topic Re: 2003 to pay or not to pay in General Credit Topics

2003 to pay or not to pay

Anonymous — Thu, 09 Feb 2012 23:02:06 GMT

Hi! Ok I am cleaning up my credit and came across an old dental account that i completely forgot about in 2003. My oldest son had passed away during that time and this debt/loan was in good standing but with my sons passing i literally lost touch with alot of stuff!! So now im trying to figure out what to do. The original amount owed was $1200 and now it's at $4000. Seeing that the debt is 9yrs old i am wondering what are the necessary steps i should take to get this cleared up with out hurting my fico too much , if possible.

Thanks so much

Re: 2003 to pay or not to pay

Anonymous — Thu, 09 Feb 2012 23:56:25 GMT

@Anonymous wrote:
Hi! Ok I am cleaning up my credit and came across an old dental account that i completely forgot about in 2003. My oldest son had passed away during that time and this debt/loan was in good standing but with my sons passing i literally lost touch with alot of stuff!! So now im trying to figure out what to do. The original amount owed was $1200 and now it's at $4000. Seeing that the debt is 9yrs old i am wondering what are the necessary steps i should take to get this cleared up with out hurting my fico too much , if possible.
Thanks so much

Welcome to the forums.

I'm so sorry to hear about your son. It's very understandable how things could go wrong during that time and you'd lose track of accounts. A couple of questions.

1. Did you find this on a recent credit report? A negative from 2003 should not be reporting after all this time.

2. Was this ever send to collections?

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: 2003 to pay or not to pay

RobertEG — Fri, 10 Feb 2012 00:25:50 GMT

Whether to pay any obligated debt, regardless of time, is a personal decision.

Since it is apparently outside of SOL, you legally no longer have a debt.

As for credit reporting, if anyone does report it to a CRA, based on the dates provided, the CRA will be barred from reporting it in your CR.

The periods are 7 years from any reported delinquency by the OC, and 7 years plus 180 days from date of first delinquency with the OC for any charge-off the OC might report, or for any collection a debt collector might report. Those dates are caste in stone, and cannot be altered.

If a debt collector does contact you with regard to the debt, which is permissible even if the CR exclusion period has expired, you can simply send them a cease further communication letter under FDCPA 805(c), and forget about them.

In summary, if you choose not to pay, the SOL has expired and the CR exclsuion date has expired, so all they can do is to attempt to collect, and you can cut off all communications by simply sending a cease communication letter.

Re: 2003 to pay or not to pay

Anonymous — Sat, 11 Feb 2012 03:49:53 GMT

@RobertEG wrote:
Whether to pay any obligated debt, regardless of time, is a personal decision.

Since it is apparently outside of SOL, you legally no longer have a debt.

As for credit reporting, if anyone does report it to a CRA, based on the dates provided, the CRA will be barred from reporting it in your CR.
The periods are 7 years from any reported delinquency by the OC, and 7 years plus 180 days from date of first delinquency with the OC for any charge-off the OC might report, or for any collection a debt collector might report. Those dates are caste in stone, and cannot be altered.

If a debt collector does contact you with regard to the debt, which is permissible even if the CR exclusion period has expired, you can simply send them a cease further communication letter under FDCPA 805(c), and forget about them.

In summary, if you choose not to pay, the SOL has expired and the CR exclsuion date has expired, so all they can do is to attempt to collect, and you can cut off all communications by simply sending a cease communication letter.

I'm not sure how you can assume such a thing. There are 12 states with SOL's of 10 years or longer depending on the type of debt.

Iowa 10 years for Written

Illinois 10 years for Written and Promissory

Indiana 10 years for Written and Promissory

Kentucky 15 years for Written and Promissory

Louisiana 10 years for Oral, Written and Promissory

Missouri 10 years for Written and Promissory

Ohio 15 years for Written and Promissory

Rhode Island 15 years for Oral and Written, 10 years for Promissory

South Carolina 10 years for Oral and Written

Wisconsin 10 years for Promissory

West Virginia 10 years for Written

Wyoming 10 years for Written and Promissory

Edited in an attempt to format which I am terrible at so never mind!

Re: 2003 to pay or not to pay

boomhower — Sat, 11 Feb 2012 03:44:22 GMT

It can't be placed on your credit report. Unless it's within SOL and they are threatning suite I wouldn't worry about it unless you have the disposable income to do so.

Re: 2003 to pay or not to pay

Anonymous — Sat, 11 Feb 2012 21:36:47 GMT

Yes, It did show up on my recent credit report. The debt had been sold to asst acceptance in 2005. What should be the steps to take to try to get this removed? And I would like to thank everyone for responding!!

Re: 2003 to pay or not to pay

Anonymous — Sat, 11 Feb 2012 21:38:08 GMT

Thanks for your input. I really appreciate it. I live in California and the SOL is 7 yrs.

Re: 2003 to pay or not to pay

Anonymous — Sat, 11 Feb 2012 21:41:27 GMT

@Anonymous wrote:
Yes, It did show up on my recent credit report. The debt had been sold to asst acceptance in 2005. What should be the steps to take to try to get this removed? And I would like to thank everyone for responding!!

If you can prove how old it is then you need to dispute this with whatever CRA is reporting it. Tell them the CRTP (Credit Reporting Time Period) has expired.

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: 2003 to pay or not to pay

Repo-ed — Sun, 12 Feb 2012 14:06:46 GMT

There are a few things I've learned from this post; most notably, not to move to any of the above mentioned states.

10-15 years, wow!

Re: 2003 to pay or not to pay

Anonymous — Sun, 12 Feb 2012 15:06:12 GMT

@Repo-ed wrote:
There are a few things I've learned from this post; most notably, not to move to any of the above mentioned states.

10-15 years, wow!

Heeeeeyyyyyy! Missouri is a great state! Just pay your bills!

Re: 2003 to pay or not to pay

Anonymous — Sun, 12 Feb 2012 20:26:10 GMT

@Anonymous wrote:
Thanks for your input. I really appreciate it. I live in California and the SOL is 7 yrs.

It is my understanding that California SOL for a written contract is 4 years. Where did you see 7 years???

Re: 2003 to pay or not to pay

Anonymous — Tue, 14 Feb 2012 17:59:58 GMT

I know there used to be sample letters that could be used to help in the credit clean up. I cannot seem to find them. Do they still exist? If so, can you direct me to them

A collection from 2003

Anonymous — Tue, 14 Feb 2012 21:08:12 GMT

To Rebuilding Your Credit

Re: 2003 to pay or not to pay

Anonymous — Tue, 14 Feb 2012 21:11:16 GMT

@Setgoal

Google Cease and Decist letters and then send certified. ONLY do a C&D letter if you are sure that you will not be paying this debt and your SOL is over, or there will be no more negotiations and you will likely turn this account into being litigious.