Posted by: pshrestha78 May 29, 2014
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Check statue of limitation of the state you're living. after certain years they can't sue you. if you're almost close to your statue of limitation then doing partial payment can only hurt you cuz it will extend the reporting of that bad debt for 10 yrs. in 7 yrs your bad credit will fall off but if you make partial payment it will stay there for 10 years. let's say you live in Idaho u r defaulted for 3 years, your statue of limitation is 5 yrs, if you make 500 payment out of your 1500 debt in four years , then that will remain for another 10 years but if you don't pay then it will fall off in 7 years and after 5 years they can't even sue you.
worse thing you can do is to talk to these scum feeders. your account went to collection after some time, then to another collection and another so on and so forth, to the worse scum as time went by. these scums buy these loans for pennies and scare the hell out of you to collect some money. do not pay, do not talk to these ppl. if they make you agreen anything verbally or in writing then you're really screwed for 10 + years. Not only that but other collections will share that info too and come after you. Do some research i would say yes pay it if you can but paying won't help you unless you get them in writing to expunge it out of your credit report and then you'll have to write each credit bureaus to take the bad record off their record after you receive the letter from the collection agency.
credit card companies charge over the limit fees and high interest to make up defaults like you, as bad you're think you're , you're actually a very small % out of their earning. They already have plans to make up for defaults like your case. US economy and law knows that even good ppl have unforeseeable conditions to default on their loan, hence there is bankruptcy law and 7 years of reporting, and strict guidelines for credit collection. do some reading.
http://credit.about.com/od/debtcollection/qt/oldcollections.htm
http://www.forbes.com/sites/cateyhill/2012/06/06/3-debts-to-consider-not-paying-off/
worse thing you can do is to talk to these scum feeders. your account went to collection after some time, then to another collection and another so on and so forth, to the worse scum as time went by. these scums buy these loans for pennies and scare the hell out of you to collect some money. do not pay, do not talk to these ppl. if they make you agreen anything verbally or in writing then you're really screwed for 10 + years. Not only that but other collections will share that info too and come after you. Do some research i would say yes pay it if you can but paying won't help you unless you get them in writing to expunge it out of your credit report and then you'll have to write each credit bureaus to take the bad record off their record after you receive the letter from the collection agency.
credit card companies charge over the limit fees and high interest to make up defaults like you, as bad you're think you're , you're actually a very small % out of their earning. They already have plans to make up for defaults like your case. US economy and law knows that even good ppl have unforeseeable conditions to default on their loan, hence there is bankruptcy law and 7 years of reporting, and strict guidelines for credit collection. do some reading.
http://credit.about.com/od/debtcollection/qt/oldcollections.htm
http://www.forbes.com/sites/cateyhill/2012/06/06/3-debts-to-consider-not-paying-off/