Results 1 to 4 of 4
  1. #1

    Default Paying Very Old Debts

    My question involves collection proceedings in the State of Texas:

    I have a few bad debts (one credit card account and one overdrafted credit union account, both that were never paid) that were closed about 10 years ago and charged off by the banks. These debts were incurred when I was in college and was irresponsible with my spending. In any case, I now have a good credit report with no debts in bad standing because my bad debts from over 10 years ago were removed after 7 years of the last transaction.

    Now, I am getting phone calls again from collection agencies that have bought up these debts. They are rather small (about $500 each), and I am interested in settling them. However, I fear that if I pay them off, they'll reappear on my credit report as a past due debt that was paid or settled in full. If this is the case, I may have no incentive to pay them off because 1) it may hurt my credit report and 2) I am not liable for them in my state (Texas) anymore

    Does anyone have any recommendations on how I should proceed? Am I correct in assuming that by paying them off, they'll reappear on my credit report?

    Thanks for the responses.

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Paying Very Old Debts

    Quote Quoting rustyshackleford
    View Post

    Does anyone have any recommendations on how I should proceed?
    Thanks for the responses.
    My opinion for the two cents that it's worth is to tell those people to pound sand. The statute of limitations in TX is 4 years so they'd never win a lawsuit.

    Quote Quoting rustyshackleford
    View Post

    Am I correct in assuming that by paying them off, they'll reappear on my credit report?

    Thanks for the responses.
    I have no idea. But I suppose anything is possible.

    Why take the chance.

    I'd turn a deaf ear to the calls. Eventually they'll go away.

  3. #3
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Paying Very Old Debts

    from what I understand, any new activity on an account can be reported to the CRA's. Whether they will report it or not is up to them.

  4. #4

    Default Re: Paying Very Old Debts

    Thanks for the replies. Luckily the calls came into my Google voice number so blocking them is rather easy. I think I'm just going to ignore the calls/letters.

    1. Sponsored Links
       

Similar Threads

  1. Can a Small Estate Avoid Paying the Decedent's Debts
    By HotOtt in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 04-22-2011, 08:15 PM
  2. Business Issues: Paying Debts With My Receivable Accounts
    By jayo in forum Business Law
    Replies: 2
    Last Post: 12-09-2008, 06:04 AM
  3. Debt Collectors: Paying vs. Not Paying Debts when Moving Abroad
    By ryandenliveve in forum Debts and Collections
    Replies: 1
    Last Post: 09-22-2008, 03:48 PM
  4. Business Finance: Paying the Debts of a Closed S-Corp
    By jfill99 in forum Business Law
    Replies: 3
    Last Post: 11-23-2007, 05:36 AM
  5. Debt Collectors: Paying off charged-off debts
    By skylord77 in forum Debts and Collections
    Replies: 2
    Last Post: 11-28-2005, 01:57 AM
 
 
Sponsored Links

Legal Help, Information and Resources