We are filing an answer in the next 9 days, we would like to settle out of court, when could that be brought up in court? or to the Plaintiff. We do not want wage garnishment or to have to pay the full amount. I heard there is a statute of limitations as to how long the creditors have to sue. What is that in Texas?
i have some past debts frm years ago if i settle and pay them will it help my credit core, than waiting past the statute of limitations, or will it not matter to my credit score if i pay off a debt that was settled for a lower price? i know its the right thing to pay what is owed but i am poor right now, and am wondering how paying a settled debt will affect my credit score
I had 14 different credit cards charged off 2 years ago for a combined ,000. The statute of limitations in CA. is 4 yrs so after 2 yrs i finally got a letter from an attorney threatening Litigation for one of the accounts of ,000. Should I just file ch. 7 BK because if I pay this account I still got 13 other accounts to worry about ?
BTW I only work part-time & berly support myself & dont have any assets so i dont want to get garnished..
I have paid off some old debts recently. I settled them, and wish I would have demanded that they be removed from my credit report, but i didn’t. so now my question is, does the statute of limitations start again when i settle old debt? Or does it continue until the end of the 7 yrs of the first delinquency. I am really trying to fix my credit and this really has not helped me.
I have an old phone bill that went to collections, it was more than 8 years ago, and in my state the statute of limitations for consumer debt is only 7 years. But they are still trying to collect on it.
If I do agree to pay it off, will it have any positive effect on my credit report? Right now my report shows it as charged off, unpaid. But since it’s beyond the limit now to collect, will my credit report change if I do decide to settle the debt?
I keep hearing about people settling debts and the comments regarding state if they settle, they will have to claim the difference to the IRS….my account was turned over to a collection agency, I owed a little over 0.00..the collection agency sent me a letter stating they were willing to settle for I think it was somewhere around 0.00, I paid the 0.00 (this happened about 3 years ago)..should I have reported it to the IRS??
is there like a statute of limitations – meaning after X amount of years there is nothing the IRS can do if this error is not caught?
I can’t fix my typo!..if the error is caught in 2010, can the IRS still fine me?
Is a creditor required to send me notification or a legal form showing the income (like an employer is required to send a W-2)?
I previously settled some debts, received no such form, and the IRS came calling for the back taxes a couple years later. I have other debts that, after inability to pay, consideration of credit report limits, and statute of limitations for claim suit, I have decided not to pay. How will I know when this is considered income by the IRS?
My wife has a Vehicle that she wrecked over 6 years ago, and she didn’t have insurance (before we met). Now we are in escrow for a new home. The underwriter wants us to settle this debt. It’s a debt passed the statute of limitations in my state, and has been charged off years ago from the original creditor, but active with a junk debt buyer. I need to get this settled ASAP because we are in danger of loosing the house we want. Should I use a lawyer to negotiate this debt? Or should I go it alone?
The statute of limitations is up in 11 months, but I hate to leave this hanging. I have some good faith money 00 but they want 11,000 to settle. I have no way to get the extra 6000. Already used all my options and am working extra to keep other bills paid. I really have no other money.
My husband and I recently purchased a house. Right before our purchase we found out about a delinquent credit card. To make a long story short, it was a credit card that was in my husband’s name that he was to use when he was in college that his mom was supposed to be paying for. My husband had no idea that there was a delinquency until we were notified by our lender. The account has been closed since 2002. It states on his credit report that the "account closed at consumers request, charged off account, bad debt; placed for collections; skip." We do not want to bother his Mom about this. After no communication with Discover, for 5 years, we have now received a letter from Northstar Location Services, a collection agency (not from Discover), for a settlement amount which is 40% of the debt. What should we do, contact Discover, deal with the collection agency, or something else? I realize everything needs to be in writing beforehand, but can anyone advise me on this at all?
I will check out your other posts, Studly, thanks…as far as my concern with it, it is mainly because of the recent contact with the collection agency now after so many years. We were still able to get the loan for our house, so I am not really concerned about that part of it. Since it "technically" wasn’t our debt, but my mother in law’s, the bank didn’t really care. Actually the amount was pretty significant, 00 with an offered settlement of 00, which is why I’m extremely surprised that we were not contacted before about this. I believe the statute of limitation on credit cards is 3 years in our state. I know they can still take us to court over it but its probably unlikely since the statute of limitations has run out. I just don’t want to settle on an amount and still have it show up on our credit history for another 7 years. I think this just may be a last ditch effort by the collection agency to get some money and I just want to make sure we make the right decision.
I was thinking about this the other day, I used to work in collections and couldnt figure it out. It takes what 7-10 years for bankruptcy to age of your credit, the normal statute of limitations is (in my state) 6 years for credit card debt and 10 years for car notes and such. Why would someone file bankruptcy when it costs so much when they can wait it out? Also if the debtor gets a judgement against them does the creditor always put a body attachment out like they do in small claims personal suits?
Thanks