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Ghost from my past

PrinceCorwin
Regular Contributor

Ghost from my past

Recently, I've gotten a mailer from a collection agency about money I owe PayPal. Honestly, I'd forgotten about that. Owe @$700. Letter asks for @$250 payoff agreement. Nothing has been reported CB. I want to keep it that way. It's been a long road to FICO 700 and I don't want to mess it up. I can afford to pay the full amount or the payoff agreement. What's the best course of action to prevent this from ever getting on my CR?

Last App 5/18/17

Pulling weeds for the foreseeable future
Message 1 of 4
3 REPLIES 3
Adkins
Mega Contributor

Re: Ghost from my past

If they're willing to settle for $250 without it going ,on your credit report, I'd take that. Does the letter state it won't be reported if it's paid now? If not, get that in writing before you pay them. Are you out of your SOL for your state?
Last HP 09-14-2020



Message 2 of 4
PrinceCorwin
Regular Contributor

Re: Ghost from my past

SOL?

Last App 5/18/17

Pulling weeds for the foreseeable future
Message 3 of 4
Adkins
Mega Contributor

Re: Ghost from my past

SOL - statue of limitations

How long the OC has to be able to legally sue you in court. It varies from 3-7 years, depending on your state. If the debt is older than the SOL, they can't force you to pay. And if the debt is close to seven years old, it's going to fall off your report very soon. This kind of debt is called zombie debt, and unscrupulous debt collectors add this to people's reports to get them to pay, even though they don't legally have to, because most consumers don't know any better.
Last HP 09-14-2020



Message 4 of 4
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