Even if there is a chance the OP can still be blacklisted it was also stated they can request EE now if they pay the debt because they live in NY so there is still some type of benefit.
Starting Score: 494 503 521
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@Brian_Earl_Spilner wrote:Chase has a very long memory so it would be best to pay. In addition, you ARE still obligated to pay. The debt doesn't go away because SOL was reached. You can just choose to ignore it because they ran out of time to sue and it will fall off your reports. That doesn't stop them from selling it to junk debt buyers who will harass you, if they choose to.
If you have no problem being blacklisted by Chase, I would not pay. Even if you do pay, Chase may still blacklist you. Nobody can make you pay anything once SOL is reached. As for harassment, don't be scared off, a simple cease and desist letter will do the trick.
You always seem to advocate for not paying/paying as little as possible. Now, you're right, once SOL is reached, you're "in the clear," and perhaps paying won't help; Chase may still blacklist you. It certainly couldn't hurt though. Ethically, it would be good to follow through on one's obligations, as one initially ran up the debt. But of course, it's completely up to OP.
I just want to give the OP the option of every scenario. It seems alot of advices are pro-bank. If each scenario costs the OP money and does not help his/her situation, what is the use of pay his/her hard earn money. And don't get me started on ethics and big Banks. If it's your relatives, by all means, pay.
It's not that we're "pro-bank," it's more like "pro-responsible." One has to take accountability for one's debts. One incurred the debt, one should pay it back. Sure there are laws and loopholes to get out of paying it/paying less, but one should still be held responsible.
Anyway, OP said they want to get back in with Chase, and while paying won't guarantee they will be able to (I mean, nothing in the credit world is ever guaranteed regardless), it'll certainly help their current situation (improving credit) and their odds of getting back in.
Actually @Anonymous what happens after paying $800 is the OP can get it off their report 2 years earlier because they stay in New York where you can remove negative paid items in 5 years instead of 7 years.
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@Brian_Earl_Spilner wrote:Chase has a very long memory so it would be best to pay. In addition, you ARE still obligated to pay. The debt doesn't go away because SOL was reached. You can just choose to ignore it because they ran out of time to sue and it will fall off your reports. That doesn't stop them from selling it to junk debt buyers who will harass you, if they choose to.
If you have no problem being blacklisted by Chase, I would not pay. Even if you do pay, Chase may still blacklist you. Nobody can make you pay anything once SOL is reached. As for harassment, don't be scared off, a simple cease and desist letter will do the trick.
You always seem to advocate for not paying/paying as little as possible. Now, you're right, once SOL is reached, you're "in the clear," and perhaps paying won't help; Chase may still blacklist you. It certainly couldn't hurt though. Ethically, it would be good to follow through on one's obligations, as one initially ran up the debt. But of course, it's completely up to OP.
I just want to give the OP the option of every scenario. It seems alot of advices are pro-bank. If each scenario costs the OP money and does not help his/her situation, what is the use of pay his/her hard earn money. And don't get me started on ethics and big Banks. If it's your relatives, by all means, pay.
It's not that we're "pro-bank," it's more like "pro-responsible." One has to take accountability for one's debts. One incurred the debt, one should pay it back. Sure there are laws and loopholes to get out of paying it/paying less, but one should still be held responsible.
And which court is going to hold OP responsible, myFico forum court ? Because the US courts says Statue of Limitation has expired and OP is NOT RESPONSIBLE. Don't mix your moral righteouness with sound business decisions, I guarantee you big banks don't. Banks foreclose , repo everyday without blinking an eye.
Anyway, OP said they want to get back in with Chase, and while paying won't guarantee they will be able to (I mean, nothing in the credit world is ever guaranteed regardless), it'll certainly help their current situation (improving credit) and their odds of getting back in.
don't pay and what happens? NOTHING. Pay $800 and what happens? more than likely NOTHING only now you're out 100% of $800 hoping for a chance to get back in with big bank.
Let's just agree to disagree. We clearly have different opinions, and have expressed such. Also, no need to get snippy.
It is not up to you or me to decide what is best for OP. They have to decide for themselves.
