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dyin2livebutwelivin2die

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should I seek debt relief if my collection is 5yrs and older?
I have open collection debt that sums up to or about 7,500 all together.. would it make any sense on making payments to resolve the debt if it's over 5+yrs? reason I ask is cause in my state the statute of limitations is 6-7yrs.. if I seek any debt relief program to assist me in my debt to pay it off it will re-open my accounts for another 7yrs (basically re-instating what was already considered old debt) if by chance I cancel the relief program I'd basically be stuck for another 7yrs from the date I stop making payments to the collectors. so I was wondering from anyone here if they had been through or is going through this? and if it's worth seeking a debt relief agency or am I better off just letting my older debt of 5+yrs fall off in a couple more yrs?

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Top Contributor
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You are not out of the woods.

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Are you getting calls/letters from collection agencies?  The ones who might pursue this debt are the most tenacious and they might wait until the last minute to pursue aggressive collection tactics.  But this debt is still a negative on your report.  Don't go to a debt relief program!!!  They charge for something you can do very well by yourself and too may such programs are operated by very unethical people.  You might want to negotiate a "pay for delete" arrangement with the creditors where you pay a discounted amount in full and the debt is removed from your credit report.   Do any negotiations by mail kso you have on paper what each party said.

Or, is this debt just showing on your credit report?  If that is the case, it could be an error and you don't want to pay an error.  Go to annualcreditreport.com and get all three credit reports.  Look them over very thoroughly and file disputes on all WRONG information with the credit bureau reporting same.  They have to investigate and either verify or delete the disputed items.  Smart people do this every year to clear up the inevitable errors on credit reports.

Top Contributor
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if it is a 3rd party collector they should/must verify and validate my request for validation before I would consider even paying the debt. the thing is not all collectors have the right to collect in some states. especially if it's a pay for delete. if a collector doesnt have the right to pay for delete then I as a consumer has a right to dispute the item off my report with proof that the collector is willing to do a pay for delete when they probably don't have the right to do (prohibited by law).  

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