Negotiating collection accounts

Who do you owe and what state do you live in???

Quite frankly, if the accounts have been sold and are out of SOL, I wouldnt bother paying them. It is not going to help your credit and they will be falling off at the 7 year mark.

The collection agencies I owe are
-Asset Acceptance LLC
-LVNV Funding LLC
-Midland Credit Mangement

[COLOR=black]Between these CA, I have several collection accounts. I believe they are about to be past the SOL for the state of Illinois. I think it is 5 years for credit card accounts. Just back in April I was served with a lawsuit by a collection agency. I think that is because the account was about to reach the SOL. I am afraid of being served again by these other CA because they are near the point of the SOL. That is why I would rather just pay them instead of going through the whole lawsuit ordeal. At that point, the CA was not up for negotiating the amount to settle for they wanted me to pay the entire amount or go to court. [/COLOR]

Go back thru your credit report and find out your date of first deliquency. If it past the 5 years, even if they attempt to sue you, you argue the SOL. Do not pay these bottom feeders if you do not have to.

[COLOR=black]After reviewing my Equifax, credit report. All of them have a 1st delinquency date that is 5 years old. The problem is that it will be another 2 years until I can request that these accounts be removed from my credit report. I am currently in need of another car and seeking a new place of residence and have been turned down because these accounts are still on my credit report and show that I have not paid. This is why I was considering just paying them, just not the full price in which they want. [/COLOR]

Paying then will not remove them from your credit report, nor will it raise your credit score.

[COLOR=black]So what would you suggest? I keep being denied for credit due to my credit and the past delinquent accounts. I also am being denied housing due to these negative marks on my credit as well. Do you think by paying them new creditors will see I have attempted at settling my old debt and grant me new credit? If I do pay them, do I still have the option of deleting them after their 7-year mark or does their time start over?[/COLOR]

Either way they are going to fall off at the 7 year mark.


Most lenders look at your score vs what is on your credit. Again paying them will not raise your score.

Can you get a cosignor for the car loan??

[COLOR=black] I am unable to find a co-signer at this time. My credit score is not as bad as I thought it was at first it was 578 but after the recent credit checks for credit and housing it has dropped to 496. [/COLOR]

I am in the exact same boat as you are. My credit sucks, but i have this zombie debt from 3 or 4 creditors that, due to these same credit collectors you have listed, are now showing up as 6-8 negative entries on my credit. I am not sure what to do- I would like to clean mine up but if it isn't going to help....
I don't understand how 3 bad accounts can turn into triple that (using example numbers not actual just to get the point accross)- it's like one account is negative threefold. I don't understand, so if you figure it out, let the rest of us know.

Pretty easy, You default on an acount. They report.
Original Credit sells to JDB...they report
JDB sells or places it with a collection agency...or you get sued...they report.

Hi! I'm not a lawyer, nor have I ever played one on TV, so take this in to account. I did my research well, and this is how it has worked in my experience. If your accounts are "years" old, and you didn't make any payments on them, which, I believe, unfortunately, "resets" the Statute of Limitations" clock, under Delaware law (where many Card companies (including mine) are incorporated, the Statute of Limitations to bring a lawsuit to collect a debt is three years after your debt went into default (or there abouts). You still "owe" that debt, but without the option to win a lawsuit against you (in your local court in your state) against you, their chance to collect is somewhere between slim and none. So far I have not received a 1099 either, since I still technically still "owe" all of the original debt. I wouldnt even settle for just a single one dollar payment for entire $15K charged off debt, because then I would more than likely get a 1099 for $14,999, with that whopping income tax liability! By federal law, the defaulted debts will drop off your credit reports in seven years from the default date (or thereabouts), but if you "settle" for even one dollar say 6 years and 11 months after the default, that will screw up your credit for another 7 years from the date of that payment! The S.O.L. is the lower time of whichever state the Card company is headquartered (check your "agreement") or the state in which you currently reside, whichever is lower. My advice? If your home is rented, or mortgaged to the hilt, or properly homesteaded (check you state's "homestead" law), but my state (Mass.) has very generous and far reaching homestead protection against unsecured private debts-I had/have no other attachable property (like an expensive car, boat, etc), and so little income (believe me, the card companies, etc. check your credit report every few months... The S.O.L. doesn't stop a company from bringing a lawsuit...if you are sued, you must still appear in court and then raise the S.O.L. as an incontrovertible defense. Again, this happened to me years ago, so perhaps my figures, etc. are a bit off... so Do Your Own Research! It worked for me! I didn't pay a penny towards the card debt, nor never agreed to, nor a single penny in income taxes on any "forgiven" debt, and my credit reports will be clean in a couple more years. Now, if only I could get a decent job!