topic Re: Old credit card debt in General Credit Topics

Old credit card debt

tarakmah — Thu, 17 Nov 2022 13:25:11 GMT

Good morning

I have some old credit card debts that I did not pay off. These debts are about 30 years old (statute of limitations applies).

If I decided to pay off those debts to the creditors (whether in full or partially), will it be reported to the credit bureaus? Will it reset the statute of limitations?

Thanks.

Re: Old credit card debt

pizzadude — Thu, 17 Nov 2022 13:53:27 GMT

@tarakmah wrote:
Good morning

I have some old credit card debts that I did not pay off. These debts are about 30 years old (statute of limitations applies).

If I decided to pay off those debts to the creditors (whether in full or partially), will it be reported to the credit bureaus? Will it reset the statute of limitations?

Thanks.

Nothing you do ( or don't do ) should trigger this to be re-reported to your credit reports. If it's 30yrs old then it's way, way past the credit reporting time period ( CRTP ).

The rules around SOL being reset will vary based on your state statutes and the specifics of your situation.

Re: Old credit card debt

tarakmah — Thu, 17 Nov 2022 15:27:36 GMT

Thanks for the super fast response.

30 years ago (at the time of not paying off the debts) I was in a different state than the one I'm currently in. Which state's SOL I should consider?

Re: Old credit card debt

pizzadude — Thu, 17 Nov 2022 15:42:07 GMT

@tarakmah wrote:
Thanks for the super fast response.

30 years ago (at the time of not paying off the debts) I was in a different state than the one I'm currently in. Which state's SOL I should consider?

Most likely your current state of residence would be applicable. To clarify these are old collections only, not judgements against you?

Re: Old credit card debt

tarakmah — Thu, 17 Nov 2022 15:44:21 GMT

Yes, they are collections not judgements.

@pizzadude wrote:
@tarakmah wrote:
Thanks for the super fast response.

30 years ago (at the time of not paying off the debts) I was in a different state than the one I'm currently in. Which state's SOL I should consider?
Most likely your current state of residence would be applicable. To clarify these are old collections only, not judgements against you?

Re: Old credit card debt

pizzadude — Thu, 17 Nov 2022 15:51:30 GMT

Ok, in that case if you want to deal with this then you can continue to explore paying them, but if you do not wish to pay you can just send them a cease & desist letter. They'll be required not to contact you and it may just eventually go away, or just get sold to yet another collection agency with who you'll need to repeat the C&D process.

Re: Old credit card debt

tarakmah — Fri, 18 Nov 2022 03:41:19 GMT

Thanks for the fast and prompt responses.

Re: Old credit card debt

SouthJamaica — Fri, 18 Nov 2022 03:53:37 GMT

@tarakmah wrote:
Good morning

I have some old credit card debts that I did not pay off. These debts are about 30 years old (statute of limitations applies).

If I decided to pay off those debts to the creditors (whether in full or partially), will it be reported to the credit bureaus? Will it reset the statute of limitations?

Thanks.

They're not supposed to show up in your credit reports, whether you pay them or not.

As to statutes of limitations you should consult with a lawyer.

Re: Old credit card debt

tarakmah — Sat, 19 Nov 2022 03:39:32 GMT

Thanks for the info and advice.