Is there any point to paying seriously old, non-reported debt?

[Jesedmotherof5]

are you debt free if you settle on the pennies? I would also call the OC... why would they NOT want money?? (because the charged it off as a bad account and bennifted on tax savings?) If on of my clients called and said they wanted to pay I wouldnt tell them no... but I would lift the lien I placed on thier house.... ah ha ha ha j/k (well I guess im not I have five kids to feed)

[llecs]

If they don't want the money, then donate it in their name to a charity of your choice. Send a letter to them stating as such too. Often OCs will have some sort of corporate fundraising drive; piggy-back on what they are doing. Of course keep a copy of the check and copy of your letter.

[Mythic850]

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@Jesedmotherof5 wrote:

are you debt free if you settle on the pennies?

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That's an interesting question. I would suggest that, yes you are debt free if you settle on the pennies. When the original debt was incurred you entered into an agreement to pay the stated price for the item (plus any interest, fees, etc). If you and the creditor later decide to alter that agreement so that you settle for less, you've mutually agreed to new terms--the OC (or CA) has forgiven the debt and released you from your obligation to pay the remainder. The OC has the power (and the right) to offer that forgiveness.

As debtor's we can't unilaterally alter our payment amounts based solely on our own situations, whims, needs, etc.

The debt needs to be cleared either by payment or forgiveness.

[Jesedmotherof5]

The debt needs to be cleared either by payment or forgiveness.

Thats what I was thinking after I posted... thanks!

[MattH]

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@Mythic850 wrote:

By the way, I'm disappointed in the folks on these forums that dispute valid debts in an attempt to get out of paying them. It's not right.

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Hear, hear! I'm glad to see somebody say that. I strongly believe in paying one's
debts if at all possible, and am fortunate that I've never been in truly dire straits
(not that paying off my student loans was exactly easy, but we didn't starve while I
did that!). There are of course situations the person cannot help, like accident
or illness or job loss, and in those cases one does what one must.

[llecs]

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@MattH wrote:

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@Mythic850 wrote:

By the way, I'm disappointed in the folks on these forums that dispute valid debts in an attempt to get out of paying them. It's not right.

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Hear, hear! I'm glad to see somebody say that. I strongly believe in paying one's
debts if at all possible, and am fortunate that I've never been in truly dire straits
(not that paying off my student loans was exactly easy, but we didn't starve while I
did that!). There are of course situations the person cannot help, like accident
or illness or job loss, and in those cases one does what one must.

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I agree on the disputes with the CRA. If it is legit, its legit. Plus disputing can cause problems like adding lates on CR, problems with future disputes if not legit due to "frivilous" claim by CRA, and could make it harder to DV or PFD with creditor.

I do support DVing the CA. I've read many a story in here of people doing the right thing by paying a CA, only to have it stay and even re-aged for another 7 yrs, or paying via a settlement and that debt balance gets sold to another CA and another and another as it did with DW and a JDB. I use a DV to get a a PFD so they can be PIF'd.