Old medical debt- pay or wait for statute of limitations

[Anonymous]

I have a student loan and medical debt that I defaulted on. Both are about  3 years old and the combined total is about $12,000.  I am starting to think about saving for a down payment on a house, but I'm not sure if I should try to pay off the debts first or wait for them to drop off (the sol in my state is 6 years). I would be ok with paying them if I knew that I could get the creditors to offer a pay for delete, but it sounds like it is harder than people think to get them to do this. If I pay and it starts over the cycle to stay on my credit report for another 7 years then I would rather not pay and wait 3 years for it to drop off. Any suggestions or anyone have luck with the 'pay for delete'?

Thanks!

[pizzadude]

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@Anonymous wrote:

I have a student loan and medical debt that I defaulted on. Both are about  3 years old and the combined total is about $12,000.  I am starting to think about saving for a down payment on a house, but I'm not sure if I should try to pay off the debts first or wait for them to drop off (the sol in my state is 6 years). I would be ok with paying them if I knew that I could get the creditors to offer a pay for delete, but it sounds like it is harder than people think to get them to do this. If I pay and it starts over the cycle to stay on my credit report for another 7 years then I would rather not pay and wait 3 years for it to drop off. Any suggestions or anyone have luck with the 'pay for delete'?

Thanks!

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Statute of Limitaitons and Credit Reporting Time Period are separate and unrelated.   SOL is the time period creditors have to sue you, CRTP is the amount of time a tradeline stays on your reports.

CRTP for these accounts is 7.5yrs from the DOFD ( date of first delinquency ) regardless of whether they're paid or unpaid.   Paying them won't reset the CRTP clock either, although it will probably lower your FICO score.

Your student loan may behave differently than described above if it is a federal student loan.

Also, I'll move this to the rebuilding forum for better visibility.

[Broke_Triathlete]

Student loans don't fall off your report because they are federal, or as I've been told. The medical will fall off in 7.5 years. If you're trying to get a house if try to do a PFD. However I'm trying to get some student loans off that are paid charge offs and it isn't happening. I wish you luck!!