Should I pay my almost 7 year debt?

Submitted by Tangoooo on Mon, 08/09/2010 - 15:23
Forums
Credit repair

Hello I have a debt with capital one for 1800 they will settle it for less for 1205 it will be 7 years next month. My question is should I pay it or how low should I negotiate? My credit limit was only 500 please help thank you

fireyone

Tangooo,

I usually advise letting an old debt that is protected by the statute of limitations alone. so much can happen if you make a payment and renew the debt. I would imagine another collector besides capitol one owns this debt by now and they probably purchased it for pennies on the dollar. Sometimes even after paying a settled debt they still come back to haunt you, especially if it is a junk debt collector.
I am saying this only if your state has an SOL of under seven years. Do you know if this debt has fallen off your credit report. Usually the time frame for reporting as debt is 7 years. If it has been that long then I would dispute the debt.

Tue, 08/10/2010 - 01:28 Permalink
Aaron

Hi Tangoooo,

Welcome to this community :)

First of all you need to check out if the Statute of Limitations (SOL) has expired on this debt. If the SOL has expired then you will not get sued. You can also dispute the item with the credit bureaus.

Thanks,

Aaron

Tue, 08/10/2010 - 08:10 Permalink