I just now turned 23, made a lot of mistakes with credit cards when i was 18-19. i have 2-3 acct that i just stop payin, balance range is from 600- 2000. accts have been on my report for almost five years now, which means they should come off in about 2 years, i've been doin research on credit repair b/c i want to purchase a home in the near future and i dont see any reason why i should pay these accts? other then its the right thing to do, credit wise i dont see any benefits. for the motorcycle loan that i defaulted on i work with an attorney to settle the acct and have the creditor remove from my credit. how she did this, i have no idea but she did it.
I have come accross the pay for delete ltr and also the debt validation but have no idea if these actually work
i am aware the creditors can sue me for the balance but should it happen i have no problem payin it. any thoughts?
What state do you live?
What kind of debts are these?
All credit cards?
It all really depends on whether they can sue you. (or already have) judgments can stay on your credit for much longer than 7 years.
I live in NC
these are all credit card
and
none have sued me, the only that tried to was the motorclycle loan that i had but like i said all that is taken care of.
Oscar, keep paying off them.
Thanks.
Sorry, James Orr but if he makes a payment in NC the SOL will reset.
what are the dates on these debts. what is date closed or dofd?
4 years is borderline SOL, so you will probably be settling some stuff.
So, have you received hard copies of your reports?
go to annual credit report dot com
then post the dates on these
http://www.fair-debt-collection.com/SOL-by-State.html
credit
Same thing I was gonna say. If the SOL expires, why pay on them and get things 'reset' again? Not a good idea. If you DO do this, you'll be wasting money you can be using on another bill. I've gotten some letters, in the mail, from CA's,..requesting I "pay for this certain debt" and I KNOW the SOL had expired. I don't pay on them.
Paying off credit card debts
Hi Oscar,
Can you tell me if these accounts has been charged off? If these accounts has been charged off, then it's better to pay these off. As you are trying to repair your credit, it is better to pay charged off accounts. Charge-off negatively affects your credit score.
Thanks.
Aaron
these accts are charged off. here are the dates
acct 1 charged off 1/07
acct 2 charged off 3/06
acct 3 charged off 4/6
acct 4 charged off 1/07
@ arron, if i make a payment on a charged off acct my score increase will be insignificant (i assume). the only thing that will change is that it will say acct paid off. but negative info will remain there? will a pay and delete ltr erase it all completly if creditor accepts?
under Statue of limitation for nc what would credit card acct fall under? open accts? so if 2+2 is 4 these credit are goin to run out of time here in a bit and they can't collect from anymore correct?
North Carolina Statute of Limitation
Express or implied contract, not under seal: 3 years.
Contract and sale of personal property under seal: 10 years.
Open account: 3 years, NOTE: Each payment renews the SoL on all items purchased within the 3 years prior that payment. If no payment is made, the SoL runs from date of each individual charge. Contracts: From date of breach or default, unless waived or performance under the contract is continued.
Judgments: 10 years
Partial payment BEFORE the SoL expires renews the SoL from date of payment.
Payment AFTER SoL expires renews SoL ONLY if, at time of payment, circumstances infer the debtor recognized obligation to pay. Partial payment on open account restarts SoL on purchases made within 3 years of payment date, if acknowledgment can be inferred, starts the statute anew as to the full obligation acknowledged, even if all of the charges were not made within the last three years.NC Continued...
Partial payment by one debtor does not renew the statute of limitations as against any a co-debtor unless that co-debtor agreed to, authorized or ratified the partial payment.
Partial payments DO NOT affect the ten-year limitation on enforcing or renewing judgments.
Bankruptcy, Death or Disability: Filing of a bankruptcy tolls the statute of limitations for the enforcement of contracts and judgments.
The death, minority, disability or incompetence of a debtor also tolls the limitation period until such time as a personal representative
paying off credit cards
Hi Oscar,
Yes, if the creditor agrees to the "Pay for delete" (PFD) agreement, the charge-off may get removed. However, for that you need to request the original creditor to pull back the account from the collection agency.
Credit card debt is an open account debt. Now, if the Statute of Limitations (SOL) on these debts have expired, or is just going to expire you may not get sued. However, the charge-offs will remain on your credit for 3 or 4 more years, and damage your credit.
Thanks,
Aaron
I believe the accounts SOL would vary if they were taken out in different states. I was always told the SOL went by the state you opened the account in.
Also Oscar need to know if he does do a pay for delete he needs to get it in writing and keep all copies of the receipts for many years. Hoiw many times have we read on here about collection agencies coming back to recollect a debt. I would also be VERy sure you can pay these if any are protected by the SOL. One minimal payment resets the SOL and then you can be sued again.
They can and still will hound the crap out of you, there is just nothing they can do about it to legally enforce it.
Looks like you have a great conversation going here, hopefully you can get some type of resolution. Goodluck and keep us updated.