Internet's first get-out-of-debt community - 145,000 members

I have not paid bills in 3 years, is it late to consider debt consolidation? And, when an account has been sent to a collector, does interest continue to accumulate?

Posted: Wed Dec 26, 2007 5:59 pm Subject:

It can. I know that with credit cards the default interest keeps on going until you pay off the balance in full it doesn't matter who has the account either. Because the CA will keep tacking on interest just as the credit cards would. Some other accounts in collections can also get interest. I was suprised to see a CA adding on a daily interest when I was paying them for a medical bill. So it just depends on who you are dealing with.

I think you should still be able to do debt conslidation with 3 year old debt. It just depends on the amount you have. And if it is large enough for a company to try and work with. Some companies have limits. You have to have so much in bills before they will work with you.

Posted: Wed Dec 26, 2007 8:00 pm Subject:

It wouldn't hurt to research the different companies that are out there. You won't lose anything, right?

Posted: Wed Dec 26, 2007 8:07 pm Subject:

You might also want to just call each creditor, one at a time, since it's been three years, I'm sure they would be willing to accept some sort of settlement. With the non-payments listed on your credit report already for these bills, it won't hurt much now to just settle them and have them reported as settled so you can start rebuilding your credit and move on. Might be easier than going into a debt consolidation program for another 3 - 5 years which also affects your credit.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 145,000 members

Debt consolidation to late after 3 years of not paying?

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post