Should i pay the debtnow after 8 years?

Question

when i started college in 1999 i got a credit card, for 5k and was not working. I maxed the card out, the bank ended up merging with another bank who sold off the debt. Now the debt has went to a collection agency who is tryin to collect after 8 years. The account is not on my credit report, so i am afraid that by paying it will bring the account current thus affecting my curent credit score. Though i would hate to just not pay the money, and majority of the balance is intrest, if it is going to harm me i will just sleeping dogs lie... from what i understand the original debtor has writtne it off anyways... any info on this?

Answer 1

if you have not had contact with them after 7 years they have past there statut of limitaions on the claim

Answer 2

You promised to pay it off by signing the contract.  It's bugging you that it's outstanding.  If you can afford to do so, why not pay it off?  The collection agency won't just go away, and they probably bought it for a fraction of the original amount.  Offer to negotiate with them - you may be able to settle on an amount that works for both of you.

Answer 3

First check out the SOL for your statue as it varies. But according to me it should have been expired. You can write a letter to the collection agency about the SOL. Hope this answers your question.

Answer 4

Do not pay this debt!

For starters, it is extremely likely that the Statute of Limitations has run out.  

The SOL is the legal timeframe a creditor has to file a lawsuit.  If they fail to do it, they lose their legal right to collect.  Therefore, all they can do now is send you letters and harrass you on the phone.  But you can put a fast stop to that by sending the creditor a letter ordering them not to contact you any more.  If they do, they are in violation of the Fair Debt Collections Act and you can sue them for $1000 and damages.

Another reason not to pay:  They have been trashing your credit report for the past 7 years.  Why would you want to pay on this debt a second time?

Answer 5

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