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Honorsmiles

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Bad debt date years arbitrary on CR, Do I have any recourse? giving up hope
I had never had a late payment on anything.I helped others w/ money but I worked around the clock. I had a severe sudden illness in 2005 which was very expensive & I was changing companies....no insurance.( I was in the 90days)...My bills were astronomical but I ALWAYs paid what I owed so I used my savings and put the rest on my CC cards. The illness resurfaced soon and I was unable to work. So I sold everything I owned to pay down & moved in w/ family(worse than it sounds( =) Still optimistic. I did settle w/ some creditors w/ the sale of my car & clothing. I incurred no more debt but still ill. I had nothing to sue for but one did. I incurred all dept in TX, but had to move to KY. When I found out that KY law was 5 to 15 (debt can stay) after I had sold everything to pay 85% of what I owed & I still could not work I decided to end things. I could not live in debt w/ no way out. I had worked around the clock since I was 14,It's all I thought about daily by a crazy fluke I'm still here, anyway 4 days in ICU and that dept is on my credit over 4,000. Im sorry here is my question. I have dept on one credit report then not the other. There are 2 CCs that I defaulted on in 2005 and they are reporting the debt in 2011/2012. Now these 2 creditors popped up again. One of the reasons I didn't settle with them I paid as much as I could in 2005, explained , I have no idea what they did but they started charging an alarming amount of interest, both. So half of what they say I owe is interest. How are we counting here? In the start of KY years arbitrary 5 to 15? One did sue me in KY but everything I have said is true, so. Or where the debt was incurred and I was living TX? It was suggested I file bankruptcy but I had lots of savings, it was my debt. I do owe money & I have paid over 6 figures, just telling myself someday I would make it back. I can live with this illness, people have much worse, but I was an optimistic firecracker my whole life & stress doesn't work w/ the disease. I don't know if I have any fight in me. Of course I have incurred no more debt since 2005 /06 or had any before that except the icu....but I thought there would come a day I could feel not so ashamed. Can anyone help( = Will this ever come off. I have always been the one to help people & being in the situation like this has been a hazy fog. If you can't help thanx for reading and at least you can probably say, "hey, I'm not that bad' smiles xxoo If I do find a way through I promise to start getting healthy using my education for good and giving some time to people who are in debt situations and really want out. No scam lawyers....I am much better at taking care of others. xx

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Sorry 4 typos & "DEPT"

I am so sorry for being so repetetive & wordy.  Please forgive "dept" meaning "debt" & my my other gramatical abominations just very nervous.  Smiles

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First, don't be ashamed of your situation, it was completely out of your control, there are a lot of good people that have fallen behind. I am a little confused reading your questions, so if I don't answer everything you need to know, please ask another question (start a new post as this one will likely be buried among new ones as time goes on).

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When someone stops making payments on an account, creditors usually only have so long to charge off the account, now if you enter payment arrangements that is a different story.

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Credit reporting time periods are the same for all 50 states in regard to negative accounts. Most negative information can only remain on your reports for 7 years (charge-offs, lates, most collections, etc) there are exceptions to the 7 year rule, such as judgements, federal loans, etc. In your case, you will go by the 7 year law.

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There is also limitations on how long a debt collector or creditor can sue you for a debt. This Statute Of Limitations, varies from state to state. Being that you moved from one state to another, this is something to be figured out, by you and me, because I would like to know as to which state's laws you go by. I would assume that you will go by Texas laws, since Texas is where you resided when you had the accounts and accumulated the debt, but I am not sure.

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You said that old accounts from 2005 popped back up, if you mean they reappeared on your credit report, that is most likely illegal and you can dispute them as too old to report. If you entered into a payment agreements and then stopped paying, it would restart the statute of limitations to be sued, but would not affect the credit reporting time period, unless the account has remained open and you brought it current later than 2005.

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Be extremely careful about what you agree to when dealing with these things. I really think your best bet would be to talk to a consumer law attorney that deals with credit issues and get some ideas on how to proceed. Please feel free to ask more questions on here and hopefully you can get some more information, just try to be a little clearer on what exactly you need answered and provide more details about the account with your question (no personal info or account numbers though, this is a public forum). Also designate some time everyday to read about credit situations, there is a ton of info on the web that will be sure to help you.

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Once again, keep you head up, credit issues are very common. Be extremely careful trying to handle this on your own if you are not fully educated on the subject as there are many things that a consumer could do wrong when they think they are doing the right thing. 

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