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jasPreMar

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$20k med debt in 2009 in Texas. Never been contacted. I net $30k and save 35%. Best route to take?
In late 2009, I acquired over $20,000 in medical debt in Texas, where I still live. It is now nearly 6 years later, which means I have just over 1 year left in the 7 year credit reporting period, and am well past the 4 year statute of limitations. The debt originated from Presbyterian and is currently with MEDREVSVC. I have always ignored my credit until a year ago, and as far as CreditKarma.com has stated, this information hasn't changed in the past year. I've never in this 6 years been called; never been successfully contacted in any way (that I recall) by the collection agency. I used to have a habit of hanging up every time a collector called and I stuck with that pretty aggressively. I've heard that if MEDREVSVC sells to another collector in this next year, the original 4 year statute of limitations remains, and I cannot be sued. I've also heard that if the debt collector is outside of Texas, that also makes being sued more difficult. I've heard that my debt could be sold at any time and that it would renew the 7 year period as a new collection under the new debt purchaser. Any chance that they'd just not sell it or that it could expire without issue? Not only have I heard it can be sold, but can be sold 100 times, so even though I can't be sued, I am going to have to address it. Is that right? Also, any advice on negotiating the balance? Is this possible? What are my options? I net $30k a year and save a semi-aggressive 35% and would love take care of this soon, but in the cheapest way possible. Advice?

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You are correct that a debt can be sold multiple times. You are incorrect that it will reset the credit reporting time period. Nothing can change the credit reporting time period. The statute of limitations can be reset if you enter payment arrangements and fail to make a payment, but the reporting time is NOT reset. If a company ever tries to reset the credit reporting time period they are violating the law and you can sue them. Don't forget about "early exclusion". Early exclusion is removal prior to the 7 year mark. Transunion will usually remove negative accounts 6 months prior to the 7 year mark. Equifax and Experian will sometimes remove negative accounts 3 months prior to the 7 year mark.

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