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Question By
2020Debt

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Do I have to keep making payments after the debt has fallen off my CR?
I settled with a debt collector (Cavalry) on a large CC debt (that was originally delinquent in 2009) for monthly payments over 60 months. Now that orig. debt and the collection have fallen off my CR. Should I keep making the payments as agreed even though there is no debt showing on my CR? Would the collection company have any recourse that would impact my credit score?

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Ooooh, that's the tough one. You still responsible for the unpaid debt when it's no longer on your report and in some States you still might be "legally" responsible for that debt. It has to do with the each State's Statute Of Limitations, the length the time debt owner can sue you for that debt and nothing to do with reportable date, the length of time the debt paid or not can be on your credit report.

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What make your situation tough is that by entered a payment arrangement in writing (I assume) and actually been making payments on it? The SOL clock might restart when you stop paying now, because it can be deemed as new contract/promissory note. Consulting with a attorney might be in order, or do lots of research on your State's SOL and collection laws, before making any decisions.

Reply by
2020Debt

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Thanks,  That is pretty much what I thought I should do. 

A little clarification...  I'm in Texas and when I negotiated the settlement they told me because the age of the debt they could no longer sue me...I did not sign anything, they just sent me the agreement and unfortunately, they are debiting my bank acct. so I know I would have to close that acct. in order to stop the payments. 

I was also thinking about calling them and offering a settlement so I don't have to go through the closing acct and probably harrassment phone calls? 

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