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Discussion in 'Credit Talk' started by jfpruitt, Jun 21, 2001.
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What is it you want to do? It will fall off your CR next year all by itself. I would leave it alone, unless someone is bothering you about it, or you have some special reason for fixing it sooner
well, I was going to pay it off
From your post, I am assuming you defaulted? If so, when did you default? I think the SOL would start to run when they first had a loss, so if you were paying on it for a while, the SOL may not have run yet.
Second, are you serious about paying it off or would you walk away from it if you could? Your intentions will make a difference in any advice we can give.
No, I'm not in default, its just that I've been paying on it for that long...I started out with a 8k balance in 95 and closed it in 99. But its been an open account since 94???? I'd like to pay it off, but wondering about settling it since its past SOL. I've never had one late payment on it though which may hurt my changes of that
Bad news, the SOL is not up. I believe that the SOL to sue is from the date of last activity, not when the card is opened. So, if your SOL happens to be 4 years, then it is 4 years from the last payment you made. Since you are still making regular payments, the clock hasn't even started yet.
If you've never been late, SOL does not apply. Sorry, I misunderstood, thought it was a delinquency.
thats what I thought it meant....well, well...thanks for the info
The SOL only begins to run when the creditor realizes he has a loss that he can sue over. Since you have been paying, then he has no loss. Therefore, the SOL has not started. Only when you default will the SOL begin running.
I thought if you didnt pay a credit card not only would it ruin your credit but that they would send you to a collection agency, so, how are these people getting away with not paying a cc for years???
It does ruin your credit, and they do send it to collection. And if they can't collect it, they sell it to another one and another one, and they chase you for years. They show up when you think it's all over, and begin again. Are you reading the things on this board?? Even people who have filed bankruptcy are still having collection agencies calling them.
But if someone has a serious illness and can't work, or is young and gets "trapped" in a situation that spins out of control before they even know what's going on, they really have no choice. And then there are the irresponsible people who finally grow up and realize they don't want to live like that. If the debt is delinquent and past the SOL, and they understand the laws, they can walk away, and start over.
Some file bankruptcy and some just don't do anything. If the creditor knows they cannot collect they just write it off, and then sell the bad debts to collection agencies in big blocks for pennies on the dollar.
Eventually, if a person does nothing and is never taken to court, it all disappears never to return, and the individual can start over.
I lost my husband after a long illness, then I became seriously ill and couldn't work. Then, after I returned to working, I had a dentist who ruined my teeth and wanted me to still pay him thousands of dollars. Here I was, trying to pay all this stuff, and even though I had a good job I knew I would never ever get out of that debt. I paid everything late, but I tried to pay the best I could and still live. I had absolutely no consumer credit - no charge accounts or credit cards, and my credit report was terrible. Someone had to cosign for me to buy a car, and I was in my 40's!!!!
Then I missed a payment with that dentist who had RUINED MY TEETH. He took me to court and won a judgment because I was too scared to go to court and tell the judge what had happened (today I would). They were going to take most of my money - I would not be able to live on what I had left. So I filed bankruptcy. That was in 1990. It is gone now. The record will always be there, and I wish it hadn't happened. But sometimes life is like being on the ocean in a rowboat. You have absolutely no control and can't possibly foresee what is going to happen. Today I am the best credit risk these companies will ever see, because I know my limitations, and will not exceed them. Absolutely everything is insured, because I know what can happen.
Don't point fingers or look down on anybody. You don't know how or why they got here, and it can happend to anyone.
The credit system can be used intelligently to enhance your financial position, but it isn't designed to do that. It is designed to trap you in mountainous debt and keep you there - just like where you are now. It isn't fair - it's business as usual though. The government is never really going to protect consumers - consumers have to read the fine print, think for themselves, and fight like h*** for their rights.
I will get off my soapbox now - if you are still reading, thanks for listening.
Excellent Post and very well put Breeze
I totally understand breeze..the reason I'm in such trouble now is b/c I had cancer in college and had to use my CC to pay for meds and treatment. My mom barely made enough to pay for my housing, let alone cancer treatment. Plus, I had terrible insurance that didnt pay squat. On the plus side, I received a full scholarship that paid for my tuition, but, b/c of this, I couldnt get a student loan for books. So, I paid for treatments, meds, and books for 4 years on CC. So, here I am. I could just file for BK, but, I would rather pay my way out. I have excellent payment records, no lates or anything, so I'm hoping I can get a higher score once I consolidate.
Fantastic! Glad you survived the big C. How many years now? My Mom is a C survivor too - 4 yrs since diagnosis - she is in remission so far You have done great!
You will be way better off if you can consolidate at a good rate. Have you talked to your card company, or perhaps your bank? All things considered, if they heard your story, you would be a great credit risk. BK is only if there's no other way, believe me.
If you don't find a way out immediately, just keep reading this board. Somebody will give you the "tip" you need to hear.
You are an inspiration to all of us.