, it is definitely wise to ask for a PFD before making any payments. And OP, get any agreement in writing (this is for your own good). If it is a PFD get it signed by your creditor.
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cinnamngrl
Joined: 01 Nov 2008
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Posts: 1455
6339 Magic Points
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Sat Jan 30, 2010 1:11 pm
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Of course, Carol is not wrong. But I don't know if it is the best course of action for the OP. The consumer has to consider the effect on their family. The economy is bad. Taking money out of the budget to pay back debt, when the SOL has expired doesn't make sense.
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CMRRR Templates
How to PFD, OPT-out, Complain, etc
All credit articles at EHOW |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Sat Jan 30, 2010 1:15 pm
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Hi cinnamngrl
If someone borrowed money from me, I would like to get back the money since it is MY money (whichever way I earned it). No matter if the economy is good or bad, that would be the right thing to do. But that again would be a personal take on the matter. So... up to OP really in this case
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cinnamngrl
Joined: 01 Nov 2008
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Posts: 1455
6339 Magic Points
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Sat Jan 30, 2010 2:24 pm
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As I said, I don't think that you are wrong. But this board is here to help people improve their credit. writing checks to debts past SOL could reset the reporting. they need to go through all the steps and do what is best for their whole household. We are all here because at some point we had trouble paying our bills. It would be a little hypocritical to be judgmental about it. People know that paying your debts is the right thing to do. I try to give people the best advice for moving forward. there is no free lunch. using credit repair procedures to avoid debt will get you in trouble sooner or later. that's just karma.
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CMRRR Templates
How to PFD, OPT-out, Complain, etc
All credit articles at EHOW |
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Justin
Joined: 17 Jul 2006
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Posts: 1240
28942 Magic Points
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Dawn in NC
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Subject: Credit Card Company...
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Wed Feb 10, 2010 9:48 pm
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| Says they are about to sue. My husband has a credit card in his name only. He lost his job so I've been carrying the debt on my own which means we have fallen behind on a lot of things. Fortunately, not everything though. I pay what I can to try and keep our house, cars, power on, etc. I have not been able to pay it all though so I can't pay this credit card. I have told them that we just can't pay right now. Well now they've turned it over to a collection atty and they want to sue. I'm really scared because we have two children and I'm afraid if they seize our bank account we'll have nothing to provide for our kids. What should I do? |
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cinnamngrl
Joined: 01 Nov 2008
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Posts: 1455
6339 Magic Points
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Aaron
Joined: 08 Feb 2010
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Posts: 2675
48566 Magic Points
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Subject: Credit Card Company
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Thu Feb 11, 2010 5:03 am
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Hello Dawn,
It is always better to settle the debt rather than allowing the collection agency to take you to court.
What you can do is send them a hardship letter asking for a debt settlement. Settlement considerably lowers the amount to be paid. For this, first you need to make a chart of your income and expenditures. Then you need to recognize if there are any unwanted expenditures. If there are, try to avoid those. With this, you will be able to save some amount of money at least. As a result you will be able to pay your dues.
Other than this you can also check with the Federal Grants Program. The American government has come up with a program to assist low and middle income Americans. Check from the Federal Grants Program, if you qualify for the grants.
Hope this helps.
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Aimanzul
Joined: 24 Jan 2011
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Posts: 2
23 Magic Points
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Subject: Nessie1
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Fri Jan 28, 2011 3:13 pm
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Paying off certain debts believe it or not does not necessarily improve your score. So close to falling off and you want to ..... there is a saying in credit repair "you might wake up a sleeping giant". Certainly check out the SOL for your state. I liked some of the responses.
Not all debts are taken to court, if it is a small debt it is unlikely to be taken to court. Read as much as you can, credit repair is not necessarily a logical process.
If you do want to settle than make it clear up front that you would want a "debt settled letter" and a ' delete from reporting' letter. So close to the 'end' collection agencies would do a lot just to get a little money. |
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