Help! credit card debt

[tommysofly]

I was wondering and trying to get this clear in my head.

I owed a couple of credit card debt and it all gone to collection and now my credit is really poor.

Those credit card have a balance of 300-500.

I have another year to go until the SOL pass. And another 3 years to go for the 7 1/2 years to pass.

I was thinking of paying the CA back the money i owed but i read some post on here that said paying it off sometimes doesnt help, because all they do is renew the SOL date and mark it as paid and you still have to wait 7 1/2 years for it to be removed?

i was wondering can i just ignored it and not pay it off and live for another 3 years with out credit and let it all fall offs and start over?  or should i try to pay it off?

and what can happen if i just ignored the debt?

What do you guys suggest i should do?

Thanks all in advance,

i cant sleep much because it's been bothering me.

[llecs]

If the CA is reporting a balance and the OC is reporting $0, and if you had the $$$ to PIF, then you could always offer the CA a PFD for the full balance or offer a settlement. If they accept it and you pay, then the debt has been repaid and they'll delete. I'd recommend the PFD. Be sure to DV first.

Ignore it? I wouldn't and here's why: aside from the long-term impact on your credit, the CA or whoever owns the debt can sue you. Then you'd have a judgment to worry about too. Now you have a year left for that as you mentioned, but the CA can try to collect forever, even long past SOL or CRTP. Also it feels good to get it off your chest. Press for the PFD. I personally wouldn't pay without a PFD though.

[tommysofly]

Well thanks for the reply llecs

So you mean even the 7 1/2 year pass and the SOL date has passed they can still bother you about the debt and still sue you??

do you think i should start the process of DV them and ask for PFD now or should i wait until my SOL date pass.

[llecs]

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@tommysofly wrote:

Well thanks for the reply llecs

So you mean even the 7 1/2 year pass and the SOL date has passed they can still bother you about the debt and still sue you??

do you think i should start the process of DV them and ask for PFD now or should i wait until my SOL date pass.

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There have been a few rare examples in here of a creditor suing past SOL. If they do that to you, just offer that defense and you'll be OK.

A CA/OC can try to collect forever. I have one CA hounding DW and the DOFD is over 10 yrs old. There are letters you can send to get them to stop calling, but IMO, I'd rather ignore them.

IMO, if you have the $$$ to PIF if you had to, then it wouldn't hurt to start with the DV-PFD process now. Having the $$$ to PIF helps if they ever decide to ignore the PFD requests and sue instead. You can always offer a settlement to stave off the suit.