No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
These forums are AWESOME! Thank you in advance for reading!
I had 3 credit cards, some tax debt and other stuff going on, I declared bankruptcy in 2012, but it just got discharged (another job loss) due to non-payment.
Anyways.
Chase and Walmart accounts are with Portfolio Recovery Associates. They send me mail, they call me, and I finally called them back to see how low they would go for one time payment. They disclose right up front that "because of the age of you debt, we will not sue you for it", I'm probably 6 months from full 7 years since the first missed payment, as evidenced by the walmart account showing "Estimated month and year that this item will be removed: 02/2018"
CHASE - on credit report, still 'included in bankruptcy' "Estimated month and year that this item will be removed: 02/2018"
Walmart - On credit report under Portfolio Recovery Associates, active in collection. "Estimated month and year that this item will be removed: 02/2018"
The question becomes.... after 2/2018 will I actually owe this money or does it fall off my credit? Is it worth trying to work out payment 5 months before this drops off my credit and they cant sue me for it anyways?
How does this work? I'm reading like crazy here, I just want to understand how it works! I appreciate you!
CY
Gotcha.
So, its still in my interest to try and work out a lower settlement with Portfolio?
I'm stuck right now on maybe 60% of the initial balance, I need to read up on strategy to get it down. I dont want to pay the $11k I owe, I offered her $1500 to take care of it today and she all but laughed. It was entertaining.
This is Colorado, BTW
Also, found this from my local newspaper:
"Setting aside the moral issue of meeting one’s financial obligations, if the statute of limitations has expired on a debt, the borrower is, legally speaking, free to ignore the collection agency. But the claim can remain on your credit report after the statute of limitations for collecting the debt has expired. Such statutes vary from three to 15 years, depending on the state. Negative items remain on a credit report seven years; 10 years, if it’s a bankruptcy."
http://www.denverpost.com/2013/07/26/know-your-rights-in-dealing-with-debt-collectors/