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 Posted: Fri May 30, 2008 7:13 am Subject: Should I do anything about old credit card debt? |
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I defaulted payment on some credit cards about 6 years ago after I lost a job (maybe 20,000 dollars total). The debt has long since been charged off and has been in the hands of junk debt buyers for about 5 years (MCM, Asset Acceptance, ER Solutions). I've never requested validation and have ignored all calls and letters. No legal action has been initiated against me.
I'm now in a position that I probably could start repaying the debt and probably would if it was in the hands of the original creditor. I feel no moral obligation to pay the bottom feeder collectors anything though. The debt is long outside the SOL (North Carolina), and I see no reason to make the debt current by paying bottom feeders.
What do you think? Is there anything I should do about this debt?
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black dog
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cajunbulldog
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| Posted: Fri May 30, 2008 7:32 am Subject: |
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I would suggest paying it back because it is a debt you incurred. At this point it is a moral obligation, not a legal one. My best suggestion is to take the debts out one at a time. Make sure you have enough saved up to pay off the debt with one payment, then call to negotiate with them for a settlement (after requesting validation if the amount seems funny) get a written agreement to show that it has been settled or better yet see if you can settle for paid in full.
Get the agreement on recording (NC is a one party state so it only requires the consent of one party involved in the conversation, which would be you, to record legally) that way if they try to forget the PIF or SIF written agreement and come after you legally (as the payment would revive the SOL) then you have that to fall back on and get it thrown out.
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JCEMT
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JCEMT
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| Posted: Fri May 30, 2008 7:38 am Subject: |
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I agree with Cajun. Since the SOL has expired and the debt was written off by the OC, you have paid your dues by having this remain on your report for 7 years.
As for the CA, the bottom feeders, you know that they bought this for pennies on the dollar. If you feel the moral obligation to pay them, negotiate with them. My suggestion, DO EVERYTHING IN WRITING. Do NOT talk with them on the phone! They will intimidate you and try to trick you up to get you to agree to something you are unable/unwilling to adhere to!
My suggestion, since it is past SOL: Do a DV with the CA and hopefully, they will go away.
Good Luck!
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desperatelyseekingsanity
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| Posted: Fri May 30, 2008 2:13 pm Subject: |
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I also agree with Cajun. These debts have been sold for pennies on the dollar. There is nothing morally right about paying bottom feeders.
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SOAPLADY
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