ok, i was young and stupid in college, now im out of school and want to pay back debt. i originally owed about $1800 to a credit card, but on my credit report it is saying $5997. There is no way i can afford to pay that. 1) Is there anyway i can pay the $1800 or maybe even a little bit more and be done with it? Who should i call to negotiate this if i can, the credit card company or the collection agency? 2) on my credit report, i see multiple collection agencys for the same debt, im assuming it was sold from one collection agency to another. For the ones who sold it off and are no longer trying to collect the debt, is there any way i can have those entries removed from my credit report? 3) I paid off one of my debts at the bank about 2 weeks ago, there are still entries on my credit report from the bank and the collection agencies. How to resolve this? please help me out. Thanks.
1) How old is the debt? If it is close to the statute of limitations you can probably get close to the original amount. The original creditor no longer owns this account so you can't pay them. 2) Once the statute of limitations is up for the debt (begins from date of last payment, so if you pay it off the SOL begins from that new date). 3) It can take months for creditors to update credit reports. It does not happen instantly.
