New to this

[Anonymous]

Hello. I joined this forum for guidance on repairing my credit and clearing my debt. Ive ignored it for years and now ive reached a point where i really cannot ignore the debt any longer. Here is my situation and apologiez if you all have heard the exact same situation before.
I have 3600.00 in debt. Mostly creditc cards i took out when I was 18 (im 28 now). There are a total of 4 different collection companies that are handling the debt that accumulates to the number above. I know i can just pay it off as i go but my main question is if I can a. negotiate with the creditors and b. do i even have to pay if the debt is old. I can easily say this debt has been in my record since 2008 so almost 7 years. As i have said before, this is my first time posting in a message board EVER and i am having a hard time getting my point across as to the type of help i am seeking. Any and all advise/comments are appreciated. Thank you.

[Callandra]

Hi! Welcome! 

This post might be better served in the Rebuilding Forum? 

One thing with your debt is that you will want to check the SOL (Statue of Limitations) on it -- if it is within SOL, I believe the creditors can sue and get a judgement (you'll definitely want to work something out before it comes to that). If it is outside of SOL, they cannot sue you but it will still report until the fall-off date on your reports (what is the DoFD? Date of First Deliquency). You can still try a PFD (pay for deletion) with the creditors if you want it off your report right away.

Good luck!

[Anonymous]

Thank you for the reply. I checked the statute of limitations in my state (California, 4 years) what does this mean exactly? Im trying to educate myself as much as possible. Thanks!

[tattooedhusker]

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@Anonymous wrote:

Thank you for the reply. I checked the statute of limitations in my state (California, 4 years) what does this mean exactly? Im trying to educate myself as much as possible. Thanks!

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It means if the date of first delinquincy is past four years, the original creditor cannot file a judgement against you to reclaim the money.

[Anonymous]

But that still doesnt eliminate the debt now that its with a collection agency?

[Anonymous]

Hi welcome to the forums, no need to apologize! 

in most states yes at the 7 year mark it should get deleted, but before making a deal with the collection companies, dispute each remark on your credit report! 

if they still stay then try doing a pay for delete!

Good luck!!

[Anonymous]

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@Anonymous wrote:

But that still doesnt eliminate the debt now that its with a collection agency?

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No it does not eliminate the debt, it just means you have a rock solid defense in court - SOL defense is not automatic - if a CA or OC tries to sue you.

Makes no difference who owns the debt.

[Anonymous]

Thank you all for your replies. I guess my best course of action would be to just pay off the debt? I began to attempt to negotiate with these collectors today and its just very difficult. Any suggestiions?

[Anonymous]

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@Anonymous wrote:

Thank you all for your replies. I guess my best course of action would be to just pay off the debt? I began to attempt to negotiate with these collectors today and its just very difficult. Any suggestiions?

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Be as stubborn as they are. Make it clear this is "time barred debt" and you have NO obligation to pay it, and are NOT going to do so unless they agree to delete it. Ask for supervisors if the front line CRS won't cooperate.

[Anonymous]

Thanks for the advice. I will definitely be more aggressive without losing my cool. When they say "we cannot lower the debt anymore" theyre just lying correct?