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Can I contact a credit card company and try to negotiate a settlement for an old card balance
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Posted about 1 year ago in Debt Settlement
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credit card delinquency:
i have an old debt on a credit card that i opened in 2001. at the end of 2002 i couldn't pay the balance (about $5800) I hired a lawyer to help me with this and other debts that i could not pay at the time. that lawyer went out of business and i have not been able to pay off that card. with interest and late payments the balance is now over $20,000. it finally is showing on my credit rpt as charged off as of may 2008. what is the best thing to do for my credit score. i cannot afford to pay it off but i need to improve my credit score. should i call and try to settle for less than the full amount? they are no longer trying to collect from me and have not been for years (since i hired the lawyer)
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Answers (1)
Gabriel Cheong
This attorney is licensed in Massachusetts.
Posted about 1 year ago.
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Since the debt is already charged off, there is really nothing that you can do about it. It is going to be on your credit reports and it will hurt you for some time to come. The best way to get your credit score up now, is to slowly rebuild good credit, maintain a low balance on your current credit cards, and don't be late on any payments.
If you haven't paid them or promised them any money towards the delinquency, and they have not contacted you, then you should just leave it alone. You didn't say what state you're living in, but every state has a statute of limitations on how long outstanding debts can be collected. Usually the statute of limitations is anywhere from 5 years to 9 years. If you simply wait it out past your state's statute of limitations, you will no longer have any obligation to pay off the debt, even if they come after you for it years later. Remember though, that if you send them payment or promise to send them payment, you restart the clock on the statute of limitations. |
