Settlements
Date: Tue, 08/08/2006 - 18:37
I have a few accounts that are really old. Most drop off in 2 years. Is it wise to settle on these accounts now that my financial shape is better? Will these stay any longer than the required 7 years? My worries are if I pay them, even pay in full that will update my date of last activity and stay longer! These are in the hands of a collection agency.
settlement
The minute you pay they will reactivate these accounts and from what I am told this begins the process all over again. I would register with this forum and have a debt counselor call you. They know a whole lot about these matters. Good Luck KYSIDE38
Even if you decide to pay off the account in full, note that the
Even if you decide to pay off the account in full, note that the file is in collections. This means that they will report to the CRA and your credit will also get tarnished due to this negative entry. The ratio of the repair you do to your credit will not make big difference if you decide not to pay them. However, if you undergoing moral obligations to pay your past debts, this move is always praiseworthy.
