Debt over $2000, should i pay if its really old?

Question

The bill is from about 2002 and from an ex-boy friend. I have good credit other then that one bill. Will I be able to just tell the company to take it off when it hits the 7th year? I want to buy my first home but not any time real soon. I'm not sure if it matters but I'm in Tx.

Thanks for any help guys!

Answer 1

the statue of limitations  is 7 years 180 days from the date the debt occured but if u admit in any way that the debt is urs then the statue resets even talking to the creditors admits its ur debt but its always better to pay it off

Answer 2

7 years is not a 'magic number'.  Another collection company can purchase that debt and it can go on for a long time.  The length of time a negative report is on your account will adversely affect your credit score.  Make arrangements with the company to pay it off, as much as you can comfortably afford each month, and sleep with a clear conscience and a higher score in the end.  Good Luck!

Answer 3

if possible make the collection agency a small cash offer if they will show the debt as paid or settled on your credit reports when they send you a written acceptance of you offer then pay them the new agreed amount. and your credit is completly repaired no more charege off and you can probably get out for $500.00

Answer 4

of course you should cause it will come back to haunt you

Answer 5

you should go ahead and pay it off....companies do not like to see write-offs.

Answer 6

Has the statute of limitations expired on this debt? If so, then do NOT pay it.

This debt is going to fall off your report next year, so just wait it out.

Answer 7

pay that bill on time it will boost ur credit and may mean a smaller down payment or a lower payment if your credit is with out blemish