i'm completely lost about what to do. i have the money to pay off my debts but they are all in collection and after having read this site people say not to settle with CA's because its still gonna hurt my credit rating. so the only reason i should pay them is to avoid being sued, correct? if i have a bunch of <$200 debts in collection are they really going to sue me over them? i have a $2800 debt in collection from discover thats over 2 years delinquent, why haven't they sued me yet? also, if they wont settle and delete this from my credit report why should i pay it ever? does this make sense to anyone? why arent creditors more willing to accomodate you and delete it from your credit report if you actually PAY them? anyone here as confused as i am about all this?
I think you make sense. I haven't paid anyone in and owe a lot more than you do. My accounts are almost 2 years. I've been told the older they are the less value they have so you're not likely to get sued. Even if you do you can always settle outside the court. Check and see how long the SOL has to go.
Actually your not completly lost. Settling with a CA is ok as long as it is done properly. A written agreement wherein the money paid to the CA is to be considered payment in full and any of the CA's entries on the consumer's credit report must be removed and the debt is not to be resold. If you read this board very long you will hear horror stories of those that have thought they have settled and the remaining balance gets sold to another CA, or got duped into thinking the account would be removed and instead marked "paid". A collection is a collection is a collection whether paid or unpaid on a credit report. FICO takes into account the mere presence of collection and not whether the collections are paid or not. The only way to improve your score is to have them removed. You should pay a CA only to get rid of them. Some lenders such as crapital one and discover are sue happy. But in your case it is very unlikley for those small amounts. For one thing your probably dealing with a CA and not discover. It may just be the particular CA is not interested, or they don't have the paperwork or they are backed up sueing someone else. whatever, at least you haven't been yet. Make sure your past SOL for being sued before you mess with this one. This is for a decent chunk of change, let'em sleep for now. The system is set up to punish those that don't pay their debts. Other than to avoid a judgement, there is little incentive to pay. Makes perfect sense to me. It goes directly against the business code of ehtics. If they accomodated everyone it would be mass chaos as no business would be able to gauge accurately the consumers credit worthiness based on prior credit history (like they do now. *rolling eyes* the system is already so f*cked up its unreal). On the other side, I imagine it would greatly help their bottom lines.
1*It goes directly against the business code of ehtics. 2*If they accomodated everyone it would be mass chaos as no business would be able to gauge accurately the consumers credit worthiness based on prior credit history (like they do now. 3* the system is already so f*cked up its unreal). dixidriftr ======= 1*Fair Ike & the CRAs burned that book a long time ago,LOL 2*They already can't do that now because as you said - 3* the system is already so f*cked up its unreal). The END ************************* LB 59
The system is set up to punish those that don't pay their debts. dixidriftr | ======================= Wrong it's set up as a legal means to fleece the consumer. The END ************************* LB 59
Even if you do you can always settle outside the court. bigmon =============== A great way to get Yet another Derog. of a law suit listed on your reports. And get jacked on loans and insurance. The END ************************* LB 59
Why aren't creditors more willing to accommodate you and delete it from your credit report if you actually PAY them? crabber ================= Because according to them it would harm the integrity of the system. My reply to that is how do you harm the integrity of an already corrupt operation?