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
@Anonymous wrote:
@Brian_Earl_Spilner wrote:Chase has a very long memory so it would be best to pay. In addition, you ARE still obligated to pay. The debt doesn't go away because SOL was reached. You can just choose to ignore it because they ran out of time to sue and it will fall off your reports. That doesn't stop them from selling it to junk debt buyers who will harass you, if they choose to.
If you have no problem being blacklisted by Chase, I would not pay. Even if you do pay, Chase may still blacklist you. Nobody can make you pay anything once SOL is reached. As for harassment, don't be scared off, a simple cease and desist letter will do the trick.
You always seem to advocate for not paying/paying as little as possible. Now, you're right, once SOL is reached, you're "in the clear," and perhaps paying won't help; Chase may still blacklist you. It certainly couldn't hurt though. Ethically, it would be good to follow through on one's obligations, as one initially ran up the debt. But of course, it's completely up to OP.
I just want to give the OP the option of every scenario. It seems alot of advices are pro-bank. If each scenario costs the OP money and does not help his/her situation, what is the use of pay his/her hard earn money. And don't get me started on ethics and big Banks. If it's your relatives, by all means, pay.
It's not that we're "pro-bank," it's more like "pro-responsible." One has to take accountability for one's debts. One incurred the debt, one should pay it back. Sure there are laws and loopholes to get out of paying it/paying less, but one should still be held responsible.
And which court is going to hold OP responsible, myFico forum court ? Because the US courts says Statue of Limitation has expired and OP is NOT RESPONSIBLE. Don't mix your moral righteouness with sound business decisions, I guarantee you big banks don't. Banks foreclose , repo everyday without blinking an eye.
Anyway, OP said they want to get back in with Chase, and while paying won't guarantee they will be able to (I mean, nothing in the credit world is ever guaranteed regardless), it'll certainly help their current situation (improving credit) and their odds of getting back in.
don't pay and what happens? NOTHING. Pay $800 and what happens? more than likely NOTHING only now you're out 100% of $800 hoping for a chance to get back in with big bank.
The responsibility for the debt doesn't expire when SOL expires. The debt still exists. And if you pass away, a CA may try to get it from your estate, or harass your widow or other family members for it. SOL just means that the banks have had more than enough time to recoup their losses through litigation.
The facts aren't meant to incite fear in the OP or anyone else reading, they're just that. Facts. Zombie debt collectors don't play by the rules and have no problem throwing it back on a credit report with wrong information, leaving a person scrambling to get it fixed.
I just had a run in with a CA who was adding and removing the account from my reports weekly. Everytime it hit me for point losses. Points I never fully got back when it was removed.
There are consequences to not paying back a debt that has nothing to do with morality. Most people can move on and never be bothered by the debt again. Other people aren't quite so lucky. Bottom line is SOL doesn't relieve you of a debt or make it go away. The only things that can are BK, lender forgiveness, or paying it
@Anonymous wrote:Thank you everyone! I think we all are in agreement that paying is the morally right thing to do. I appreciate the debate of whether it is the best use of $800 as far as rebuild is concerned. I do feel a sense of responsibility for this despite the SOL being up. Part of my rebuild process has been working on the mental shift towards credit and paying bills early etc. Not paying a CO in many ways feel contrary to my new credit mindset and I don't want to go back down the road of crap credit. The only real debate is if now is the right time to do it and I guess that is a personal choice.
For the record a debt collector cannot legally put a debt BACK on your credit report after it has aged off reports organically. The buying and selling of debt has no effect on the date of first deliquency but they can still send you letters and harass you within the confines of the law. The absolute only reason to pay this debt is due to moral obligation and wanting a future relationship with chase. The points some of you more experienced users made about the chase black list are more pertinent to my situation than a shady debt collector who I would be more than happy to sue for illegal tactics.
Glad you are on the side of morality. 
And good job on changing your payment habits! That's the way to have a successful rebuild.
And you're absolutely right - debt collectors cannot legally put back old debt on your reports if it's past the max 7.5 year reporting period, but some still do it anyway. A lot of consumers aren't aware of the laws governing debt collection practices and credit reporting and so they are bullied/taken advantage of and end up paying the full amount, including fees.
