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Debbie G | Is it worth paying a bad debt if it has already gone to the collection agency? |
My husband has 2 debts that have gone to the collection agency. One is the result of a credit card bill from his ex wife for $3,500.00. The ex is suppose to pay this when the community property is settled. The other debt was incurred by himself for a cell phone for $490.00. He does not know if he should pay the bill for $490.00 now, or just wait till the larger bill is paid when the community property is settled. We hate to put out that much money for 1 bill, while his credit is still messed up from the much larger bill. Will it benefit him in the long run to pay the bill for $490.00 now? Help, we are confused. My (his wife) credit is excellent, so I have never had any experience with this before. |
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Veritatum17
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Your credit as new wife remains excellent. The bureaus look off of an individual SSN, so (as long as no one has stolen your identity) your history will remain excellent so long as you do what you've done.
Make sure you pull your free annual credit bureau, by the way.
Now, your husband... it is completely understandable to have bills tied up due to a divorce. Neither of you should feel ashamed or embarrassed, this sort of thing happens. However, the collection agency (vicious brigands they can be) wont' be happy until they receive the certified funds.
He has to pay the debts. Whether it's now in cash, on a payment plan, or down the road as garnishment of tax refunds and wages or even through a bankruptcy court, these debts must be paid. That is, of course, unless he's counting on the collection agency giving up.
The damage has bene done to his credit bureau already. He could make a decent case that the $3,500 is not his responsibility (unless he's a guarantor or co-signer, or it's otherwise in his name, then he has no legitimate excuse, unless the ex stole the card and used it without his consent - but then he'd need to prove it in court probably), but the collection agency won't listen to it until its paid. He could make arrangements to pay it (I'd recommend he take out a personal line of credit at a lower rate from a credit union and then pay back the credit union) and then make sure to pursue his ex for funds in the settlement.
Also, he should bear in mind that the settlement may not come for months, and may not throw the entire responsibility on her.
The cell phone bill is his. If you wait until community property is divided, then that probably leaves him with less money to pay it but the debt is just as large.
I know this is a tough way to start life together. Put a budget together, pay down those debts, and live leanly for a while. It'll be good to get it behind you. I wish you the best. |
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stormwarnfm
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A divorce does nothing in the way of joint accounts, unless specifically stated that the spouse is held harmless regarding it.
If your spouse doesn't pay the debt, you're 50% responsible for it.
The cellphone, IF it's already in collections, tell them you'll pay 65% of the bill, in full, if they will consider it satisfactorily paid and mark it on the bureau as such.
That's if you're not wanting service with them anymore.
If you are, fork up the $490. |
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RainCloud
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In the long run, it would be better for him to pay the bill even though his credit is messed up. |
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cwesley2003
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I'd pay what he incurred, the 490.00, if the exwife doesnt start paying off the credit card you can take her to court for it.
Pay what you can pay now monthly-just send them installments, and call them to help you set up the installments. |
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Matthew C
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if you can i would pay it asap... i think the longer a bill is in collections, the worse the impact on your credit will be. |
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purpletoothy
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Definitely, with 2 outstanding bills under his account, it will damage his credit rating. He should try to pay up the smaller one quickly. |
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dcepierce
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In the long run, it is always good to pay off debt as soon as possible. The longer the bills remain unpaid, the worse credit gets. It looks better on your credit report if you can pay off anything right away rather than waiting till you are able to pay them off.
Perhaps the best way to go about paying off the larger amount is to work through a credit counseling service. There are some good ones out there, and they are able to work with collection agencies and credit card companies to help you to be able to pay off the large amounts and not hurt your credit any more, and in some cases help it as well. |
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AOMGMC77
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Well if it were me, I would get some sort of certified letter from the court saying that the $3,500 was ordered to be paid by the exwife. That it is her debt, her responsibility. I would send this letter to the collection agency, as well as a copy to each of the credit reporting agencies. This would be in attempt to have that removed from his credit report and put onto hers. Thus the creditors will stop calling you for that bill, and it will clear up his credit report some.
