In need of some advice. I used to have great credit & a very profitable small business. Unfortunately, my great credit allowed me to borrow too much money, and I did. I open a second store. All was well, until 9/11. Both businesses were in resort towns in Colorado, and they both suffered. I was able to sell, and pay off the bank and taxes, but most of the credit card debt was another story. I tried for a long time... too long. I realized with super high rates & minimum payments - the debt was going nowhere & I was going crazy. Anyway, at some point, I just stopped paying.
Now, I am back on my feet, I own some property (inherited with no mortgage). Not a great time to sell, and my credit is ruined, so only high interest loans if any. I only have one credit card with a low limit & I pay.
I still don't have the cash to pay off the debt in full,and I have heard that sometimes paying old debt hurts you. Is that true??? These debts are OLD! What about 7 years, SOL & off your credit report? These debts have been sold, multiple times ( so much that I don't know what's what anymore) & they are being reported as new each time. Is that legal? I am trying a company called Veracity Credit (recommended by a mortgage broker) , to clear things up. Does anyone know about them, they are out of Denver?