How do I resolve 4 year old debt?

Question

I have outstanding credit card bills that were charged up between 4-5 years ago they are now in the hands of third party debt collection agencies. Would it be wise to call them and start making payments again to pay them off or should I let them charge off. If I do make payments or pay them off right then and there, how will that show up on my credit report?

Answer 1

go to your local credit union and either work out a payment plan or take out a loan to pay the debt.

Answer 2

i suggest you should go with credit counseling, Credit counseling is a very common form of on-line debt consolidation. It is also known as credit card consolidation. A credit counseling company will be able to lower your monthly payments by getting interest rate concessions from your creditors by contacting them and negotiating for lower interest rate on your behalf.

For your reference http://www.ezconsolidation.com my one of friend had recently consolidated his loan from there to pay off all his debts with bad credit, you can try this source may this could help you.

Answer 3

Do you have any money or could you borrow any money to pay the debts off? Could you pay off say 50%.? I would imagine that if you

don't pay you could get a very bad credit rating if you don;t have one already. Maybe if you phoned the agency and told them you could scrape together 50 per cent of the total debt or even 30 per cent would they take that as a full settlement (and get that in writing from them!!)

maybe they would cancel the debt for that amount. I know that if you are really in hock to a credit company and you call them they will usually cancel any interest that has accumulated as long as you attempt to pay off the balance.

Answer 4

If they're alot of  money, I reccomment filing bankruptcy, or if they aren't alot make payments monthly to each of them until u get them payed off, then have them deleted from ur credit report.

freecreditreport.com

Answer 5

The cards have already been charged off...that's how they ended up with a debt collector...I do not recommend paying old debt like this unless you are specifically being sued or if you are getting a new mortgage and the lender insists that any defaulted debt be paid.

Paying off this debt will not magically fix your credit.....the charge-off will remain and be updated to "paid." Any new payments you may make will automatically reset the statute of limitations on this old debt, which enables the debt collectors to take legal action against you. By contacting the debt collectors, you run the risk of triggering aggressive collection activity, even a lawsuit...it's not worth the risk...The item falls off naturally in a few years anyway. Don't open up a can of worms....

Answer 6

pay them off and clean them up asap! just so u are free of them

Answer 7

All I can say is, you need to win the lottery.

Answer 8

your already in a S**t hole with the credit credit unions.  I would suggest paying them off as soon as possible.  It should never have gotten to a collection agency.  as soon as you pay it off your credit will get better (slowly) but the longer they have the lean on your credit you wont qualify for things.

Answer 9

If you have these much year old debt and you really want to go for resolving it than I ever recommending you to go for this company : http://www.debtreduction123.net , the people, servies and their interest rates are amazing. They have different policy for different people, they will decide a kind of package for you, that is very beneficial for us. They have did the same for me. I have resolve my 6.3 yrs old debt. The only thing I would like to tell you, just fill out the form and have their review, its absolutely free of cost. You might get good offer wich you won't be getting somewhere else....

Answer 10

I personally will not pay it or call them. This debt will fall off your credit report in a couple of years by law. Besides paying it off doesn't remove it from your credit report. It will just show up are paid collections, which is just as bad as not paid.