Then with the cel bill, I would contact the collection agency and see if they would be willing to negotiate a pay off for a lesser amount. FORTUNATELY it is only $490. Yeah, that is a lot... but it isn't thousands of dollars in debt either.
If they won't work out a payoff, see if you can get a payment plan. Be willing to pay $100 right then (either via a phone check or that you will put a check in the mail that day) as a step of good faith to clear up the bill. Then $130/mon for the next 3 months.
This shouldn't be such a hit, as paying the $490 in one shot would be. But it will help get it paid off and off his credit.
Paying it off in full is better on your credit report, then a settlement/payoff negotiated amount. But you have to do what is best for your finances at this point.
If you don't need a stellar credit score in the next few months, then work off the payment plan. Otherwise if you are intending a large purchase within the next few months and need that credit score to go up, then I would settle or payoff in full asap. |
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lotsalovetanya
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The much larger bill can be disputed when the community property is settled,but it is in your best interest to pay the smaller bill.It will then not be held against him should a creditor such as a credit card company or mortgage lender have to inquiry his credit history.Consider that even if you own a home,one day you may have to refinance or have an unforseen problem.Also,if he didn't desire to put out that much money for one bill,perhaps he shouldn't have purchased the cell phone.If he is irresponsible or impulsive,work closesly with him on a budget.GOOD LUCK! |
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DRD
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I would pay it..from experience I know these people will never stop calling and they do get VERY NASTY...Then when the other one is paid off you'll be done with it all..Good Luck to you.. i know the feeling..... |
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mrmaxamillion
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Yes, Pay the $490, because if it goes from Collections to an attorney for a Civil Suit the debt will more than likely double once court cost and Attorney fees are accessed.
Collections can come back to you as long as 10 years. |
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amosunknown
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Make payments on both. But pay the smaller one off first. Any reconciled debt looks good on your credit, and 490 is closer than not. It going to a collection agency looks pretty bad all together.
Not making payments is the worst thing you can do for your credit, since it IS what causes bad credit. Any payment that is 30 days late is considered unpaid and ends up on your credit record.
Continue to make payments on both, until theyre satisfied. Never get to the point where you are making late payments, this defeats your purpose. Instead make your payments early, or on time. An extra 10-20 or however much you can afford on each payment will also help in the long run, its amazing how quickly that little extra adds up. |
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loving father
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Very true, pay them both, even if his credit is messed up. As bad as his credit might be now... It CAN get worse! In some certain cases, if the amount has already gone to collections, you can ask if they are willing to settle for less. While it sounds like a great deal, this will be documented as such on your credit report. Best if you can pay in full, but even if you settle for less, it's better than doing nothing at all! Good luck! |
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parsonsel
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I'd pay off the bill that he owes to the phone company and then contact the collection agency about the credit card debt and inform them that the ex is responsible for that bill. You should probably send paperwork from the ruling stating that fact as well. |
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Bravo
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Yes, it is worth paying any debt you have no matter how late. This is called honesty. It will also help you credit because when others, usually from a financial institution say that you are owing, you will have you receip to show that even if that might have been the case, you are no longer oweing and that has helped a lot of my friends when they went in for a loan. |
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Caffiend
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Yes, paying the bill mitigates the fact that it was in collections. You can make sure that the account is noted as now current and up to day. |
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chey w
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it doesn't matter how much a bill is. whether it is $5 or $5,000 it can still have an adverse affect on his credit scores as long as the collection agency reports to the credit bureau. pay the $490 if it is affordable because he knows it is his debt and will have to be paid. he can show proof the the credit agencies with a divorce decree to have the other debt removed from his credit. |
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Nathan
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I would pay both bills and get them cleared out of the collection agencies. Interest in the long run and the effect will be worse. Go to civil court and get the money back if necessary. Even though his ex-wife is "supposed to pay them" they affect his credit. |
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