CC Debt dissappeared from my Credit Report!
Date: Tue, 09/16/2008 - 12:28
I have a debt with what used to be AT&T Universal Credit Card. Unifund bought the old debt, according to what my debt settlement company says. Unifund states that the balance on this old debt is over $30,000 (from $11,000) and that they will only settle for 80% of the new balance. The debt showed up about a year ago on my report. Now this debt doesn't show up on any of the 3 credit reports! What does this mean? Could the SOL have expired and now I don't owe them? Or is it best to pay them the settlement with a bank loan and be done with this nightmare of a company that continually ads interest and fees? If I settle will this settlement show up on my credit report negatively? What is the best course of action in my case?
how old is the debt?
How old is the original debt, and when is the date you last paid on it? Was it over seven years ago. The SOL has nothing to do with how long something stays on your credit report. CA has a SOL of 4 years, but items can remain on your credit report for 7 years.
If it's off your credit record, and they aren't hassling you and haven't sued you, I wouldn't pay squat, and definitely would not take out a bank loan. And paying 80% of 3 times the amount of original debt?
If you are talking about spending 25 grand or so, do yourself a favor and spend $1,000 and get a lawyer. I don't know why people don't do this sooner rather then try and do it on their own.
