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Aurora5

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6 year old collection
I had a WAMU credit card from 12/2008 that I had to stop paying at the time because I lost my job.. It is currently showing as an open collection. The original balance was $7999 and it is $ 15,000 now. I don't have the extra money to pay it still. I am assuming I shouldnt call the collection agency since I don't have the money to pay it and don't want them to start calling me everyday harassing me. Can it possibly fall off in a year? Thank you for any advise

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Top Contributor
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First, go to Statute of Limitations for Collections (SOL) and look up your state. because the time limit is different in each state. In my state, it's 6 years from the date it went delinquent.  Make note of this, then get all three credit reports from annualcreditreport.com and check the accounts.  Look these over very carefully and dispute all errors (do this in writing and keep copies of all correspondence until the disputes are cleared.  Recorded on the report is the date any account is due to fall off and the date of last activity (usually payment).  If the date when the SOL expires has passed, your dispute basis would be that the SOL had expires so the debt is no longer collectable.

Hope this helps.

Top Contributor
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Yes. It should disappear next year.

Your correct  you don't want to have contact with them in any way. If you do it will reset the "collections clock" and they will be able to try to collect for 7 more years  

Be aware though. They may file a 1099 on the full amount. That will show as unearned income on your taxes. Also they can file up several years after they take the write off. So you could get a tax bill out of the blue for around 15% of the total they write off at anytime. 

Good Luck

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