Results 1 to 9 of 9
  1. #1
    Join Date
    Aug 2007
    Posts
    4

    Default Delinquent Credit Debt Advice for California

    I need some advice on what I should do about an old credit card account. I opened up a card in 02' and backpacked around Europe with it as a student. It had a $500.00 limit and I maxed it out. I went back to school and I couldnt afford to pay it and once I moved I basically had forgotten about it. I checked my credit and I found something from a company called Unifund, which I researched and found out they purchase delinquient debts for pennies on the dollar. I contacted them today and they informed me that the account was opened in '02 it defaulted in 04'. They told me my balance is now $2,303.81 because it has been accruing interest at 28.74% the entire time. I asked what I can do and they said I had 30 days to pay a one time payment of $1,843.00, if not it will continue to get charged interest until the entire balance is paid in full.

    I do not have the ability to pay this amount in that timeline. What are my options on this old debt? Should I do whatever I can to pay the amount asked by the end of thirty days, try to talk them down more, or not pay at all? Is there anything else I can do? I am pretty stressed out to think I owe so much on $500 that I charged years ago. I am trying to clean up my credit score and that is the biggest hurdle in way. I appreciate any help I can get on this. Thank you very much in advance for your advice.

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Delinquent Credit Debt Advice (California)

    Pay your debt.

  3. #3
    Join Date
    Aug 2007
    Posts
    4

    Default Re: Delinquent Credit Debt Advice (California)

    Thank you for the fast response seniorjudge. Unfortunetly, I dont have the means to pay the debt within the 30 day limit I was given. Should I try to talk them down less? Just pay what I can what I can and take the high interest? Is the SOL close to up? If so will they still be able to post onto my credit reports? Thanks again for the help.

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Delinquent Credit Debt Advice (California)

    Do you dispute that the default occurred in 2004?

  5. #5
    Join Date
    Aug 2007
    Posts
    4

    Default Re: Delinquent Credit Debt Advice for California

    I am not sure but I dont think so. I do not have a record of dates nor a whole lot of knowledge of the law. I have not been contacted regarding this matter for at least 2 years probably 3. I apoligize if that does not help. Thank you Aaron for your response. I appreciate your help and this website in general. You all are a big help!

  6. #6
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Delinquent Credit Debt Advice for California

    I suspect that there is a four year statute of limitations, so if the default was prior to 2004 the debt may have expired or be about to expire.

  7. #7
    Join Date
    Aug 2007
    Posts
    4

    Default Re: Delinquent Credit Debt Advice for California

    Thanks again Aaron. I have one last question regarding this matter and then I will stop asking. When the SOL runs out what happens with the credit reporting? I know they are unable to attempt collection, but what other problems may I face credit wise? Thanks once again for everything!

  8. #8
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Delinquent Credit Debt Advice for California

    The statute of limitations for collecting the debt is separate from the limit on how long information appears on a credit report. It is not unusual for debts which are no longer enforceable through the courts to continue to appear on a credit report, as statutes of limitation are often shorter than seven years.

  9. #9
    Join Date
    Jan 2007
    Posts
    26

    Default Re: Delinquent Credit Debt Advice for California

    just ignore them....although its possible to get sued for this debt, its pretty unlikely. just wait the 7 years til 2009 when this falls off your credit

    1. Sponsored Links
       

Similar Threads

  1. Banking: Credit Union Threatening Car Repossession Due to Credit Card Debt
    By americanwoman1 in forum Personal Finance And Investment Law
    Replies: 2
    Last Post: 12-13-2009, 08:31 PM
  2. Credit Counseling: Advice on Debt Negotiation Service
    By pm123 in forum Personal Finance And Investment Law
    Replies: 15
    Last Post: 10-30-2008, 12:54 PM
  3. Debt Collectors: Getting a Secured Credit Card While Delinquent
    By Intoodeep in forum Debts and Collections
    Replies: 4
    Last Post: 07-30-2008, 05:06 PM
  4. Debt Collectors: When Is Debt Delinquent
    By maglib in forum Debts and Collections
    Replies: 10
    Last Post: 01-18-2008, 11:03 AM
  5. Debt Collectors: Co-Signers and Delinquent Payments on Credit File
    By hallenkelly in forum Debts and Collections
    Replies: 1
    Last Post: 08-10-2005, 01:20 PM
 
 
Sponsored Links

Legal Help, Information and Resources