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  1. #1
    Join Date
    Nov 2007
    Posts
    2

    Question Is It Worth It?

    I have a credit card debt from 2004 that I spent about $4500 on. The rest came from interest and over the limit fees and so on. The whole bill comes up to about $9500 now. A collections agency has called me and were completly rude about this debt and were angry because I could not pay the monthly balance they wanted me to. So now they call me over and over and I have been ignoring them. I have other credit cards that are over due and sent to collections as well but are under $1000. I spoke with my mother about how I should look into a debt program that allows me to pay a monthly balance to a company who then deals with the collection agency and pays anywhere from 40-60% of what's actual due. She said I should wait the 5 years out and just let it fall off my credit report. I have been looking at other comments and what I am getting is that you don't have to pay the credit card debt after 4 years has passed due to SOL but that it doesn't come off your credit report until after 7 years, is this correct? I just don't know if it's worth it! Should I just look into a credit consoladation (spelled wrong) or should I just wait it out?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Is It Worth It?

    As you were informed when you posted, laws (and the statute of limitations is a law) are different in each state. What state are you in?

    Your mother is very wrong about one thing - if you make payments on the account the statute of limitations starts to run all over again. Also, you can reasonably anticipate that the credit card company will update the credit report entry to reflect your payment.

  3. #3
    Join Date
    Nov 2007
    Posts
    2

    Default Re: Is It Worth It?

    I have not touched the account since 2004. No payments have been made, they just keep calling and telling me that they will sue. I have told them that I am going to deal with a debt consoladation company and the lady said that Citibank does not settle nor deal with debt consoladation companies. I live in Florida.

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