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Ok here goes... I am planning on buying a home (hopefully) in about 10 months from now.
Most of my baddies are all medical collections from the same CA. Based on the advice of a family member who is also a real estate agent, I have recently entered into a payment plan with the CA, with the collections to be deleted as soon as they are paid. No problem, I can live with this.
The problem is a CO from a repo that occurred in 2007. I feel safe to say that this will have to be paid before I am able to move forward. And I also want it resolved just for my own peace of mind. The problem is the OC of this debt has not reported it since 2007. I understand that offering a settlement and asking that the tradeline be deleted would be the best thing to do, however I don't have the money right now for that to be a possibility. Would asking for a monthly payment plan on this debt until I am able to pay a lump sum be a bad thing to do? Would they start reporting it monthly? And would it cause my score to drop?
I know some ppl will say leave it alone and lets sleeping dogs lie but I've been beating this dog with a stick for the last three months and have gotten nowhere. I'm really starting to think they don't even want their money!
Before you decide to contact them, you need to find out where you stand from a legal perspective if they decide to sue you. Check the statute of limitations for your state of residence for written contracts. Also what is the approximate balance on the repo ?
They may not be actively collecting now but keep in mind that by contacting them you might spur them to become more assertive in their efforts.