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I lost my job 5 years ago and had to stop paying all of my bills other than mortgage and utilities. Luckily I only had about $8,000 in credit card debt and no auto loans. That $8,000 was spread across 8 credit cards, so right now I have just one secured credit card that I got last year, and a car loan I got 2 years ago. One card (Chase Visa) was charged off last year and I received the document which I declared as income for my 2013 taxes. Other than one Target card, the other 6 cards have been charged off and placed with collection companies. I don't have a home number and they can't call my work or cell, so I am only receiving mail at home. I am working now, do I need to start paying them? Or can I just hold out for the next 2 years until the 7 year statute of limitations runs out? I need to rebuild my credit




what state are you in again?the seven years is the timeframe the debt drops off your credit report.now the statute for these places being able to sue is different.you say you are getting letters,who from?alot of bottomfeeders out there so if you can recall the collector names that would be a big help,but focus on the two positive entries for now.build those up as far as good payment history before you contact anyplace.

Sub: #1 posted on Thu, 03/26/2015 - 21:56

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

unless you negotiate a pay for delete.a paid collection will have the same negative impact as a non-paid collection.i understand the want/need to build/rebuild credit,but holding out might be the way to go as the reason i stated above.

Sub: #2 posted on Fri, 03/27/2015 - 21:10

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

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