Any credit pros on here ?

[Blitz]

Not saying I won’t pay it , I just want to find the best route for myself. These debt collection agencies bought up the debt for pennies anyways . Doesn’t seem moral and their end either to not take off the report when I pay.

It's just business. There is a system in place to protect the debtors. That's why you have collection agencies and the tools at their disposal to collect a debt. But the credit report is the nuke to me. Once it goes there, the only way your getting money from me is if you give me in writing an agreement to delete from all (3) reporting agencies upon receipt of payment.

[Blitz]

Dont think he offered to pay the loan off with bad credit. Fairly certain he offered to pay it with money. Bad credit is the result if not doing what you say you will do. Most folks are very aware of what will happen if you di not fulfill your obligation when you say you will. Hard times doesnt remove the obligation, neither does them doing what they say they will do if you dont pay.

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It does to me. Why should I feel obligated to pay with my cash when I am already paying with bad credit? I should now feel obligated to pay double? You get one or the other, not both.

[roughneck266]

It does to me. Why should I feel obligated to pay with my cash when I am already paying with bad credit? I should now feel obligated to pay double? You get one or the other, not both.

SO if you were to get a loan from me, and not pay it back, me telling people you didn't pay should forgive the loan? lol. I guess we will have to agree to disagree.

[roughneck266]

Not saying I won’t pay it , I just want to find the best route for myself. These debt collection agencies bought up the debt for pennies anyways . Doesn’t seem moral and their end either to not take off the report when I pay.

Debt collectors most definitely are not moral. Didnt mean to say you would not pay. I understand. As I said I was in the same boat.

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[curtintex]

I really appreciate these type threads because I'm always alerted to some new people NOT to do business with.

[curtintex]

It does to me. Why should I feel obligated to pay with my cash when I am already paying with bad credit? I should now feel obligated to pay double? You get one or the other, not both.

Because that's the agreement you made when you took the loan, applied for the credit card or used the services....to pay the debt.

[Austin]

Call them up and agree to pay after they give it in writing they will remove it from your credit. Then pay they remove credit goes up you will gain approx 80-100 points once all collections are removed.

Removal vs settled is the key. If you just pay them they will be reflected as paid in full or satisfied for less than full balance it will take an additional couple years of continued good credit to overcome.

You will never get out from under them without addressing them

[Mike D]

Any credit pros on here ?

Not saying I won’t pay it , I just want to find the best route for myself. These debt collection agencies bought up the debt for pennies anyways . Doesn’t seem moral and their end either to not take off the report when I pay.

Don’t pay a credit repair agency to do something you can do yourself. Call the smallest owed and offer a settlement. Once that one is paid move to the next one. Keep doing that until they are all paid. You’ve already done the damage, just do the right thing and pay them.


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[texasdeerhunter]

This has to be one of those most inaccurate statements I have heard in a while.

It's called the statute of limitations. Once the original debt goes collection, as long as you don't reset the clock, after 7 years, bye bye. I know this for a fact. I have lived through it.

Showing paid or not paid doesn't help your FICO one bit. The age of the debt is more important than if it is paid. If you have a collection that is unpaid 6 years old will have less of an impact on your FICO than a paid collection that is 1 year old.

It’s not inaccurate lmao. Guess what the debt collection company does after several years of hounding the creditor and not receiving payment?? They sell the debt to another collection agency, and the 7 year clock starts all over again lol. That’s part of the reason why collections hardly ever just “go away”. If you are saying you had collection accounts, and they magically disappeared after 7 years, it’s because they stopped trying to collect. It has nothing to do with a “statute of limitations”. Btw, there is no statute of limitations for debt collection. Maybe for filing a debt for collection, but not for actually collecting the debt

[texasdeerhunter]

It does to me. Why should I feel obligated to pay with my cash when I am already paying with bad credit? I should now feel obligated to pay double? You get one or the other, not both.

Maybe you wouldn’t be paying with bad credit if you had used your cash to pay the debt in the first place?? I don’t know, just a though

[Lonestar_HOYT]

pay the debt AND work out the details.

[castlegaphunter]

I really appreciate these type threads because I'm always alerted to some new people NOT to do business with.

A one time private transaction vs a business ? If anyone must know I lost the job and took awhile to get caught back up. Only asking for sound advise not people who need fresh material to polish their halo.

[castlegaphunter]

pay the debt AND work out the details.

The details is what I was asking for advise about lol thanks

[castlegaphunter]

Don’t pay a credit repair agency to do something you can do yourself. Call the smallest owed and offer a settlement. Once that one is paid move to the next one. Keep doing that until they are all paid. You’ve already done the damage, just do the right thing and pay them.


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Well it’s only two. And I can pay them just fine, was just wondering if there was a method of getting my credit better in the process. Thanks

[curtintex]

A one time private transaction vs a business ? If anyone must know I lost the job and took awhile to get caught back up. Only asking for sound advise not people who need fresh material to polish their halo.

That halo comment is always funny, because it's almost always aimed at someone taking a moral stance that somebody else isn't willing to take. I don't have a halo, but I do have a reputation as an honest man....I try to keep that polished up pretty good. However, and I'm sorry for not clarifying, but I wasn't referring to you at all, but to the folks telling you not to pay the debt. I've been there, bud and there is absolutely no substitute for paying what you owe....even if it hurts to. These people telling you the hit to your credit somehow makes the responsibility to pay go away aren't the kind of people I'd do business with. If you don't feel like you owe the money, like if services rendered weren't to your satisfaction or they didn't hold up their end of the agreement, then tell them to pound sand. If you owe it pay it and do your best to get it cleared off of your credit. Good luck.