cancel
Showing results for 
Search instead for 
Did you mean: 

Back in the early 80's, I was young and foolish and that...

tag
Anonymous
Not applicable

Back in the early 80's, I was young and foolish and that...

Back in the early 80's, I was young and foolish and that thought the credit card was my best friend. Back then, the interest rates got to be so high that my balance continued to grow based on my making the minimum payment. I finally got discouraged and quit making payments of 2 of the cards as I was getting no where fast.
 
Now in 2007, I have received letters from an acqusitions company wanting to wheel and deal with me. I have not responded thinking that as long as I did not ackowledge receipt that they would not be able to put it on my credit. After all, it was reported back in the 80's and has since then fallen off. Can anyone give me input as to how to handle this sitaution as I have grown up (and yes more responsible) and my credit is well established. Would not want all of my hard work to go down the drain but also do not want to get taken to the cleaners for nothing.
Message 1 of 7
6 REPLIES 6
yoreljm
New Contributor

Pay it if you want to, since you are morally obligated to...

Pay it if you want to, since you are morally obligated to pay it. But, they can't sue you or mess up your credit. 
 
However, you can justify not paying it because they were trying to overcharge you with interest rates! maybe you can fulfill you moral obligation my settling for 5-10%.
Message 2 of 7
Anonymous
Not applicable

Please see discussion:   Statute of Limitations and Val...

Please see discussion:
 
Statute of Limitations and Validation (last post 3-28-07)
 

It should help you decide.  If you pay, you risk them illegally re-reporting the debt (they think it's legal to renew the date if you pay, but it's not).  Please read that thread and then post any clarification questions.



Message Edited by DionLawOffice on 04-02-2007 04:21 PM
Message 3 of 7
Anonymous
Not applicable

Personally, I wouldn't. The company you'd be paying bears...

Personally, I wouldn't. The company you'd be paying bears no direct resemblance to the company you originally owed. That debt has undoubtedly been sold 15-20 times, if not more.

When I had a situation like that, I decided that my money was better spent giving it to a combination of a credit counseling non-profit and debtor's anonymous, but you do what you think is best.
Message 4 of 7
Anonymous
Not applicable

Point of clarification - this is not a moral issue.  Are...

Point of clarification - this is not a moral issue.  Are creditors making a moral choice when they approve people for credit they should not at 18% interest rate?
 
This is a business decision.  What will you gain from paying a 20 year old debt if it cannot be legally enforced or reported on your credit report?  The law is designed to protect you from exactly the issue you are dealing with.  The previous post is right - your debt has probably been sold numerous times for pennies.  If they get $5 from you they have profited (which is why they do it).  They may also try to con you into signing a reaffirmation agreement (a new contract to pay).
 
I try never to tell people what they "should" or "should not" do because I do not stand in their shoes - but this one seems easy.
 
Other than feeling better because a high school kid called you and said you should pay it, is there any particular reason you are considering paying? 
Message 5 of 7
Anonymous
Not applicable

Thanks for the clarification. I am going to take your adv...

Thanks for the clarification. I am going to take your advice and not respond. It is a little unnerving to receive a demand letter(s) (actually 2 in a 2 months period of time) threatening to ruin what is now very good credit. Have I made mistakes in the past? Absolutely but I do not feel that after 17 years that I should have to go back in time. I have read over the thread that you recommended. Do you think that it would be wise for me to put my complaint in writing to the proper authorities? Thanks again for you input. I appreciate you comments very much.
Message 6 of 7
Anonymous
Not applicable

There is probably nothing to complain about until they tr...

There is probably nothing to complain about until they try to take some kind of adverse action (ie; putting it on your credit report).  There is nothing illegal about a company calling you crying about a 20 year old debt - but it is illegal if they put negative information on your credit reports that is past the FCRA reporting periods.  Before you ignore anything you need to make sure all of the deadlines have passed (although is sounds like they passed about 12 years ago).  
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.