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joeybflowers | Should I pay off a debt from 1998 that does not show on my credit report?.? |
The loan was for an auto repo. A debt collection agency contacted me and said they would settle for 25% of the loan amount, which is a great deal. If I do not pay the amount could it affect my credit again in the future? |
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ken_voss12345
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Imagine nobody pays their bills anymore, what's going to happen? |
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jeff s
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the short answer is YES. it doesnt usually go away. if you can settle the account and get a satisfaction and such a huge discount take it, chalk it up to experience and move on.
good luck |
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hannah1015
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pay it. always protect your credit |
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*****
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Yes, it would turn up on your credit report, as soon as you are reported. |
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jarrettsmom
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Yes!! 25% IS a great deal! |
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T
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Take the 25% and pay it, get the monkey off your back, seriously, I am a creditor and it will affect you sooner than later. |
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pendleton4068
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yes pay it off , some day bam, and they got u, just when u thought it was safe> |
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The Cool (Radio) Man™
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Yeah |
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mia2kl2002
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Yes it will affect your credit in the future.
We had a credit card company call us one time and asked us to settle the debt for 50%. It didn't occur to us that this would show up on our credit report later.... and for a long time afterward. |
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Psychic Sk8r
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It sounds like they are giving you a chance to pay BEFORE they put it on your credit report. I would have to say if you decline to pay, it will show up later & mess up your credit. 25% is a good deal, most demand at least 50%. I'd say pay & be done with it. |
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jekin
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Collection agencies buy the debt from the finance co. A deal is a deal. It is a deal between them now. You did not sign an agreement with the collection agency.
You may go to heck (not hell) for not honoring your first obligation though. Shame on you, but shame on the collection agency too. |
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Not Laughing w/ U
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Studly is absolutely right. You have to really be careful of the advise you take from Yahoo Answers. |
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Studly
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Geez look at all the crappy answers!!!!!
Pay the bill????? You nuts!
For starters, they can NOT post any negative information to your creditor report for 7 years, beginning on the date of the delinquency. If your car was repo'd 8 years ago, you are safe. If they try to post anything, sue them for $1000 for violation of the Fair Credit Reporting Act!
OK, now THINK!
You got a collector on your back. Why do you suppose he hasn't posted it to your history yet? Because he's such a swell guy? NO! Because he CAN'T!
And why do you think he's offering you a 75% cut in the amount you owe? Because he cares about your finances? NO! Because the Statute of Limitations has run out and he KNOWS you have no legal obligation to pay him anything.
You don't know the law, so he's trying to sucker you into paying ANYTHING he can get!
So do yourself a favor and read the links below. DO NOT respond to this guy. If he continues to bother you, send him a cease and desist letter.
The rest of you responders need to read it too....quit giving out bad advice! |
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bianca
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ask yourself why after 8 years they will settle for 25%- they run out of time and by now, they look to recover something, because is to late for them to take you to the court to get the judgments against you. statue of limitation is caught with them and you don't have to pay them now. take your credit report and if from the date they report your repo past 7 years- ask credit agencies to remove those negative accounts form your credit. |
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flagmagnets
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First of all, ask them if it will show up on your credit report. If yes, before you pay them a dime, convince them Not to report it. Get an agreement in writing. If no, also get it in writing. Remember, you have the advantage because they want your money. Also research the statute of limitations in your state for that type of debt to make sure that they can legally collect. At any rate, before you pay them a dime, get an agreement in writing that will protect your credit report. Do not let them bulls**t you by telling you they have no control over how it is reported, for they have complete control over how it is reported. PLEASE, do your homework before paying! Good luck. |
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grgnwen
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If it is not on there it probably dropped off. and If they went to court and got a judgment against you they can always put it back on. Generally things fall off credit reports after 7 years , and If you have a judgment against you it is on for 10 yrs and the creditor can renew it for another 10 years. |
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robin b
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HE WOULD SAY THAT MAYBE IT WAS ON YOUR CREDIT REPORT BUT AFTER 7 YRS IT HAS TO COME OFF UNLESS HE GETS A JUDGEMENT FROM THE COURT, I DON'T SEE A JUDGE GIVING HIM ONE AFTER 9 YRS. I'D WAIT TO SEE WHAT THERE NEXT MOVE IS GOING TO BE. TELL HIM WHEN HE CALLS YOUR OUT OF WORK OR SOMETHING......I KNOW PEOPLE ARE GOING TO SAY I'M CRAZY BUT SCREW THEM ... |
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bella_4624_19
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don't pay it! it is well outside the normal statue of limitations time frame. if you pay it, you will restart the clock, and they will be able to put it back on your credit report. if they call tell them you have no idea what they are. |
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