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.
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
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.
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.
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
college debt
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
Credit Scores
Does anyone know how much a PDF once removed increases your credit score???