My question involves collection proceedings in the State of: Colorado and Utah, I have three accounts all in collections with the same agency. Totally $5977 I have fallen on hard times and these debts were closed as charged off as bad debt Dec 2013 and last payments were Dec 2014. I have recently received letters in the mail to settle these accounts all for roughly $1.5k for all 6k of debt.
My question is what advice should I do for the best options for my future? I currently have a credit score of 693 which I've worked hard to get back up with a very basic credit card haven't missed payments and trying to get credit back.
Since these debts are old should I allow the debt to go the 7 yrs and drop off unpaid?(2021)
If I settle the debt will my credit drop a lot since its already been on my report for so long?
If I start making payments again and get this closed account paid off will it help my credit score go even higher or leave it the same?
Thank you so much for the help. I just don't know what to do, I am just starting a family and my debt is one thing I want to get figured out but still my funds are very limited :'(
If any additional question or answers are needed I will answer!