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What To Know About Dealing With Debt Collection Accounts
Many consumers start researching online about their debt consolidation options after they received a debt collection letter or were turned down for a loan because of an old debt that is still being reported to the credit bureaus. In these types of situation there are many options available to a consumer on how to deal with the debt. Before these options are discussed, first you must better understand the nature of your circumstances: First and foremost, you should find out whether the debt is past the statute of limitations in your state. The statute of limitation on an old debt refers to the time period since the original delinquency when a creditor still has the right to pursue a debt in court for payment. If the statute of limitation on the debt has expired, then technically the creditors cannot pursue legal action against you to collect the full balance owed. Follow this link to learn about the credit card debt statutes of limitations in your state.
Unless your debt is near or past the statute of limitation, then it is likely that settling or negotiating the debt is your best solution.
Negotiation & Settlement of your Old Debt
The reason why negotiating your old debt makes sense if the statute of limitation has not expired is because the creditor will most likely be willing to dramatically reduce your overall balance. The reason for this is simple: the longer your debt has been past due, the less the creditor actually expected to get paid (if at all), and therefore, they’ll be willing to accept something instead of nothing. Dealing collection agencies can be a difficult and draining experience, but fortunately, there are professional negotiators and debt settlement companies that can do this process for you. Simply fill out a form to get matched with one of these debt services.
My Debt Is Past The Statute of Limitations, But I Want It Off My Credit Report
For debts that are past the statute of limitation but are still being reported to the credit bureaus, you must first determine whether this debt has been delinquent for over 7 years. If this is the case, the debt is being reported illegally under the Fair Credit Reporting Act (FCRA), and you should dispute it immediately with the credit reporting agencies (Transunion, Equifax, and Experian) explaining the situation and asking for it to be removed. If you aren’t sure exactly whether how old your debt is, simply request in writing a validation of your debt. Chances are if it’s very old anyway, the collection agency won’t be able to verify the debt (especially if it is with a junk debt buyer), and therefore, it will be illegal for them to collect it anyway. If they ignore your debt validation request and continue to pursue you, contact a debt lawyer or attorney immediately.
Still not sure what to do? Fill out a form for a free consultation and let PayingPaul.Com match you with an expert who can explain what your best options are.
Old Loan & Bill Collection Questions
Everything I read online says that it is seven years since my last payment that a loan should come off my credit report, but the debt collection agency is insisting that it is seven years since the account “charged off”. Which one is the truth?
Rule number one when dealing with debt collectors (especially ones pursuing really old debts): Believe very little of what they tell you. They are notoriously deceptive---it’s how they make money—and this is one of their favorite lies to tell. It is seven years from last payment.
I took a credit card account out in Illinois, but I have since moved to Texas. Illinois’ statute of limitations is much longer. Which statute applies in my situation?
In your situation the state of limitation you must follow is Illinois’. Fortunately, however, Texas is a state that has favorable debtor laws that can protect your wages, your residence, and your vehicle from any collection agency that is pursuing you.
Is it true that you can revive the statute of limitation on an old debt by even saying you plan to pay it off?
Depending on the state you live in, even a promise to pay can constitute grounds for renewing the statute of limitations, so be very careful about what you say to the debt collectors you are dealing with.
Where do you recommend I start to get rid of this debt?
Right here at PayingPaul.Com! We can match you with a company that can help you eliminate your debt fast and for less than what you owe in some cases. Start today!
Many consumers start researching online about their debt consolidation options after they received a debt collection letter or were turned down for a loan because of an old debt that is still being reported to the credit bureaus. In these types of situation there are many options available to a consumer on how to deal with the debt. Before these options are discussed, first you must better understand the nature of your circumstances: First and foremost, you should find out whether the debt is past the statute of limitations in your state. The statute of limitation on an old debt refers to the time period since the original delinquency when a creditor still has the right to pursue a debt in court for payment. If the statute of limitation on the debt has expired, then technically the creditors cannot pursue legal action against you to collect the full balance owed. Follow this link to learn about the credit card debt statutes of limitations in your state.
Unless your debt is near or past the statute of limitation, then it is likely that settling or negotiating the debt is your best solution.
Negotiation & Settlement of your Old Debt
The reason why negotiating your old debt makes sense if the statute of limitation has not expired is because the creditor will most likely be willing to dramatically reduce your overall balance. The reason for this is simple: the longer your debt has been past due, the less the creditor actually expected to get paid (if at all), and therefore, they’ll be willing to accept something instead of nothing. Dealing collection agencies can be a difficult and draining experience, but fortunately, there are professional negotiators and debt settlement companies that can do this process for you. Simply fill out a form to get matched with one of these debt services.
My Debt Is Past The Statute of Limitations, But I Want It Off My Credit Report
For debts that are past the statute of limitation but are still being reported to the credit bureaus, you must first determine whether this debt has been delinquent for over 7 years. If this is the case, the debt is being reported illegally under the Fair Credit Reporting Act (FCRA), and you should dispute it immediately with the credit reporting agencies (Transunion, Equifax, and Experian) explaining the situation and asking for it to be removed. If you aren’t sure exactly whether how old your debt is, simply request in writing a validation of your debt. Chances are if it’s very old anyway, the collection agency won’t be able to verify the debt (especially if it is with a junk debt buyer), and therefore, it will be illegal for them to collect it anyway. If they ignore your debt validation request and continue to pursue you, contact a debt lawyer or attorney immediately.
Still not sure what to do? Fill out a form for a free consultation and let PayingPaul.Com match you with an expert who can explain what your best options are.
Old Loan & Bill Collection Questions
Everything I read online says that it is seven years since my last payment that a loan should come off my credit report, but the debt collection agency is insisting that it is seven years since the account “charged off”. Which one is the truth?
Rule number one when dealing with debt collectors (especially ones pursuing really old debts): Believe very little of what they tell you. They are notoriously deceptive---it’s how they make money—and this is one of their favorite lies to tell. It is seven years from last payment.
I took a credit card account out in Illinois, but I have since moved to Texas. Illinois’ statute of limitations is much longer. Which statute applies in my situation?
In your situation the state of limitation you must follow is Illinois’. Fortunately, however, Texas is a state that has favorable debtor laws that can protect your wages, your residence, and your vehicle from any collection agency that is pursuing you.
Is it true that you can revive the statute of limitation on an old debt by even saying you plan to pay it off?
Depending on the state you live in, even a promise to pay can constitute grounds for renewing the statute of limitations, so be very careful about what you say to the debt collectors you are dealing with.
Where do you recommend I start to get rid of this debt?
Right here at PayingPaul.Com! We can match you with a company that can help you eliminate your debt fast and for less than what you owe in some cases. Start today!