I am a bit surprised to see many of the responses on this board advising not to pay the debt. I would have a big problem with it, just from a moral perspective. It's sort of like your wife stole several thousand dollars a few years ago. As time passes, the 'sin' seems less and less "real," I guess. You had the right intentions coming into the discussion - stick with that.

p.s. I would be curious as to whether the ranges of feedback ("don't touch it and you'll be fine" vs. "do the right thing and pay the debt you/your wife owe") fall into common political, generational or social groups.

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Posted by Catman88

Baton Rouge, LA

Member since Dec 2004

49125 posts

Posted on 10/5/15 at 1:29 pm to K E V 8 4

If you want to advise the OP to commit financial suicide then SURE advise him to pay debt to a company that has absolutely nothing to do with the lender that provided the credit to his wife.

I thought this board was on the level of banking intelligence where advise is sought on what is best for the OP. Leave all the other BS to the OT.

What is best for the OP is to not only not pay it but to not touch it with a 10000 foot pole.

Anyone advising the OP to pay this debt really has no clue about credit reporting FCRA or debt collections practice in general to make an competent argument here.

There is a purpose to having SOL laws in this country. The Bank that lent the money is OK with the debt going unpaid. Otherwise they would have sued in the correct time period and trust me they didn't just forget inside the SOL. They made a business decision to not pursue.

What happened to the OP is that the credit issuing bank charged off the debt most likely and then did not pursue. Its off their books. They then sold it to a debt collection agency knowing it cannot be collected on. That agency literally paid pennies for the debt in hope of collecting just something from the OP and has ZERO intent or care to make sure the OP's wife's credit is not harmed in the process of re-aging the debt. They just want to make a quick buck.

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Posted by The Spleen

Member since Dec 2010

38865 posts

Posted on 10/5/15 at 1:40 pm to K E V 8 4

quote:
I am a bit surprised to see many of the responses on this board advising not to pay the debt. I would have a big problem with it, just from a moral perspective.

I think it magnifies one of the inherent problems with how credit is tracked and scored. The big fear is what further damage it would do to one's credit score to pay it. The damage has already been done, and sure the right thing is to pay it, but resetting the clock on that debt just because you paid it is kind of unfair.

Further, I reconcile it by knowing the original creditor received some compensation from the debt collector, so they have been somewhat satisfied for their extension of credit. The debtor has no obligation to the collection agency, especially in the case where the SOL has run out on legal recourse on the debt.

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Posted by MMauler

Member since Jun 2013

19216 posts

Posted on 10/5/15 at 2:40 pm to K E V 8 4

quote:
I am a bit surprised to see many of the responses on this board advising not to pay the debt. I would have a big problem with it, just from a moral perspective.

But you have no problem with these SCUMBAGS preying on college students with these bullsh!t credit cards with exorbitant interest rates?

F*CK THEM!

The ONLY people who are here talking to the OP about "moral obligations" are IDIOTS AND A$$HOLES who couldn't get real jobs and took jobs being the lowest possible form of f*cking scum ... a debt collector.

Seriously, I bet your parents are really proud of you.

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