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re: Just got dealt a low hand (wife's old CC from 5 years ago)
Posted on 10/5/15 at 12:28 pm to b-rab2
Posted on 10/5/15 at 12:28 pm to b-rab2
quote:
See that's what is funny, I'm glad you brought that up.. last year she lived in an apartment and they would have had to pull a credit report.. hmm
An apartment is not going to deny a lease for a bad credit card bill. Half the apartments in the country would be empty.
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Posted on 10/5/15 at 12:37 pm to MMauler
What a sorry arse beta white knight. You're so pitiful that you can't treat a grown women like an adult. You're so insecure that you have to talk down to men in order to appear like a big man in the eyes of women. It's a cheap trick and your motives are very transparent.
Posted on 10/5/15 at 12:53 pm to MMauler
quote:
ETA: Just read the rest of this string. Whether it was in Louisiana (3 years) or Texas (4 years), the statute has run. If you pay it off, you'll start the 7 years on your credit history all over again. Just let it fall off. Whatever you do, DO NOT engage in negotiations or acknowledge the debt in any way - you may start the 7 years all over again.
This is what my point is. Whatever you do DO NOT listen to any of the other advice in this thread. It’s horrible advise and will greatly affect your wife's credit. The amount in question was obviously already charged off and sold to collection agencies that just hope you listen to the other posters at your own downfall. Never re-age any debt that has run through its SOL. If the CC Company wanted to sue they would have done so prior to SOL. Most likely they wrote the amount off and a legal case was not worth it to them.
This post was edited on 10/5/15 at 12:55 pm
Posted on 10/5/15 at 1:15 pm to b-rab2
and to the people that say "Let her pay for it..." When normal people get married, they combine accounts so her money is our money and my money is our money.. there is not mine and yours anymore.
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Then pay your debt. I'm surprised at the number of people saying "ignore it". People should pay their bills. Your opinion of debt collectors is irrelevant.
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Then pay your debt. I'm surprised at the number of people saying "ignore it". People should pay their bills. Your opinion of debt collectors is irrelevant.
Posted on 10/5/15 at 1:17 pm to Catman88
Yeah if the SOL has run out, send a cease & desist letter to the collection agency. There are many templates online. Send it certified so you have a record of it If they try contacting you after that, you're entitled to $1000 per incident.
But they'll probably just sell it to another collection agency and you'll have to go through that process again.
But they'll probably just sell it to another collection agency and you'll have to go through that process again.
Posted on 10/5/15 at 1:18 pm to Catman88
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.
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.
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.
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.
Posted on 10/5/15 at 1:37 pm to b-rab2
Pay it but tell them you want to pay for removal and get it in writing.
If they tell you they can't they are lying. Just keep trying until you reach someone who will agree to do it.
Once paid and removed from credit report, it'll look like it never happened.
ETA: Do not deal with the collections agency. Go straight to the cc company.
If they tell you they can't they are lying. Just keep trying until you reach someone who will agree to do it.
Once paid and removed from credit report, it'll look like it never happened.
ETA: Do not deal with the collections agency. Go straight to the cc company.
This post was edited on 10/5/15 at 1:39 pm
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.
Posted on 10/5/15 at 1:41 pm to Catman88
quote:
financial suicide
Dude - don't get too carried away here. Life will go on. Perhaps he should write a check to a charity or something if he doesn't pay it - not me to judge. However, I don't think one can easily separate morality from money management. Everyone's got to pay their fair share, right, unless that someone can get out of doing it?! Is that your creed?
p.s. And what does the "OT" have to do with anything we are talking about here? I didn't use the word "baw" nor did I suggest he PIIHB, nor did I brag on my driving distance or attractive wife.
Posted on 10/5/15 at 1:45 pm to The Spleen
Yep - you and Catman seem very knowledgeable about this and I am not doubting your advice from a pure "maximize net worth" and/or "pristine credit" objective. I'm just raising the bigger picture about bailing out on a legit debt.
Posted on 10/5/15 at 1:59 pm to K E V 8 4
quote:
Dude - don't get too carried away here
I'm not really exaggerating here.
It is very likely that the OP's wife has an aged Charge Off on her bureau. If he pays that bill it will be treated as if that Charge Off happened yesterday. Her credit score will drop like a rock. I promise you that.
Posted on 10/5/15 at 2:03 pm to K E V 8 4
quote:
Everyone's got to pay their fair share, right, unless that someone can get out of doing it?!
The problem with this is that the bank has already written the debt off. They lowered their tax liability and even made a tiny profit from selling the debt. If the OP pays the debt collection agency he isn't really contributing to anything or paying a fair share of anything. He is keeping a bunch of scavenger companies in business who prey on people that don't know the laws that are there to protect them.
Posted on 10/5/15 at 2:06 pm to The Spleen
quote:
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.
Yes its completely crazy that you have a customer look at a bill and want to pay it but they get punished so severely if they do the "right thing".
But our job here is to inform the OP that doing what may seem to be the right thing will come with dire consequence.
Posted on 10/5/15 at 2:11 pm to K E V 8 4
quote:
I'm just raising the bigger picture about bailing out on a legit debt.
Well, the original creditor bailed on it by selling it to a collection agency, so....
But I get what you're saying, and it's a decision each person has to make for themselves. Just trying to give some more info so the OP's decision can be an informed one.
If the SOL has run out on legal collection efforts, you're doing yourself no favors by paying it other than to satisfy your conscience.
Posted on 10/5/15 at 2:16 pm to b-rab2
you don't forget to close out a balance on a credit card, they probably called her nonstop for a year and filled her mailbox with letters
she is lying to you
she is lying to you
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.
Posted on 10/5/15 at 2:42 pm to Bob Sacamano
quote:
Pay it but tell them you want to pay for removal and get it in writing.
WRONG!
If you even start negotiating it goes back on your credit history for 7 years.
Posted on 10/5/15 at 2:48 pm to The Spleen
quote:
The CC company could take it to court and get a judgment against her.
For a mere $3500 debt that is five years old? Not a chance in hell.
Just ignore it for two years. It may not be the "right" thing, but she has no good reputation with them to protect anymore. The right thing was for her to have paid it off five years ago, it's a bit late now to make amends.
Just hope she hasn't "forgotten" something else important.
Posted on 10/5/15 at 2:51 pm to MMauler
quote:
you have no problem with these SCUMBAGS preying on college students with these bullsh!t credit cards with exorbitant interest rates?
Get off your high horse. Nobody has to pay an exorbitant rate, just don't borrow what you can't pay off each month and you're fine.
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