My question involves collection proceedings in the State of: PA
Here is my situation and any advice you can offer would be much appreciated. Other than a few little issues on my credit report (like a $30 balance to Blockbuster) I basically have two major items on my credit report. I have a defaulted CC from 2003 for about $3000 and another from 2004 for about $1000. I haven't made any payments since 03 and 04, respectively and I have any had any contact with the debt companies either. I know I should work to pay this off, but my wife and I have been struggling as I went through Med School and Residency with student loans and a crappy resident salary.
However I am about to start my 3rd year of a 4 year residency. In about a year from now I am begin to begin the process of finding a job. Based on the offers I have seen from those above, the min starting salary is around $160,000 and many programs actually offer a sign-on bonus. I am not sure what to do to take care of these debts. I guess I could start a payment plan now, but I feel like I had no change since 2004 and so whats another 2 years? I can pay off the whole $4000 once I become an Attending. So a couple of questions. Right now its been 8 and 9 years since these cards defaulted and it will be 10 and 11 years when I finish. Should these items be delted from my credit report? I know the debt never goes away. My aunt had a simliar situation where eventually she just didn't have any more contact and it dropped from her credit report. Final question, if I decide to pay it what do you think would be a fair offer for $3000 and $1000 debts that are almost a decade old?