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what do i do? help!

Date: Tue, 03/28/2006 - 10:41

Submitted by anonymous
on Tue, 03/28/2006 - 10:41

Posts: 202330 Credits: [Donate]

Total Replies: 7


I had this bill on my credit report. It was actually something that i had signed off for my brother years ago and i didn't know he didn't pay his bills until now since i got my credit report and am trying to obtain a mortgage. I called the collectors and they told me my case was handed off to a law firm. Since i wanted to get this done with, i called the law firm and wanted to make a settlement. That was on 3/17. They said they would send me a bill and then i would pay the debt. I still haven't received the bill so i call them today and the girl tells me she will send me another bill but i have to pay close to 1K by the 31st. I asked her to extend the payment date and she said NO they won't and i HAVE to pay it or else. What do i do? Is it worth paying off already? Can i leave this?
Please help.


Pressler & Pressler, thanks for your help


lrhall41

Submitted by on Tue, 03/28/2006 - 11:17

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How old the debt is? If it is past SOL, you are not legally obliged to pay it. And secondly, if it is past/close to credit report SOL, you can leave it b/c it's going to off of your report very soon.

However, if you ultimately decide to pay it, negotiate with them. They never contacted you for this account; it was your honesty that you contacted them. So how can they force you to pay such a high amount within a short time? Negotiate and try to extend the period.


lrhall41

Submitted by curlycarl on Tue, 03/28/2006 - 11:33

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SOL stands for statute of limitation. After a specific time period debts are announced to be uncollectible legally, hence no legal action is enforceable for this debt. SOL time clock starts from the date of last activity seen in the account and the time varies with type of debt. Different states have different SOL.


lrhall41

Submitted by curlycarl on Tue, 03/28/2006 - 13:50

( Posts: 616 | Credits: )


By saying "years ago" in your post, this debt is very possibly out of the statute of limitations. Check the statute in your state (for example, Texas is 4 years, Tennessee 6 years, etc). Mind you, even if it is out of the statute of limitations, they can sue (many firms such as this hope for a default -- that you won't show up). If this debt is past the statute of limitations, send a certified letter stating such, and if they are ever stupid enough to sue, show up and show the court when the debt was charged off, and it will be quicklly tossed out.


lrhall41

Submitted by on Tue, 03/28/2006 - 21:04

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