Settling Old Debts Paying old debts or settling debts with a creditor helps your financial situation, but could hurt your credit score.
It's like the state is
settling an old debt.
If you do decide to
settle an old debt proceed with caution and try to settle the debt with the original creditor in exchange for the debt reported «paid as agreed».
Not exact matches
After accepting a secondhand VHS camcorder from a perverted neighbor (NewsRadio «s Dave Foley, who bares a lot for the film) in order to
settle an outstanding
debt, Gordon cedes control of the (then - newfangled) device to his youngest son Teddy (Dylan Everett), who in good kind proceeds to torture his curiously stunted 17 - year -
old brother, Marcus (Nick McKinlay).
To avoid all unpleasant circumstances of
old debts haunting you, it is always better to
settle your past - due obligations.
But UNDERSTAND that if the
debt is 5 - 6 years
old and you do pay it make sure in the paperwork you get BEFORE you make any type of payment that it says the
debt is
settled in full.
The
older the
debt is, the less you should
settle it for, especially if you think a junk
debt buyer has purchased the account.
These
debts can be
settled for pennies on the dollar, especially if the collection is
older.
In fact,
debt buyer Asset Acceptance paid $ 2.5 million dollars to
settle a FTC lawsuit, which alleged that Asset Acceptance failed to tell consumers that certain
debts were too
old to be legally enforceable.
The
older the
debt, the more luck you'll have
settling for a significantly lower amount.
I did it myself back when I had some
old debts that I needed to
settle.
This process can not and should not begin until all of the
old credit card
debts have all been
settled.
«A realistic expectation for negotiating a
debt this
old would be to
settle the account for 50 % or less than the current balance owed,» Bovee said.
If a 20 - year -
old credit card
debt has been
settled but still be found on the report, you might need to contact TransUnion and see if a correction shall be made.
I have close to nine thousand dollars in
old credit
debt I stopped paying about three years ago and want to
settle.
If you did tackle the
old debt you might want to consider
settling them for a portion of the balance and pay that in a lump sum.